Four-Unit
For Sale
$325,000
2400 College Ave, Midland, TX 79701
Four one-bedroom, one-bath units with existing property management in place.
Property Size2,499 SF
Price / SF$130.05
Days on Market52
Property Features for 2400 College Ave
General Information
Standard status
Active
Size
2,499 SF
Zoning
SF2
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Building Details
Year Built
1948
Listing Agency:
ENERGY REAL ESTATE SOLUTIONS
Listed By:
Alonso Hernandez · License #TX:775636
(432) 425-9692
Source:
Rickerlooney
Added: Sep 9
Changed: Oct 25
Last Checked: Oct 7 at 3:05PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ENERGY REAL ESTATE SOLUTIONS
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Investment Insights
Based on property information with market context.
This 1948 quadplex contains four residential units totaling approximately 2,499 square feet. Each unit is configured with one bedroom and one bathroom and measures approximately 625 square feet. Existing property management is in place for continued operations.
Located in Midland, Texas, the property is positioned within the Permian Basin and is zoned SF2. The property information identifies potential operation as long-term rentals or conversion to Airbnb and other short-term rental use. Workforce housing and contractor housing are also identified as potential applications.
Located in Midland, Texas, the property is positioned within the Permian Basin and is zoned SF2. The property information identifies potential operation as long-term rentals or conversion to Airbnb and other short-term rental use. Workforce housing and contractor housing are also identified as potential applications.
Key Highlights
- Four‑unit quadplex totaling approximately 2,499 SF
- Each unit offers 1 bed / 1 bath and approximately 625 SF
- Built in 1948
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,330
Cap Rate
6.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$446,600
$446.6K
Cap Rate 7%
$319,000
$319.0K
Cap Rate 9%
$248,111
$248.1K
Market Conditions
NOI Build-Up for 2,499 SF
Gross rent
$34.5K $13.80/SF
− Vacancy
−$2.6K −$1.04/SF
EGI
$31.9K $12.77/SF
− OpEx
−$9.6K −$3.83/SF
NOI
$22.3K $8.94/SF
Area
Midland, TX
Vacancy
7.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$446,600
Cap Rate 7%
$319,000
Cap Rate 9%
$248,111
Alternative Uses
Best Use
Multifamily LT 5
$319.0K
$279.1K – $372.2K
NOI $22,330 @ 7.0% cap · market cap 6.87%
Second Best
Apartment 5plus
$297.4K
$260.2K – $347.0K
NOI $20,819 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$589.5K
$515.8K – $687.7K
NOI $41,263 @ 7.0% cap · market cap 12.70%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,138
Businesses Nearby
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Business Placement
Demographics for 79701, TX
29,748
Population
11,393
Households
2.6
Avg Household Size
33
Median Age
19%
College-Educated
73%
High-School Grad
12.1 sq mi
ZIP Area
2,459
Density / Sq Mi
$57,679
Median Household Income
$36,213
Median Earnings
$1,336
Median Rent
$204,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Four one-bedroom, one-bath units with existing property management in place.
Where is this quadplex located?
The property is located at 2400 College Ave Midland, TX.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Four‑unit quadplex totaling approximately 2,499 SF; Each unit offers 1 bed / 1 bath and approximately 625 SF; Built in 1948
