Downtown Odessa Service Station
For Sale
Contact for pricing
1023 N Grant Ave, Odessa, TX 79761
Long-standing service station with retail potential in downtown Odessa.
Property Size3,280 SF
Lot Size0.51 Acres
Price / SF$303.35
Days on Market165
Property Features for 1023 N Grant Ave
General Information
Standard status
Active
Size
3,280 SF
Lot size
0.51 Acres
Property subtype
Retail
Zoning
F1, Commercial Real Estate
Building Details
Year Built
1955
Buildings
2
Stories
1
Listing Agency:
Gabrianna Realty
(432) 352-5808
Listed By:
Tom Badalament · License #TX 649346
Source:
Crexi
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 18 at 12:06PM
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 Gabrianna Realty
Investment Insights
Based on property information with market context.
Located at the corner of 11th Street and Grant Avenue, Kimbrough’s Service Station has been a fixture in downtown Odessa since 1955. The property, zoned F1 Commercial Real Estate, sits on 0.506 acres and features two cinder block buildings. The first building is the 1,680-square-foot service station with a canopy. The second building provides an additional 1,600 square feet of storage space, bringing the total property size to 3,280 square feet. This property offers a myriad of possibilities as a retail space. A billboard on the property generates passive income, which currently covers the property taxes. This is a great opportunity to invest in the renaissance of downtown Odessa.
Key Highlights
- Prime commercial location at the corner of 11th Street & Grant Avenue in downtown Odessa.
- Zoned F1 Commercial Real Estate, offering a myriad of retail possibilities.
- Billboard on the property generates passive income, currently covering property taxes.**
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
$43,926
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
4.41%
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%
$878,520
$878.5K
Cap Rate 7%
$627,514
$627.5K
Cap Rate 9%
$488,067
$488.1K
Market Conditions
NOI Build-Up for 3,280 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
$63.0K $19.20/SF
− Vacancy
−$4.4K −$1.34/SF
EGI
$58.6K $17.86/SF
− OpEx
−$14.6K −$4.46/SF
NOI
$43.9K $13.39/SF
Area
Odessa, TX
Vacancy
7.00%
Lease Rate
$19.20 /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%
$878,520
Cap Rate 7%
$627,514
Cap Rate 9%
$488,067
Alternative Uses
Best Use
Industrial
$2.78M
$2.43M – $3.24M
NOI $194,655 @ 7.0% cap · market cap 19.56%
Second Best
Specialty Retail
$627.5K
$549.1K – $732.1K
NOI $43,926 @ 7.0% cap · market cap 4.41%
Theoretical Best
Flex RnD
$4.77M
$4.17M – $5.56M
NOI $333,787 @ 7.0% cap · market cap 33.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,900
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
Market
Vacancy Rate% for Retail 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?
Gas station - Long-standing service station with retail potential in downtown Odessa.
Where is this gas station located?
The property is located at 1023 N Grant Ave Odessa, TX.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Prime commercial location at the corner of 11th Street & Grant Avenue in downtown Odessa.; Zoned F1 Commercial Real Estate, offering a myriad of retail possibilities.; Billboard on the property generates passive income, currently covering property taxes.**
