Flex Space with Pull-Through
For Sale
$1,150,000
1010 S Meadow Ave, Odessa, TX 79761
Commercial Sale, Odessa, TX
Property Size6,400 SF
Lot Size2.31 Acres
Price / SF$179.69
Days on Market51
Property Features for 1010 S Meadow Ave
General Information
Property type
Residential
Property subtype
Office
Fencing
Fenced, Chain Link
Accessibility
Accessible Approach with Ramp
Subdivision
Dovecote Industrial
Standard status
Active
APN
08720.00130
Size
6,400 SF
Lot size
2.31 Acres
Taxes and HOA fees
Tax Annual Amount
19206
Amenities
8 private offices
reception
break room
ADA restroom
shower
Building Details
Year built
2014
Building materials
Brick, Metal Construction
Roof type
Metal
Listing Agency:
Heritage Real Estate
(432) 701-0550
Listed By:
Regginald Moore
(432) 246-7324
Added: Jul 3
Changed: Aug 20
Last Checked: Aug 22 at 4:06PM
MLS# 175941
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 6,400 SF flex property, built in 2014, combines office and industrial functionality on 2.31 acres across three contiguous lots. The office component includes eight private offices, a reception area, break room, ADA restroom, and shower. A four-bay pull-through shop is equipped with 12'x14' overhead doors and a fire separation wall. The improvements feature metal construction, brick, a metal roof, single-phase service, and ramp access.
The fenced, stabilized yard and paved parking support equipment-oriented operations. Located at 1010 S Meadow Ave in Odessa, the property provides direct access to I-20 within the Permian Basin corridor. The surrounding industrial setting includes heavy-equipment, diesel, and oilfield users, and the site is designated L1 Light Industrial. The configuration is suited to an owner-user seeking office, shop, and yard components in one property.
The fenced, stabilized yard and paved parking support equipment-oriented operations. Located at 1010 S Meadow Ave in Odessa, the property provides direct access to I-20 within the Permian Basin corridor. The surrounding industrial setting includes heavy-equipment, diesel, and oilfield users, and the site is designated L1 Light Industrial. The configuration is suited to an owner-user seeking office, shop, and yard components in one property.
Key Highlights
- 6,400 SF office/shop building on 2.31 acres
- Three contiguous lots convey with the property
- Four‑bay pull‑through shop with 12'x14' overhead doors
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
Yes
Utilities to site
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Office and shop configuration with a fenced yard, paved parking, and L1 Light Industrial zoning.
Where is this flex space located?
The property is located at 1010 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 office/shop building on 2.31 acres; Three contiguous lots convey with the property; Four‑bay pull‑through shop with 12'x14' overhead doors
