8-Unit Apartment Building
For Sale
$999,900
2517-27 Roper St, Odessa, TX 79761
Residential Income, Odessa, TX
Property Size8,167 SF
Lot Size1.05 Acres
Price / SF$122.43
Days on Market14
Property Features for 2517-27 Roper St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
16
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bedroom 7, Bathroom 2, Bedroom 5, Bedroom 6, Bedroom 4, Bedroom 13, Bedroom 3, Bedroom 8, Bedroom 12, Bedroom 16, Bathroom 1, Bedroom 10, Bedroom 15, Bedroom 9, Bedroom 11, Bedroom 14
Patio and Porch features
Patio
Appliances
Individual Water Heaters
Subdivision
Crescent Park
Elementary school
Dowling
Middle school
Bonham
High school
Permian
Standard status
Active
APN
07000.05165.0000 & 07000.05168.00000
Size
8,167 SF
Lot size
1.05 Acres
Taxes and HOA fees
Tax Annual Amount
11736
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Natural Gas, Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1958
Floors in Building
1
Flooring type
Carpet
Building materials
Brick Veneer
Roof type
Composition
Listing Agency:
Pinnacle Realty Advisors
(972) 338-5441
Listed By:
Hayden Burnett · License #0719267
(432) 553-5260
Added: Sep 8
Changed: Sep 15
Last Checked: Sep 21 at 11:06PM
MLS# 177401
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 apartment property comprises 8 units arranged across 4 duplexes on 1.045 acres, with 8,167 square feet of building area. The Roper Street-facing residences include 2-bedroom, 1-bath layouts, while the alley-facing portion includes a 3-bedroom, 2-bath unit and a 1-bedroom, 1-bath efficiency. Built in 1958, the buildings feature brick veneer, composition roofs, carpeted floors, patios, central air conditioning, and heating supported by natural gas, central systems, and electric equipment. Each unit has an individual water heater.
The property is located at 2517-27 Roper St in Odessa, with public water and public sewer service. Four residences face Roper Street, while 2523 A and 2523 B are positioned along the alley facing the Church. Showings require 24 hours' notice to coordinate access with occupants.
The property is located at 2517-27 Roper St in Odessa, with public water and public sewer service. Four residences face Roper Street, while 2523 A and 2523 B are positioned along the alley facing the Church. Showings require 24 hours' notice to coordinate access with occupants.
Key Highlights
- 8 units in 4 duplexes across 1.045 acres
- 8,167 square feet of building area
- Unit mix includes 2 bed/1 bath, 3 bed/2 bath, and 1 bed/1 bath efficiency layouts
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
$66,234
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
6.62%
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%
$1,324,680
$1.3M
Cap Rate 7%
$946,200
$946.2K
Cap Rate 9%
$735,933
$735.9K
Market Conditions
NOI Build-Up for 8,167 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
$128.4K $15.72/SF
− Vacancy
−$8.0K −$0.97/SF
EGI
$120.4K $14.75/SF
− OpEx
−$54.2K −$6.64/SF
NOI
$66.2K $8.11/SF
Area
Odessa, TX
Vacancy
6.20%
Lease Rate
$15.72 /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%
$1,324,680
Cap Rate 7%
$946,200
Cap Rate 9%
$735,933
Alternative Uses
Best Use
Apartment 5plus
$946.2K
$827.9K – $1.10M
NOI $66,234 @ 7.0% cap · market cap 6.62%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$11.87M
$10.39M – $13.85M
NOI $831,109 @ 7.0% cap · market cap 83.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
Explore this area
Business Placement
Demographics for 79761, TX
30,187
Population
13,591
Households
2.2
Avg Household Size
35
Median Age
14%
College-Educated
76%
High-School Grad
10.4 sq mi
ZIP Area
2,903
Density / Sq Mi
$69,279
Median Household Income
$42,724
Median Earnings
$1,246
Median Rent
$158,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Brick-veneer apartments feature central air, individual water heaters, patios, and public water and sewer service.
Where is this apartment building located?
The property is located at 2517-27 Roper St Odessa, TX.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: 8 units in 4 duplexes across 1.045 acres; 8,167 square feet of building area; Unit mix includes 2 bed/1 bath, 3 bed/2 bath, and 1 bed/1 bath efficiency layouts
