Odessa Shopping Center For
601-625 E 42nd St Odessa, TX 79762
601-625 E 42nd St, Odessa, TX, 79762
$17,500,000
For Sale
$17,500,000
82,264 SF shopping center in Odessa, Texas, 98% leased.
Property Size82,264 SF
Price / SF$212.73
Days on Market139
Property Features for 601-625 E 42nd St
General Information
- Standard status
- Active
- Size
- 82,264 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1965
Listing agency
SRS Real Estate Partners Houston
(415) 274-7394
Listed by
Joe Caccamo · License #CalDRE #01191110
Source
Cppcre
Added: Mar 6 Updated: Jul 10 at 1:00PM Checked: Jul 22 at 4:32AM
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 SRS Real Estate Partners Houston
Investment Insights
Based on property information with market context.
Sherwood Village is a community shopping center with 82,264 square feet of space, located in Odessa, Texas. The property is situated at the signalized intersection of East 42nd Street and Dixie Boulevard, a high-traffic corridor with exposure to over 41,000 cars per day. The shopping center is 98% leased and anchored by Family Dollar and O’Reilly Auto Parts, along with a diverse collection of e-commerce-resistant and complementary tenants. A significant redevelopment was completed in 2020. The overhaul included a roof overlay with a 20-year labor and materials warranty, new plumbing, pylon signs and lighting, major parking lot repairs, and an additional 17,000 square feet of space. The property is located within the Permian Basin, which produces 47% of the oil and 17% of the natural gas consumed in the United States.
Key Highlights
- 98% leased shopping center anchored by Family Dollar and O’Reilly Auto Parts
- Located at a high‑traffic intersection with over 41,000 cars per day
- Significant redevelopment completed in 2020, including a new roof with a 20‑year warranty
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.43M | $17.40 |
| − Vacancy | −$121.7k | −$1.48 |
| EGI | $1.31M | $15.92 |
| − OpEx | −$392.9k | −$4.78 |
| NOI | $916.8k | $11.14 |
82,264 SF · lease $17.40/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$13.10M
$11.46M – $15.28M
NOI $916,808 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$119.59M
$104.64M – $139.53M
NOI $8,371,535 @ 7.0% cap · market cap 47.84%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Shopping centers
Similar For Sale Nearby
Similar Off Market Nearby
- Sherwood Village Center — N Dixie Blvd, Odessa, TX 79762
- Sherwood — 1123 E 42nd St, Odessa, TX 79762
- One Energy Square — 3100 Andrews Hwy, Odessa, TX 79762
FAQs
What type of property is this?
Shopping center - 82,264 SF shopping center in Odessa, Texas, 98% leased.
Where is this shopping center located?
The property is located at 601-625 E 42nd St Odessa, TX.
What is the asking price?
The asking price for this property is $17,500,000.
What are key features of this property?
This property features: 98% leased shopping center anchored by Family Dollar and O’Reilly Auto Parts; Located at a high‑traffic intersection with over 41,000 cars per day; Significant redevelopment completed in 2020, including a new roof with a 20‑year warranty
