Remodeled Multifamily Property with
For Sale
$1,100,000
9300 W County Rd 60, Midland, TX 79706
Commercial Sale, Midland, TX
Property Size6,866 SF
Lot Size5.50 Acres
Price / SF$160.21
Days on Market95
Property Features for 9300 W County Rd 60
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
MM6
Standard status
Active
APN
00004010.028.1030
Size
6,866 SF
Lot size
5.50 Acres
Taxes and HOA fees
Tax Annual Amount
0
Listing Agency:
The Real Estate Ranch LLC
(432) 688-8200
Listed By:
Thomas Johnston · License #542176
(432) 688-8200
Added: May 30
Changed: Aug 20
Last Checked: Sep 1 at 9:06AM
MLS# 160451
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 spans 5.5 acres and contains 6,866 square feet of improvements. The residential component includes The Washington, a 2,656-square-foot, three-bedroom, two-bath home; The Lincoln, a 1,350-square-foot, four-bedroom, two-bath home; and an additional one-bedroom, one-bath residence. The improvements were remodeled in 2013.
A 2,500-square-foot shop with three pull-in bays provides additional covered utility space. The property sits on the Midland city limit line at 9300 W County Rd 60 in Midland, Texas. The offering is identified with a 10 cap rate.
A 2,500-square-foot shop with three pull-in bays provides additional covered utility space. The property sits on the Midland city limit line at 9300 W County Rd 60 in Midland, Texas. The offering is identified with a 10 cap rate.
Key Highlights
- 5.5‑acre multifamily property with 6,866 square feet of improvements
- Remodeled in 2013
- The Washington: 2,656 SF, 3 bedrooms, and 2 baths
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
$57,200
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
5.20%
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%
$1,144,000
$1.1M
Cap Rate 7%
$817,143
$817.1K
Cap Rate 9%
$635,556
$635.6K
Market Conditions
NOI Build-Up for 6,866 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
$111.2K $16.20/SF
− Vacancy
−$7.2K −$1.05/SF
EGI
$104.0K $15.15/SF
− OpEx
−$46.8K −$6.82/SF
NOI
$57.2K $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%
$1,144,000
Cap Rate 7%
$817,143
Cap Rate 9%
$635,556
Alternative Uses
Best Use
Apartment 5plus
$817.1K
$715.0K – $953.3K
NOI $57,200 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,371 @ 7.0% cap · market cap 10.31%
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
17
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 - Remodeled residential income property includes multiple homes and a three-bay shop.
Where is this multifamily property located?
The property is located at 9300 W County Rd 60 Midland, TX.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 5.5‑acre multifamily property with 6,866 square feet of improvements; Remodeled in 2013; The Washington: 2,656 SF, 3 bedrooms, and 2 baths
