Office Building with
For Sale
$1,200,000
809 Tower Dr, Odessa, TX 79761
Commercial Sale, Odessa, TX
Property Size8,130 SF
Lot Size0.58 Acres
Price / SF$147.60
Days on Market248
Property Features for 809 Tower Dr
General Information
Property type
Residential
Property subtype
Office
Accessibility
Accessible Approach with Ramp
Appliances
Individual AC Units
Subdivision
Odessa Office Park
Lot features
Lighted Parking
Standard status
Active
APN
21800.00340.00000
Size
8,130 SF
Lot size
0.58 Acres
Taxes and HOA fees
Tax Annual Amount
15830
Utilities
Utilities
Cable Available
Amenities
executive offices
shared office/cubicle area
conference room
training center
storage
kitchenette
copy room
sun-filled open atrium
ADA compliant
highly secure
his & hers restrooms
reverse osmosis system
automatic tree irrigation
Building Details
Year built
1966
Building materials
Stucco
Roof type
Flat
Listing Agency:
SIMS & GUESS, REALTORS
(432) 368-6800
Listed By:
Nicole Pool · License #0731309
(432) 553-3679
Added: Jan 7
Changed: Aug 20
Last Checked: Sep 12 at 9:06PM
MLS# 165382
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 8,130-square-foot office building on 0.579 acres was constructed in 1966 and offers a broad mix of professional workspace. The layout includes 10+ executive offices, a shared office and cubicle area, conference room, training center, storage, kitchenette, copy room, and an open atrium with abundant natural light. His-and-hers restrooms, an accessible approach with ramp, and a secure configuration support day-to-day operations.
The property includes 34 parking spaces, five HVAC units, a reverse osmosis system, and automatic tree irrigation. Stucco construction, a flat roof, cable availability, and individual AC units are also reported. Located in Odessa, the building is suited to corporate, medical, legal, and other professional office functions identified for the property.
The property includes 34 parking spaces, five HVAC units, a reverse osmosis system, and automatic tree irrigation. Stucco construction, a flat roof, cable availability, and individual AC units are also reported. Located in Odessa, the building is suited to corporate, medical, legal, and other professional office functions identified for the property.
Key Highlights
- 8,130‑square‑foot office building on 0.579 acres
- 10+ executive offices plus shared office and cubicle area
- Conference room, training center, kitchenette, copy room, storage, and open atrium
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
$108,200
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
9.02%
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%
$2,164,000
$2.2M
Cap Rate 7%
$1,545,714
$1.5M
Cap Rate 9%
$1,202,222
$1.2M
Market Conditions
NOI Build-Up for 8,130 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
$170.7K $21.00/SF
− Vacancy
−$26.5K −$3.26/SF
EGI
$144.3K $17.75/SF
− OpEx
−$36.1K −$4.44/SF
NOI
$108.2K $13.31/SF
Area
Odessa, TX
Vacancy
15.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,164,000
Cap Rate 7%
$1,545,714
Cap Rate 9%
$1,202,222
Alternative Uses
Best Use
Office B
$1.55M
$1.35M – $1.80M
NOI $108,200 @ 7.0% cap · market cap 9.02%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$11.82M
$10.34M – $13.79M
NOI $827,343 @ 7.0% cap · market cap 68.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
838
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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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - ADA-compliant property provides executive offices, conference, training, storage, and support areas within a secure layout.
Where is this office building located?
The property is located at 809 Tower Dr Odessa, TX.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 8,130‑square‑foot office building on 0.579 acres; 10+ executive offices plus shared office and cubicle area; Conference room, training center, kitchenette, copy room, storage, and open atrium
