Updated Duplex with
For Sale
$400,000
4319 Storey Ave, Midland, TX 79703
Residential Income, Midland, TX
Property Size2,510 SF
Lot Size0.22 Acres
Price / SF$159.36
Days on Market47
Property Features for 4319 Storey Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Rooms
Bathroom 2, Bedroom 6, Bedroom 1, Bedroom 3, Bedroom 4, Bathroom 1, Bedroom 2, Bathroom 4, Bathroom 3, Bedroom 5
Patio and Porch features
Patio
Exterior features
Fence-Wood, Patio-Covered
Fencing
Fenced
Fireplace
1
Subdivision
Dellwood
Elementary school
Bonham
Middle school
Alamo
High school
Legacy
Elementary school district
Midland
Middle school district
Midland
High school district
Midland
Standard status
Active
Size
2,510 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
LOT: 010 E/2 & W/2, ADDN: DELLWOOD SEC 2
Tax Annual Amount
2668
Legal Description
LOT: 010 E/2 & W/2, ADDN: DELLWOOD SEC 2
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
private entrance
courtyard
Building Details
Year built
1975
Floors in Building
1
Roof type
Composition
Listing Agency:
eXp Realty LLC
(888) 519-7431
Listed By:
Jacobe Kendrick · License #653934
(432) 312-1305
Added: Jul 23
Changed: Sep 5
Last Checked: Sep 7 at 6:06PM
MLS# 50096969
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 duplex contains 2,510 square feet with two updated units, each arranged with 3 bedrooms and 2 bathrooms. Both residences have private entrances and access to a spacious courtyard, while central heating and central air serve the property. Additional features include a covered patio, wood fencing, a composition roof, and a fireplace. The property was built in 1975 and connects to public water and public sewer.
Located at 4319 Storey Ave in Midland, the duplex sits across from Doug Russell Pool and within walking distance of Bonham Elementary and Alamo Junior High. The 0.216-acre parcel provides the setting for the two-unit residential income property.
The configuration supports either occupying one unit while leasing the other or leasing both units, as stated in the property information.
Located at 4319 Storey Ave in Midland, the duplex sits across from Doug Russell Pool and within walking distance of Bonham Elementary and Alamo Junior High. The 0.216-acre parcel provides the setting for the two-unit residential income property.
The configuration supports either occupying one unit while leasing the other or leasing both units, as stated in the property information.
Key Highlights
- Two‑unit duplex with 2,510 square feet
- Each unit includes 3 bedrooms and 2 bathrooms
- Updated units feature private entrances and courtyard access
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
$22,428
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
5.61%
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%
$448,560
$448.6K
Cap Rate 7%
$320,400
$320.4K
Cap Rate 9%
$249,200
$249.2K
Market Conditions
NOI Build-Up for 2,510 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
$34.6K $13.80/SF
− Vacancy
−$2.6K −$1.04/SF
EGI
$32.0K $12.77/SF
− OpEx
−$9.6K −$3.83/SF
NOI
$22.4K $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%
$448,560
Cap Rate 7%
$320,400
Cap Rate 9%
$249,200
Alternative Uses
Best Use
Multifamily LT 5
$320.4K
$280.4K – $373.8K
NOI $22,428 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$298.7K
$261.4K – $348.5K
NOI $20,910 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$592.1K
$518.1K – $690.8K
NOI $41,445 @ 7.0% cap · market cap 10.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
381
Businesses Nearby
Explore this area
Business Placement
Demographics for 79703, TX
21,205
Population
8,110
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
83%
High-School Grad
6.5 sq mi
ZIP Area
3,262
Density / Sq Mi
$80,281
Median Household Income
$44,977
Median Earnings
$1,466
Median Rent
$220,600
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?
Duplex - Two updated units offer private entrances, central HVAC, and shared outdoor space.
Where is this duplex located?
The property is located at 4319 Storey 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: Two‑unit duplex with 2,510 square feet; Each unit includes 3 bedrooms and 2 bathrooms; Updated units feature private entrances and courtyard access
