Four-Unit Multifamily
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 Market502
Property Features for 5108 FM 307
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
38-T2S
Standard status
Active
Size
8,840 SF
Lot size
2.93 Acres
Taxes and HOA fees
Tax Description
2.93 acres out of , NW/4NW/4, SEC: 3, BLK: 38-T2S
Legal Description
2.93 acres out of , NW/4NW/4, SEC: 3, BLK: 38-T2S
Listing Agency:
The Real Estate Ranch LLC
(432) 688-8200
Listed By:
Thomas Johnston ABR /CNHS
(512) 970-1610
Added: Jun 6, 2025
Changed: Oct 19
Last Checked: Oct 20 at 8:06PM
MLS# 50082714
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 8,840 square feet on a 2.93-acre tract and is configured with four leased units. The property offers a residential income component within Greenwood ISD and provides a substantial land area for the existing improvements.
Located at 5108 FM 307 in Midland, the site has 195 feet of frontage along FM 307. I-20 is nearby, with business parks also in the surrounding area. The combination of leased units, highway access, and school-district location supports continued use as a multifamily income property.
Located at 5108 FM 307 in Midland, the site has 195 feet of frontage along FM 307. I-20 is nearby, with business parks also in the surrounding area. The combination of leased units, highway access, and school-district location supports continued use as a multifamily income property.
Key Highlights
- Four leased multifamily units
- 8,840 square feet of property improvements
- 2.93‑acre site
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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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
Frequently Asked Questions
What type of property is this?
Multifamily property - Income-producing residential property with leased units, FM 307 frontage, and proximity to I-20 and nearby business parks.
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: Four leased multifamily units; 8,840 square feet of property improvements; 2.93‑acre site
