Listing Agency: The Real Estate Ranch LLC Show Phone

Listed By: Thomas Johnston · License #542176 Show Phone

Added: May 30 Changed: Oct 10 Last Checked: Oct 17 at 4:06AM

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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.

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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.

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 / Yr

$57,200

Cap Rate

5.20%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,144,000 $1.1M

Cap Rate 7%

$817,143 $817.1K

Cap Rate 9%

$635,556 $635.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,866 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $113,371 @ 7.0% cap · market cap 10.31%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Midland Corporate Ranch Hotel & Motel

Suggested Use

Top Pick Auto Repair Shop Plumbing Service Storage Facility Kitchen & Bath Showroom Building Supply Discount Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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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