Multifamily Property with Three
For Sale
$550,000
5008 E Hwy 158, Midland, TX 79706
MULTI_FAMILY - Midland, TX
Property Size4,522 SF
Lot Size2.00 Acres
Price / SF$121.63
Days on Market16
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 4, Bedroom 3, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 5, Bathroom 3, Bathroom 4
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
water well
outdoor entertainment space
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: Aug 18
Last Checked: Sep 1 at 4:06AM
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.
Investment Insights
Based on property information with market context.
This 4,522-square-foot multifamily property occupies 2 acres and includes 3 updated residences. The improvements feature a metal roof, central heating and cooling, a 2-car garage, a 2-car carport, covered and open patio areas, and a wood deck. A fireplace, fenced grounds, water well, and septic system are also included.
The equestrian setup includes 3 stalls, a tack room, corral, and water trough. The property also provides space for trailers, 2 RV hookups, and livestock. Located at 5008 E Hwy 158 in Midland, Texas, the property is within Greenwood ISD and is positioned for multifamily living, employee housing, or business operations.
The equestrian setup includes 3 stalls, a tack room, corral, and water trough. The property also provides space for trailers, 2 RV hookups, and livestock. Located at 5008 E Hwy 158 in Midland, Texas, the property is within Greenwood ISD and is positioned for multifamily living, employee housing, or business operations.
Key Highlights
- 4,522‑square‑foot multifamily property on 2 acres
- 3 updated residences within Greenwood ISD
- 3 stalls, tack room, corral, and water trough
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
$37,672
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
6.85%
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%
$753,440
$753.4K
Cap Rate 7%
$538,171
$538.2K
Cap Rate 9%
$418,578
$418.6K
Market Conditions
NOI Build-Up for 4,522 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
$73.3K $16.20/SF
− Vacancy
−$4.8K −$1.05/SF
EGI
$68.5K $15.15/SF
− OpEx
−$30.8K −$6.82/SF
NOI
$37.7K $8.33/SF
Area
Midland, TX
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$753,440
Cap Rate 7%
$538,171
Cap Rate 9%
$418,578
Alternative Uses
Best Use
Apartment 5plus
$538.2K
$470.9K – $627.9K
NOI $37,672 @ 7.0% cap · market cap 6.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$933.3K – $1.24M
NOI $74,667 @ 7.0% cap · market cap 13.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Three updated residences support multifamily living, employee housing, or a live-work arrangement with equestrian improvements.
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 $550,000.
What are key features of this property?
This property features: 4,522‑square‑foot multifamily property on 2 acres; 3 updated residences within Greenwood ISD; 3 stalls, tack room, corral, and water trough
