Flex Space with Two
For Sale
$675,000
2651 John Ben Shepperd Pkwy, Odessa, TX 79761
Commercial Sale, Odessa, TX
Property Size3,974 SF
Price / SF$169.85
Days on Market47
Property Features for 2651 John Ben Shepperd Pkwy
General Information
Property type
Residential
Property subtype
Retail
Appliances
Individual AC Units, Individual Heating Units
Subdivision
Wedgewood
Standard status
Active
APN
BL400.34199.00000
Size
3,974 SF
Taxes and HOA fees
Tax Annual Amount
6042
Building Details
Year built
1979
Floors in Building
1
Building materials
Stucco, Wood Construction
Roof type
Metal
Listing Agency:
The Real Estate Ranch LLC
(432) 688-8200
Listed By:
Ypr Group At The Real Estate Ranch
(432) 210-5800
Added: Jul 16
Changed: Aug 20
Last Checked: Aug 31 at 9:06AM
MLS# 176227
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 3,974-square-foot flex property includes seven offices and two multi-stall restrooms. The layout can be divided into two suites, while the space also allows improvements for future customization. Individual AC and heating units support separate interior climate control.
Located across from the University of Texas Permian Basin at 2651 John Ben Shepperd Pkwy in Odessa, the property combines an established commercial setting with a configuration suited to office, retail, medical, restaurant, or flex applications identified for the space. Built in 1979, the building features stucco and wood construction beneath a metal roof.
Located across from the University of Texas Permian Basin at 2651 John Ben Shepperd Pkwy in Odessa, the property combines an established commercial setting with a configuration suited to office, retail, medical, restaurant, or flex applications identified for the space. Built in 1979, the building features stucco and wood construction beneath a metal roof.
Key Highlights
- 3,974 SF flex property across from the University of Texas Permian Basin
- Seven offices provide a defined commercial workspace layout
- Two multi‑stall restrooms
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
$53,964
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
7.99%
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%
$1,079,280
$1.1M
Cap Rate 7%
$770,914
$770.9K
Cap Rate 9%
$599,600
$599.6K
Market Conditions
NOI Build-Up for 3,974 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
$97.8K $24.60/SF
− Vacancy
−$7.8K −$1.97/SF
EGI
$89.9K $22.63/SF
− OpEx
−$36.0K −$9.05/SF
NOI
$54.0K $13.58/SF
Area
Odessa, TX
Vacancy
8.00%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
40.00%
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%
$1,079,280
Cap Rate 7%
$770,914
Cap Rate 9%
$599,600
Alternative Uses
Best Use
Flex RnD
$5.78M
$5.06M – $6.74M
NOI $404,411 @ 7.0% cap · market cap 59.91%
Second Best
Industrial
$3.37M
$2.95M – $3.93M
NOI $235,841 @ 7.0% cap · market cap 34.94%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
523
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Commercial building opposite the University of Texas Permian Basin with office infrastructure and adaptable interior planning.
Where is this flex space located?
The property is located at 2651 John Ben Shepperd Pkwy Odessa, TX.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 3,974 SF flex property across from the University of Texas Permian Basin; Seven offices provide a defined commercial workspace layout; Two multi‑stall restrooms
