Updated Duplex with
For Sale
$420,000
B-4319 Storey Ave, Midland, TX 79701
Two refreshed residences offer private entries and flexible occupancy options near local schools and recreation.
Property Size2,510 SF
Price / SF$167.33
Days on Market38
Property Features for B-4319 Storey Ave
General Information
Standard status
Active
Size
2,510 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,667
Amenities
courtyard
Building Details
Buildings
1
Listing Agency:
EXP Realty, LLC
(432) 312-1305
Listed By:
Jacobe Kendrick · License #653934
(432) 312-1305
Source:
Exprealty
Added: Jul 23
Changed: Aug 28
Last Checked: Aug 29 at 1:08PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of EXP Realty, LLC
Investment Insights
Based on property information with market context.
This duplex contains 2,510 square feet arranged as two updated residences. Each unit includes 3 bedrooms, 2 bathrooms, a private entrance, living space, and access to a shared courtyard. The layout supports an owner-occupant arrangement with one residence retained for personal use and the other leased, or leasing both units as a two-unit rental property.
The property is positioned across from Doug Russell Pool and within walking distance of Bonham Elementary and Alamo Junior High. Its established residential setting, separate entrances, and matching unit configuration provide a straightforward format for an owner-occupant or investor seeking a small multifamily asset in Midland.
The property is positioned across from Doug Russell Pool and within walking distance of Bonham Elementary and Alamo Junior High. Its established residential setting, separate entrances, and matching unit configuration provide a straightforward format for an owner-occupant or investor seeking a small multifamily asset in Midland.
Key Highlights
- 2,510‑square‑foot duplex with two residential units
- Each unit offers 3 bedrooms and 2 bathrooms
- Private entrance for each residence
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
$22,428
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
5.34%
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%
$448,560
$448.6K
Cap Rate 7%
$320,400
$320.4K
Cap Rate 9%
$249,200
$249.2K
Market Conditions
NOI Build-Up for 2,510 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
$34.6K $13.80/SF
− Vacancy
−$2.6K −$1.04/SF
EGI
$32.0K $12.77/SF
− OpEx
−$9.6K −$3.83/SF
NOI
$22.4K $8.94/SF
Area
Midland, TX
Vacancy
7.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$448,560
Cap Rate 7%
$320,400
Cap Rate 9%
$249,200
Alternative Uses
Best Use
Multifamily LT 5
$320.4K
$280.4K – $373.8K
NOI $22,428 @ 7.0% cap · market cap 5.34%
Second Best
Apartment 5plus
$298.7K
$261.4K – $348.5K
NOI $20,910 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$592.1K
$518.1K – $690.8K
NOI $41,445 @ 7.0% cap · market cap 9.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
733
Businesses Nearby
Explore this area
Business Placement
Demographics for 79701, TX
29,748
Population
11,393
Households
2.6
Avg Household Size
33
Median Age
19%
College-Educated
73%
High-School Grad
12.1 sq mi
ZIP Area
2,459
Density / Sq Mi
$57,679
Median Household Income
$36,213
Median Earnings
$1,336
Median Rent
$204,000
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?
Duplex - Two refreshed residences offer private entries and flexible occupancy options near local schools and recreation.
Where is this duplex located?
The property is located at B-4319 Storey Ave Midland, TX.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: 2,510‑square‑foot duplex with two residential units; Each unit offers 3 bedrooms and 2 bathrooms; Private entrance for each residence
