Multifamily Property with Horse
For Sale
$515,000
5008 E Hwy 158, Midland, TX 79706
Residential Income, Midland, TX
Property Size4,522 SF
Lot Size2.00 Acres
Price / SF$113.89
Days on Market62
Property Features for 5008 E Hwy 158
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
4
Rooms
Bedroom 1, Bedroom 2, Bathroom 3, Bathroom 1, Bedroom 4, Bathroom 4, Bathroom 2, Bedroom 5, Bedroom 3
Parking features
RV
Patio and Porch features
Patio, Deck
Exterior features
Barn/Stable, Fence-Metal, Guest Quarters, Patio-Covered, Patio-Open, Wood Deck
Fencing
Fenced
Fireplace
1
Elementary school
Greenwood
Middle school
Greenwood
High school
Greenwood
Elementary school district
Greenwood
Middle school district
Greenwood
High school district
Greenwood
Subdivision
MS3
Standard status
Active
Size
4,522 SF
Lot size
2.00 Acres
Taxes and HOA fees
Tax Description
NW/PART, SURV: J B ROSE, BLK: 38-T2S, ABST: 584
Tax Annual Amount
470
Legal Description
NW/PART, SURV: J B ROSE, BLK: 38-T2S, ABST: 584
Utilities
Sewer type
Septic Tank
Heating system
Central
Cooling system
Central Air
Water source
Well
Amenities
horse stalls
tack room
corral
water trough
RV hookups
outdoor entertainment space
water well
Building Details
Year built
1940
Floors in Building
1
Roof type
Metal
Listing Agency:
The Bill Lanier Team
(432) 682-1144
Listed By:
Dale Lookabaugh · License #0619875
(432) 553-0766
Added: Aug 17
Changed: Oct 10
Last Checked: Oct 17 at 2:06AM
MLS# 50097630
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.
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Investment Insights
Based on property information with market context.
This multifamily property includes 4,522 square feet across three updated residences on 2 acres. The improvements include a metal roof, central heating and air conditioning, a two-car garage, a two-car carport, covered and open patios, and a wood deck. A water well and septic tank serve the property, which was built in 1940.
Equestrian amenities include three stalls, a tack room, corral, water trough, metal fencing, and space for livestock and trailers. The property also has two RV hookups and an outdoor entertainment area. Located at 5008 E Hwy 158 in Midland, the property is within Greenwood ISD and offers a multi-residence configuration with both residential and operational flexibility.
Equestrian amenities include three stalls, a tack room, corral, water trough, metal fencing, and space for livestock and trailers. The property also has two RV hookups and an outdoor entertainment area. Located at 5008 E Hwy 158 in Midland, the property is within Greenwood ISD and offers a multi-residence configuration with both residential and operational flexibility.
Key Highlights
- 2 acres with 4,522 square feet of improvements
- Three updated residences on one property
- Three stalls, tack room, corral, and water trough
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,406
Cap Rate
7.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$808,120
$808.1K
Cap Rate 7%
$577,229
$577.2K
Cap Rate 9%
$448,956
$449.0K
Market Conditions
NOI Build-Up for 4,522 SF
Gross rent
$62.4K $13.80/SF
− Vacancy
−$4.7K −$1.04/SF
EGI
$57.7K $12.77/SF
− OpEx
−$17.3K −$3.83/SF
NOI
$40.4K $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 Rate 5%
$808,120
Cap Rate 7%
$577,229
Cap Rate 9%
$448,956
Alternative Uses
Best Use
Multifamily LT 5
$577.2K
$505.1K – $673.4K
NOI $40,406 @ 7.0% cap · market cap 7.85%
Second Best
Apartment 5plus
$538.2K
$470.9K – $627.9K
NOI $37,672 @ 7.0% cap · market cap 7.31%
Theoretical Best
Office A
$1.07M
$933.3K – $1.24M
NOI $74,667 @ 7.0% cap · market cap 14.50%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
66
Businesses Nearby
Explore this area
Business Placement
Demographics for 79706, TX
31,805
Population
12,368
Households
2.6
Avg Household Size
32
Median Age
23%
College-Educated
87%
High-School Grad
689.5 sq mi
ZIP Area
46
Density / Sq Mi
$110,988
Median Household Income
$58,023
Median Earnings
$897
Median Rent
$280,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Three updated residences with equestrian improvements, RV hookups, and covered parking on a fenced rural property.
Where is this multifamily property located?
The property is located at 5008 E Hwy 158 Midland, TX.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: 2 acres with 4,522 square feet of improvements; Three updated residences on one property; Three stalls, tack room, corral, and water trough
