Multifamily Property with Four
For Sale
$989,000
5108 FM 307, Midland, TX 79706
Commercial Sale, Midland, TX
Property Size8,840 SF
Lot Size2.93 Acres
Price / SF$111.88
Days on Market91
Property Features for 5108 FM 307
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
38T2S
Standard status
Active
APN
R000212437
Size
8,840 SF
Lot size
2.93 Acres
Taxes and HOA fees
Tax Annual Amount
0
Utilities
Sewer type
Private Sewer
Water source
Well
Listing Agency:
The Real Estate Ranch LLC
(432) 688-8200
Listed By:
Thomas Johnston · License #542176
(512) 970-1610
Added: Jul 17
Changed: Oct 10
Last Checked: Oct 15 at 1:06PM
MLS# 160744
Copyright © 2026 Odessa 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 multifamily property includes 8,840 square feet across 2.93 acres and currently has four leased units. The property is served by a well and private sewer, providing established water and wastewater infrastructure for the existing improvements.
The site includes 195 feet of frontage along FM 307 and is located near I-20 and business parks. The property also falls within Greenwood ISD, adding a defined school-district context to the asset. Its existing leased-unit configuration and acreage provide the core facts for evaluating the property as a multifamily holding.
The site includes 195 feet of frontage along FM 307 and is located near I-20 and business parks. The property also falls within Greenwood ISD, adding a defined school-district context to the asset. Its existing leased-unit configuration and acreage provide the core facts for evaluating the property as a multifamily holding.
Key Highlights
- 8,840‑square‑foot multifamily property on 2.93 acres
- Four leased units currently in place
- 195 feet of frontage along FM 307
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$73,645
Cap Rate
7.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,472,900
$1.5M
Cap Rate 7%
$1,052,071
$1.1M
Cap Rate 9%
$818,278
$818.3K
Market Conditions
NOI Build-Up for 8,840 SF
Gross rent
$143.2K $16.20/SF
− Vacancy
−$9.3K −$1.05/SF
EGI
$133.9K $15.15/SF
− OpEx
−$60.3K −$6.82/SF
NOI
$73.6K $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 Rate 5%
$1,472,900
Cap Rate 7%
$1,052,071
Cap Rate 9%
$818,278
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$920.6K – $1.23M
NOI $73,645 @ 7.0% cap · market cap 7.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.09M
$1.82M – $2.43M
NOI $145,966 @ 7.0% cap · market cap 14.76%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
11
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Multifamily property - Four leased units with well water and private sewer support an existing multifamily configuration.
Where is this multifamily property located?
The property is located at 5108 FM 307 Midland, TX.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: 8,840‑square‑foot multifamily property on 2.93 acres; Four leased units currently in place; 195 feet of frontage along FM 307
