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    Property profile & analytics

    3205 Elma Dr Midland, TX 79707

    • Residential income homes
    • 8,371 SF
    For Sale
    View listing
    $1,405,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-4889611
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Residential income homes

    Property Details for 3205 Elma Dr

    Year built
    1982
    Property size
    8,371 SF
    Property type
    Residential income homes

    Description

    This exceptional investment opportunity presents a portfolio of five single-family homes located on Elma Drive in Midland, Texas, 79707. Built in 1982, these properties boast a combined 8,371 square feet of net rentable space, currently achieving 100% occupancy. Each unit offers two parking spaces. The portfolio generates a substantial net operating income (NOI) of $78,090 annually, representing a compelling 5.56% cap rate. The asking price is $1,405,000, or $281,000 per unit, and $167.84 per square foot. This stabilized investment is ideal for those seeking consistent cash flow in a strong rental market. The properties are situated in Midland County, a region known for its robust oil and gas industry, providing a stable tenant base. The portfolio's current monthly rental income totals $6,500. This is a turnkey investment opportunity with immediate cash flow potential. The addresses included are 3205, 3215, 3223, 3228, and 3231 Elma Drive. This is a rare chance to acquire a well-performing, multi-unit rental portfolio in a desirable location. The properties are all single-story homes.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Midland
    County
    Midland
    State
    Texas
    Longitude
    -102.1466773
    Latitude
    32.0134243

    Comparable in this City

    • $1,070,000
      4,954 SF

      Midland TX Rental Portfolio

      Four-unit, stabilized investment property
      3203 Whittle Way, Midland, TX 79707
      View Details
    • $2,525,000
      16,210 SF

      Midland, TX Rental Portfolio

      10-Unit Single-Family Home Portfolio
      3208 Preston Dr, Midland, TX 79707
      View Details
    • $1,615,000
      10,507 SF

      Midland, TX Rental Home Portfolio

      Six single-family homes, 100% occupied.
      4508 Cimmaron Ave, Midland, TX 79707
      View Details
    • $11,480,000
      69,516 SF

      Midland, TX Rental Portfolio

      43-Unit Multifamily Investment, 100% Occupancy
      3206 Preston Dr, Midland, TX 79707
      View Details
    • $1,999,000
      6.00 Acres

      Midland Industrial Land - 6 Acres

      Prime 6-acre industrial lot in Midland, TX.
      8416 Tx-191, Midland, TX 79707
      View Details
    • $1,093,000
      2.09 Acres

      Retail Frontage in Growing Area

      2.091 acres of retail frontage in a fast-growing Midland area.
      7404 Briarwood Ave, Midland, TX 79707
      View Details

    Similar Nearby for Sale

    • $1,070,000
      4,954 SF

      Midland TX Rental Portfolio

      Four-unit, stabilized investment property
      3203 Whittle Way, Midland, TX 79707
      View Details
    • $2,525,000
      16,210 SF

      Midland, TX Rental Portfolio

      10-Unit Single-Family Home Portfolio
      3208 Preston Dr, Midland, TX 79707
      View Details
    • $1,615,000
      10,507 SF

      Midland, TX Rental Home Portfolio

      Six single-family homes, 100% occupied.
      4508 Cimmaron Ave, Midland, TX 79707
      View Details
    • $11,480,000
      69,516 SF

      Midland, TX Rental Portfolio

      43-Unit Multifamily Investment, 100% Occupancy
      3206 Preston Dr, Midland, TX 79707
      View Details
    • $1,999,000
      6.00 Acres

      Midland Industrial Land - 6 Acres

      Prime 6-acre industrial lot in Midland, TX.
      8416 Tx-191, Midland, TX 79707
      View Details
    • $1,093,000
      2.09 Acres

      Retail Frontage in Growing Area

      2.091 acres of retail frontage in a fast-growing Midland area.
      7404 Briarwood Ave, Midland, TX 79707
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,000 SF

      Retail Space in Midland, TX

      Retail space with high visibility and consistent daytime traffic.
      4700 Briarwood Ave, Midland, TX 79707
      View Details
    • $15 SF/Yr
      12,050 SF

      Midland Industrial Flex Space

      12,050 SF Flex Warehouse, 5 Acres
      10503 County Road 72, Midland, TX 79707
      View Details
    • $18 SF/Yr
      18,775 SF

      Midland Warehouse: Prime Industrial Space

      Modern warehouse, 18,775 sq ft, excellent location.
      10712 County Road 77, Midland, TX 79707
      View Details
    • Contact for pricing
      20,320 SF

      Midland Cornerstone Office & Retail

      Prime Midland, TX Office & Retail Space
      4400 Midland Dr, Midland, TX 79707
      View Details
    • $90,000
      1 SF

      Midland, TX Office/Warehouse Space

      Modern Flex Space, 3,000 sq ft, High Ceilings
      10818 Tx-191, Midland, TX 79707
      View Details
    • $22 SF/Yr
      7,500 SF

      Midland TX Warehouse For Lease

      7,500 SF Warehouse, Modern Facility
      3201 County Rd, Midland, TX 79707
      View Details
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    3205 Elma Dr
    Midland, TX 79707
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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