Three-Unit Triplex
For Sale
$325,000
2407 W Indiana Ave, Midland, TX 79701
SINGLE_FAMILY - Midland, TX
Property Size2,049 SF
Lot Size0.13 Acres
Price / SF$158.61
Days on Market158
Property Features for 2407 W Indiana Ave
General Information
Property type
Residential
Property subtype
Retail
Subdivision
Garrett Place
Standard status
Active
Size
2,049 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
Acres: 0.134, BLK: J, LOT: 004A, ADDN: GARRETT PLACE SEC 7
Tax Annual Amount
3015
Legal Description
Acres: 0.134, BLK: J, LOT: 004A, ADDN: GARRETT PLACE SEC 7
Building Details
Year built
1965
Listing Agency:
Keller Williams · Keller Williams Realty
(432) 520-5151
Listed By:
Cynthia Martinez · License #0455282
(432) 978-2110
Added: Mar 26
Changed: Aug 7
Last Checked: Aug 30 at 2:06PM
MLS# 50093819
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 triplex property contains three rental units on a 0.134-acre parcel, with 2,049 square feet of property area. Built in 1965, the asset is currently operating as an antique store and has been surveyed and platted for the parcel.
Located at 2407 W Indiana Ave in Midland, the property provides access to downtown and the interstate. The property is identified as zoned RR per COM web, with zoning and restrictions subject to buyer verification.
Located at 2407 W Indiana Ave in Midland, the property provides access to downtown and the interstate. The property is identified as zoned RR per COM web, with zoning and restrictions subject to buyer verification.
Key Highlights
- Three rental units on one parcel
- 2,049 square feet on 0.134 acres
- Currently operating as an antique store
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
$20,008
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
6.16%
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%
$400,160
$400.2K
Cap Rate 7%
$285,829
$285.8K
Cap Rate 9%
$222,311
$222.3K
Market Conditions
NOI Build-Up for 2,049 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
$30.7K $15.00/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$28.6K $13.95/SF
− OpEx
−$8.6K −$4.19/SF
NOI
$20.0K $9.76/SF
Area
Midland, TX
Vacancy
7.00%
Lease Rate
$15.00 /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%
$400,160
Cap Rate 7%
$285,829
Cap Rate 9%
$222,311
Alternative Uses
Best Use
Retail
$285.8K
$250.1K – $333.5K
NOI $20,008 @ 7.0% cap · market cap 6.16%
Second Best
Multifamily LT 5
$261.6K
$228.9K – $305.2K
NOI $18,309 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$483.3K
$422.9K – $563.9K
NOI $33,833 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,343
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?
Triplex - Surveyed and platted parcel with existing antique store use and access to downtown and the interstate.
Where is this triplex located?
The property is located at 2407 W Indiana 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: Three rental units on one parcel; 2,049 square feet on 0.134 acres; Currently operating as an antique store
