Commercial Land on Corner
For Sale
$399,900
1301 E 2nd St, Odessa, TX 79761
COMMERCIAL - Odessa, TX
Property Size1,972 SF
Lot Size0.52 Acres
Price / SF$202.79
Days on Market488
Property Features for 1301 E 2nd St
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Dixie Addn
Standard status
Active
Size
1,972 SF
Lot size
0.52 Acres
Taxes and HOA fees
Tax Description
DIXIE ADDN, BLOCK 1, LOTS 1-2
Tax Annual Amount
4138
Legal Description
DIXIE ADDN, BLOCK 1, LOTS 1-2
Building Details
Year built
1962
Listing Agency:
Pine & Beckett - Chris Beckett
(432) 686-7000
Listed By:
Chris Beckett Broker Owner CRS GRI ASR e-Pro
(432) 349-7000
Added: Apr 24, 2025
Changed: Aug 4
Last Checked: Aug 24 at 3:06PM
MLS# 50081668
Copyright © 2026 Permian Basin 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 commercial land parcel includes an approximately 1,972-square-foot structure associated with a former gas station use. The property is being offered as-is, where-is, and the building requires renovation. No tanks are located on the site. The property is zoned Light Industrial (LI).
Positioned at the intersection of E 2nd St, also identified as Bus. 20, and Dixie in Odessa, the site benefits from reported daily traffic of 19,000 vehicles on 2nd/Bus. 20 and 11,500 vehicles on Dixie. No remediation reports or inspections are included. The property is not currently part of the ODC Building Redevelopment Bond Program.
Positioned at the intersection of E 2nd St, also identified as Bus. 20, and Dixie in Odessa, the site benefits from reported daily traffic of 19,000 vehicles on 2nd/Bus. 20 and 11,500 vehicles on Dixie. No remediation reports or inspections are included. The property is not currently part of the ODC Building Redevelopment Bond Program.
Key Highlights
- Light Industrial (LI) zoning
- Approximately 1,972 square feet of existing building area
- Corner position at Dixie and E 2nd St / Bus. 20 in Odessa
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
$26,409
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
6.60%
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%
$528,180
$528.2K
Cap Rate 7%
$377,271
$377.3K
Cap Rate 9%
$293,433
$293.4K
Market Conditions
NOI Build-Up for 1,972 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
$37.9K $19.20/SF
− Vacancy
−$2.7K −$1.34/SF
EGI
$35.2K $17.86/SF
− OpEx
−$8.8K −$4.46/SF
NOI
$26.4K $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%
$528,180
Cap Rate 7%
$377,271
Cap Rate 9%
$293,433
Alternative Uses
Best Use
Industrial
$1.67M
$1.46M – $1.95M
NOI $117,030 @ 7.0% cap · market cap 29.26%
Second Best
Specialty Retail
$377.3K
$330.1K – $440.2K
NOI $26,409 @ 7.0% cap · market cap 6.60%
Theoretical Best
Flex RnD
$2.87M
$2.51M – $3.34M
NOI $200,679 @ 7.0% cap · market cap 50.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,026
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?
Commercial land - LI-zoned corner property with an existing building requiring renovation and offered in its current condition.
Where is this commercial land located?
The property is located at 1301 E 2nd St Odessa, TX.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Light Industrial (LI) zoning; Approximately 1,972 square feet of existing building area; Corner position at Dixie and E 2nd St / Bus. 20 in Odessa
