Quadplex with Flexible Rental
For Sale
$325,000
2400 College Ave, Midland, TX 79701
Residential Income, Midland, TX
Property Size2,499 SF
Lot Size0.16 Acres
Price / SF$130.05
Days on Market140
Property Features for 2400 College Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Rooms
Bathroom 3, Bathroom 4, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 4, Bathroom 1, Bedroom 1
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: Sep 17
Last Checked: Oct 7 at 3:06PM
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 1948 quadplex contains four one-bedroom, one-bath apartments totaling approximately 2,499 SF. Each unit measures approximately 625 SF, creating a consistent configuration across the property. Window unit cooling, metal fencing, public water, and public sewer are included. The 0.161-acre site is located at 2400 College Ave in Midland, Texas, within zoning designation SF2.
The property is positioned for either conventional long-term rental operation or conversion to Airbnb and other short-term rental use, as stated in the property information. Existing property management is already in place. Its Midland location places the asset within the Permian Basin, and the stated operating concepts include workforce housing, contractor housing, and short-term rentals.
The property is positioned for either conventional long-term rental operation or conversion to Airbnb and other short-term rental use, as stated in the property information. Existing property management is already in place. Its Midland location places the asset within the Permian Basin, and the stated operating concepts include workforce housing, contractor housing, and short-term rentals.
Key Highlights
- Four‑unit quadplex totaling approximately 2,499 SF
- Each apartment includes 1 bed / 1 bath and measures approximately 625 SF
- 0.161‑acre site at 2400 College Ave, Midland, TX 79701
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.
Property Analytics
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Current Use
Lease Details
4
Residential units
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four individually configured apartments with public utilities, fencing, and 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 apartment includes 1 bed / 1 bath and measures approximately 625 SF; 0.161‑acre site at 2400 College Ave, Midland, TX 79701
