Quadplex with Four 1-Bed
For Sale
$400,000
2400 College Ave, Midland, TX 79701
MULTI_FAMILY - Midland, TX
Property Size2,499 SF
Lot Size0.16 Acres
Price / SF$160.06
Days on Market95
Property Features for 2400 College Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Rooms
Bedroom 3, Bathroom 4, Bedroom 2, Bathroom 3, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 4
Exterior features
Fence-Metal
Fencing
Fenced
Subdivision
College Heights
Elementary school
349
Middle school
San Jacinto
High school
Midland
Elementary school district
Midland
Middle school district
Midland
High school district
Midland
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
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1948
Floors in Building
1
Listing Agency:
ENERGY REAL ESTATE SOLUTIONS
(432) 664-2745
Listed By:
Alonso Hernandez · License #TX:775636
(432) 425-9692
Added: May 21
Changed: Aug 5
Last Checked: Aug 23 at 11:06AM
MLS# 50095369
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 4-unit quadplex totals approximately 2,499 SF and features four 1-bedroom, 1-bath units, each approximately 625 SF. The property was built in 1948 and is served by public water and public sewer. Cooling is provided via window unit(s), and the exterior includes fencing.
The property is located in Midland, TX in the heart of the Permian Basin. The Seller notes the property can be operated as long-term rentals or used as a short-term rental. Inspections are to be completed by the buyer, and adequate will be provided. The stated pro forma cap rate is 8%.
Zoned SF2, this setup may appeal to tenants seeking workforce or contractor housing, or to operators focused on short-term rental demand.
The property is located in Midland, TX in the heart of the Permian Basin. The Seller notes the property can be operated as long-term rentals or used as a short-term rental. Inspections are to be completed by the buyer, and adequate will be provided. The stated pro forma cap rate is 8%.
Zoned SF2, this setup may appeal to tenants seeking workforce or contractor housing, or to operators focused on short-term rental demand.
Key Highlights
- 4‑unit quadplex totaling approximately 2,499 SF; four 1‑bedroom, 1‑bath units of approx. 625 SF each
- Stated pro forma cap rate of 8%
- Zoned SF2 in Midland, TX
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
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 - Quadplex in SF2 zoning with four 1-bedroom, 1-bath units, supported by public water and sewer.
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 approximately 2,499 SF; four 1‑bedroom, 1‑bath units of approx. 625 SF each; Stated pro forma cap rate of 8%; Zoned SF2 in Midland, TX
