Renovated Duplex with Two
New
For Sale
$429,000
3023 Beechwood, Odessa, TX 79761
Residential Income, Odessa, TX
Property Size2,496 SF
Lot Size0.60 Acres
Price / SF$171.88
Days on Market5
Property Features for 3023 Beechwood
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bedroom 6, Bedroom 3, Bedroom 2, Bedroom 4, Bathroom 1, Bedroom 5
Parking features
Carport
Fireplace
1
Appliances
Free-Standing Electric Range, Microwave, Individual Water Heaters
Subdivision
University Gardens
Elementary school
Gonzales
Middle school
Nimitz
High school
Permian
Standard status
Active
APN
32660.01125.00000
Size
2,496 SF
Lot size
0.60 Acres
Taxes and HOA fees
Tax Annual Amount
5028
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1976
Floors in Building
2
Flooring type
Carpet
Roof type
Composition
Listing Agency:
Keller Williams Realty - Midland & Odessa
(432) 520-5151
Listed By:
Ramon Gomez · License #0738885
(806) 891-7718
Added: Sep 22
Last Checked: Sep 26 at 2:06PM
MLS# 177720
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 duplex contains two separate units, each measuring 1,248 square feet with three bedrooms and two bathrooms. The interiors have been renovated with updated finishes, while central air, central natural-gas heating, free-standing electric ranges, microwaves, and individual water heaters serve the property. Carpet flooring, composition roofing, public water, and public sewer are also in place.
The property sits on a 0.603-acre parcel at 3023 Beechwood in Odessa, Texas, within ZIP Code 79761. A carport provides on-site covered parking, and the building includes a fireplace. Constructed in 1976, the duplex offers a two-unit residential income configuration with a combined 2,496 square feet.
The property sits on a 0.603-acre parcel at 3023 Beechwood in Odessa, Texas, within ZIP Code 79761. A carport provides on-site covered parking, and the building includes a fireplace. Constructed in 1976, the duplex offers a two-unit residential income configuration with a combined 2,496 square feet.
Key Highlights
- Two‑unit duplex with 2,496 square feet of total building area
- Each unit includes 1,248 square feet, 3 bedrooms, and 2 bathrooms
- Renovated interiors with updated finishes
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
$22,544
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
5.26%
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%
$450,880
$450.9K
Cap Rate 7%
$322,057
$322.1K
Cap Rate 9%
$250,489
$250.5K
Market Conditions
NOI Build-Up for 2,496 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
$34.4K $13.80/SF
− Vacancy
−$2.2K −$0.90/SF
EGI
$32.2K $12.90/SF
− OpEx
−$9.7K −$3.87/SF
NOI
$22.5K $9.03/SF
Area
Odessa, TX
Vacancy
6.50%
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%
$450,880
Cap Rate 7%
$322,057
Cap Rate 9%
$250,489
Alternative Uses
Best Use
Multifamily LT 5
$322.1K
$281.8K – $375.7K
NOI $22,544 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$289.2K
$253.0K – $337.4K
NOI $20,242 @ 7.0% cap · market cap 4.72%
Theoretical Best
Flex RnD
$3.63M
$3.18M – $4.23M
NOI $254,004 @ 7.0% cap · market cap 59.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
356
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?
Duplex - Two updated units provide three-bedroom, two-bath layouts with central heating and cooling.
Where is this duplex located?
The property is located at 3023 Beechwood Odessa, TX.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,496 square feet of total building area; Each unit includes 1,248 square feet, 3 bedrooms, and 2 bathrooms; Renovated interiors with updated finishes
