Renovated
New
For Sale
$289,000
3643 N Dixie Blvd, Odessa, TX 79762
Residential Income, Odessa, TX
Property Size1,480 SF
Lot Size0.20 Acres
Price / SF$195.27
Days on Market5
Property Features for 3643 N Dixie Blvd
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bedroom 4
Fencing
Fenced
Appliances
Free-Standing Electric Range, Microwave, Refrigerator, Individual Water Heaters
Subdivision
Crestwood
Elementary school
Dowling
Middle school
Bowie
High school
Odessa
Standard status
Active
APN
07200.03160.00000
Size
1,480 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Annual Amount
2191
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1952
Floors in Building
1
Building materials
Brick
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# 177721
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 residential units with functional layouts and refreshed interiors. One unit measures approximately 800 square feet and the other approximately 680 square feet; each includes two bedrooms and one bathroom. Improvements include updated finishes, central heating and air conditioning, electric ranges, microwaves, refrigerators, and individual water heaters.
Built in 1952, the 1,480-square-foot property sits on 0.201 acres at 3643 N Dixie Blvd in Odessa. The improvements feature brick construction, composition roofing, fencing, public water, and public sewer. Its residential configuration provides two separate living spaces within one property.
Built in 1952, the 1,480-square-foot property sits on 0.201 acres at 3643 N Dixie Blvd in Odessa. The improvements feature brick construction, composition roofing, fencing, public water, and public sewer. Its residential configuration provides two separate living spaces within one property.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom per unit
- Approximately 800 square feet in one unit and 680 square feet in the other
- 1,480‑square‑foot property on 0.201 acres
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
$13,368
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
4.63%
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%
$267,360
$267.4K
Cap Rate 7%
$190,971
$191.0K
Cap Rate 9%
$148,533
$148.5K
Market Conditions
NOI Build-Up for 1,480 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
$20.4K $13.80/SF
− Vacancy
−$1.3K −$0.90/SF
EGI
$19.1K $12.90/SF
− OpEx
−$5.7K −$3.87/SF
NOI
$13.4K $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%
$267,360
Cap Rate 7%
$190,971
Cap Rate 9%
$148,533
Alternative Uses
Best Use
Multifamily LT 5
$191.0K
$167.1K – $222.8K
NOI $13,368 @ 7.0% cap · market cap 4.63%
Second Best
Apartment 5plus
$171.5K
$150.0K – $200.1K
NOI $12,003 @ 7.0% cap · market cap 4.15%
Theoretical Best
Flex RnD
$2.15M
$1.88M – $2.51M
NOI $150,611 @ 7.0% cap · market cap 52.11%
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
334
Businesses Nearby
Explore this area
Business Placement
Demographics for 79762, TX
40,253
Population
17,259
Households
2.3
Avg Household Size
34
Median Age
22%
College-Educated
87%
High-School Grad
30.5 sq mi
ZIP Area
1,320
Density / Sq Mi
$74,560
Median Household Income
$45,151
Median Earnings
$1,338
Median Rent
$218,900
Median Home Value
Check the figures for this property
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 separate residences with updated interiors, central climate control, and individual water heaters.
Where is this duplex located?
The property is located at 3643 N Dixie Blvd Odessa, TX.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom per unit; Approximately 800 square feet in one unit and 680 square feet in the other; 1,480‑square‑foot property on 0.201 acres
