Four-Unit Quadplex
For Sale
$400,000
2400 College Ave, Midland, TX 79701
SINGLE_FAMILY - Midland, TX
Property Size2,499 SF
Lot Size0.16 Acres
Price / SF$160.06
Days on Market102
Property Features for 2400 College Ave
General Information
Property type
Residential
Property subtype
Retail
Subdivision
College Heights
Standard status
Active
Size
2,499 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
Acres: 0.161, Subd: COLLEGE HEIGHTS, BLK: 016, LOT: 012, ADDN: COLLEGE HEIGHTS
Tax Annual Amount
2424
Legal Description
Acres: 0.161, Subd: COLLEGE HEIGHTS, BLK: 016, LOT: 012, ADDN: COLLEGE HEIGHTS
Building Details
Year built
1948
Listing Agency:
ENERGY REAL ESTATE SOLUTIONS
(432) 664-2745
Listed By:
Alonso Hernandez · License #TX:775636
(432) 425-9692
Added: May 14
Changed: Jul 13
Last Checked: Aug 23 at 11:06AM
MLS# 50095196
Copyright © 2026 Permian Basin Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-unit quadplex totals approximately 2,499 square feet, with each unit configured as a 1-bedroom, 1-bath layout of roughly 625 square feet. The property is listed for sale with existing property management in place.
Located in Midland, TX near College Ave, the opportunity can be operated as long-term rentals or considered for conversion to Airbnb or other short-term rental use, subject to buyer verification. The property is zoned SF2, and all inspections are to be completed by the buyer.
The seller may assist with up to 6% of closing costs. The offering is described as being positioned for workforce housing, contractor housing, or short-term rental demand, and the pro forma cap rate is stated at 8%.
Located in Midland, TX near College Ave, the opportunity can be operated as long-term rentals or considered for conversion to Airbnb or other short-term rental use, subject to buyer verification. The property is zoned SF2, and all inspections are to be completed by the buyer.
The seller may assist with up to 6% of closing costs. The offering is described as being positioned for workforce housing, contractor housing, or short-term rental demand, and the pro forma cap rate is stated at 8%.
Key Highlights
- 4‑unit quadplex totaling approx. 2,499 SF (about 625 SF per unit)
- All units are 1 bed / 1 bath, each approx. 625 SF
- Year built: 1948
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$22,330
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.58%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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 5.58%
Second Best
Apartment 5plus
$297.4K
$260.2K – $347.0K
NOI $20,819 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$589.5K
$515.8K – $687.7K
NOI $41,263 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,138
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four 1-bed, 1-bath units totaling about 2,499 SF, listed for sale with existing 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 $400,000.
What are key features of this property?
This property features: 4‑unit quadplex totaling approx. 2,499 SF (about 625 SF per unit); All units are 1 bed / 1 bath, each approx. 625 SF; Year built: 1948
