Flex Space with Pull-Through
For Sale
Contact for pricing
1000 S Meadow Ave, Odessa, TX 79761
Office and shop configuration includes conditioned workspace, fenced yard, and light-industrial zoning.
Property Size6,400 SF
Lot Size2.31 Acres
Price / SF$179.69
Days on Market63
Property Features for 1000 S Meadow Ave
General Information
Standard status
Active
Size
6,400 SF
Class
C
Total Parking Spaces
13
Lot size
2.31 Acres
Property subtype
Industrial
Zoning
L1 Light Industrial
Occupancy
100%
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Drive-In Doors
4
Three-Phase Power
No
Additional Details
Asking Price
$1,150,000
Amenities
break room/kitchenette
shower
Building Details
Year Built
2014
Buildings
1
Stories
1
Units
1
Building Size
6,400 SF
Construction
metal
Listing Agency:
Heritage Real Estate Group
(432) 413-3626
Listed By:
Lance Marker · License #0516832
Source:
Crexi
Added: Jun 29
Changed: Aug 29
Last Checked: Aug 29 at 8:54PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Heritage Real Estate Group
Investment Insights
Based on property information with market context.
This 6,400 SF flex property, completed in 2014, combines a conditioned office area with an attached high-clearance shop. The office component provides eight private offices, a reception area, break room and kitchenette, plus multiple restrooms, including an ADA-equipped restroom and shower. The shop is arranged for four-bay pull-through access with 12-foot-wide by 14-foot-high overhead doors and a fire separation wall. Single-phase electrical service is in place.
The improvements occupy approximately 2.31 acres across three contiguous lots. A fenced, stabilized yard accompanies the building, along with paved parking and a brick-and-stone veneer frontage. The property is within Dovecote Industrial Park in an established Odessa industrial corridor, with direct access to Interstate 20 and nearby heavy-equipment, fleet, diesel, oilfield-service, energy-service, and industrial-supply businesses.
The improvements occupy approximately 2.31 acres across three contiguous lots. A fenced, stabilized yard accompanies the building, along with paved parking and a brick-and-stone veneer frontage. The property is within Dovecote Industrial Park in an established Odessa industrial corridor, with direct access to Interstate 20 and nearby heavy-equipment, fleet, diesel, oilfield-service, energy-service, and industrial-supply businesses.
Key Highlights
- ±6,400 SF metal office/shop building completed in 2014
- ±2.31 acres across three contiguous lots
- Eight private offices with reception, break room, kitchenette, multiple restrooms, ADA restroom, and shower
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
$85,176
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
7.41%
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%
$1,703,520
$1.7M
Cap Rate 7%
$1,216,800
$1.2M
Cap Rate 9%
$946,400
$946.4K
Market Conditions
NOI Build-Up for 6,400 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
$134.4K $21.00/SF
− Vacancy
−$20.8K −$3.26/SF
EGI
$113.6K $17.75/SF
− OpEx
−$28.4K −$4.44/SF
NOI
$85.2K $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%
$1,703,520
Cap Rate 7%
$1,216,800
Cap Rate 9%
$946,400
Alternative Uses
Best Use
Flex RnD
$9.30M
$8.14M – $10.85M
NOI $651,291 @ 7.0% cap · market cap 56.63%
Second Best
Warehouse
$7.53M
$6.59M – $8.78M
NOI $526,979 @ 7.0% cap · market cap 45.82%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
246
Businesses Nearby
Well-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
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Frequently Asked Questions
What type of property is this?
Flex space - Office and shop configuration includes conditioned workspace, fenced yard, and light-industrial zoning.
Where is this flex space located?
The property is located at 1000 S Meadow Ave Odessa, TX.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: ±6,400 SF metal office/shop building completed in 2014; ±2.31 acres across three contiguous lots; Eight private offices with reception, break room, kitchenette, multiple restrooms, ADA restroom, and shower
