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601 George Ave 31 Unit Apartment Building $5,499,999 ($177,419/Unit) 4.33% Cap Rate Midland, TX 79705
EXECUTIVE SUMMARY
Located at 601 George Avenue, Midland, Texas 79705, this 31-unit townhome-style apartment complex offers over 90% occupancy, providing immediate rental income and a strong addition to any investor’s portfolio. A few vacant units are available for viewing, with full access possible under escrow.
The majority of units have received cosmetic updates, enhancing tenant appeal and rental potential. Conveniently located just 10 minutes from I-20, the property ensures easy access to Midland, Odessa, and nearby amenities.
Midland’s population continues to grow, driven by the booming oil and gas industry. The Permian Basin is on track to reach record crude oil production of 6.6 million barrels per day by 2025, fueling housing demand and solidifying this property’s investment value.
Investors can also benefit from a custom portfolio loan and up to a 1% rebate of the loan amount through All Western Mortgage. Don’t miss this chance to own a high-performing asset in one of Texas’s most dynamic markets. Contact us today to learn more!
The majority of units have received cosmetic updates, enhancing tenant appeal and rental potential. Conveniently located just 10 minutes from I-20, the property ensures easy access to Midland, Odessa, and nearby amenities.
Midland’s population continues to grow, driven by the booming oil and gas industry. The Permian Basin is on track to reach record crude oil production of 6.6 million barrels per day by 2025, fueling housing demand and solidifying this property’s investment value.
Investors can also benefit from a custom portfolio loan and up to a 1% rebate of the loan amount through All Western Mortgage. Don’t miss this chance to own a high-performing asset in one of Texas’s most dynamic markets. Contact us today to learn more!
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$424,200
|
$1.47
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$424,200
|
$1.47
|
| Taxes |
$49,693
|
$0.17
|
| Operating Expenses |
$172,164
|
$0.60
|
| Total Expenses |
$221,857
|
$0.77
|
| Net Operating Income |
$202,343
|
$0.70
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $424,200 |
| Annual Per SF | $1.47 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $424,200 |
| Annual Per SF | $1.47 |
| Taxes | |
|---|---|
| Annual | $49,693 |
| Annual Per SF | $0.17 |
| Operating Expenses | |
|---|---|
| Annual | $172,164 |
| Annual Per SF | $0.60 |
| Total Expenses | |
|---|---|
| Annual | $221,857 |
| Annual Per SF | $0.77 |
| Net Operating Income | |
|---|---|
| Annual | $202,343 |
| Annual Per SF | $0.70 |
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Air Conditioning
SITE AMENITIES
- Pool
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PROPERTY TAXES
| Parcel Number | R000047-649 | Total Assessment | $95,960 |
| Land Assessment | $0 | Annual Taxes | $49,693 ($0.17/SF) |
| Improvements Assessment | $95,960 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
R000047-649
Land Assessment
$0
Improvements Assessment
$95,960
Total Assessment
$95,960
Annual Taxes
$49,693 ($0.17/SF)
Tax Year
2024
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601 George Ave
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