Apartment Building with
For Sale
$2,280,000
1449 JBS Parkway, Odessa, TX 79762
Commercial Sale, Odessa, TX
Property Size14,700 SF
Lot Size0.65 Acres
Price / SF$155.10
Days on Market51
Property Features for 1449 JBS Parkway
General Information
Property type
Commercial Sale
Property subtype
Apartment
Appliances
Individual AC Units, Individual Heating Units
Subdivision
Valley Gardens
Lot features
Lighted Parking
Standard status
Active
APN
32660.00285.00000
Size
14,700 SF
Lot size
0.65 Acres
Taxes and HOA fees
Tax Annual Amount
23684
Amenities
laundry room
Building Details
Year built
1975
Building materials
Brick
Roof type
Flat
Listing Agency:
Gayle Hirsch, REALTORS
(432) 582-0600
Listed By:
Gayle Hirsch · License #0481755
(432) 664-8063
Added: Aug 27
Changed: Oct 10
Last Checked: Oct 16 at 8:06PM
MLS# 177145
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.
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Investment Insights
Based on property information with market context.
This 14,700-square-foot brick apartment property was built in 1975 and includes 21 one-bedroom, one-bath units, one efficiency unit, and one two-bedroom unit with 1 1/2 baths and a fireplace. Most units have been upgraded and are described as being in very good condition. Individual AC and heating units serve the apartments.
The property includes a dedicated laundry room with three washers and three dryers. All units are currently rented. The 0.65-acre site is located at 1449 JBS Parkway in Odessa, near UTPB and shopping. A TPO roof was installed in 2018, and the AC units have also been replaced.
The property includes a dedicated laundry room with three washers and three dryers. All units are currently rented. The 0.65-acre site is located at 1449 JBS Parkway in Odessa, near UTPB and shopping. A TPO roof was installed in 2018, and the AC units have also been replaced.
Key Highlights
- 21 one‑bedroom, one‑bath units, plus one efficiency and one two‑bedroom, 1 1/2‑bath unit
- 14,700 square feet on 0.65 acres at 1449 JBS Parkway
- All units are rented
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$119,216
Cap Rate
5.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,384,320
$2.4M
Cap Rate 7%
$1,703,086
$1.7M
Cap Rate 9%
$1,324,622
$1.3M
Market Conditions
NOI Build-Up for 14,700 SF
Gross rent
$231.1K $15.72/SF
− Vacancy
−$14.3K −$0.97/SF
EGI
$216.8K $14.75/SF
− OpEx
−$97.5K −$6.64/SF
NOI
$119.2K $8.11/SF
Area
Odessa, TX
Vacancy
6.20%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,384,320
Cap Rate 7%
$1,703,086
Cap Rate 9%
$1,324,622
Alternative Uses
Best Use
Apartment 5plus
$1.70M
$1.49M – $1.99M
NOI $119,216 @ 7.0% cap · market cap 5.23%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$21.37M
$18.70M – $24.93M
NOI $1,495,935 @ 7.0% cap · market cap 65.61%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
21
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
604
Businesses Nearby
Explore this area
Business Placement
Demographics for 79762, TX
40,253
Population
17,259
Households
2.3
Avg Household Size
34
Median Age
22%
College-Educated
87%
High-School Grad
30.5 sq mi
ZIP Area
1,320
Density / Sq Mi
$74,560
Median Household Income
$45,151
Median Earnings
$1,338
Median Rent
$218,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Brick apartment property with upgraded units, on-site laundry, and individual heating and cooling systems.
Where is this apartment building located?
The property is located at 1449 JBS Parkway Odessa, TX.
What is the asking price?
The asking price for this property is $2,280,000.
What are key features of this property?
This property features: 21 one‑bedroom, one‑bath units, plus one efficiency and one two‑bedroom, 1 1/2‑bath unit; 14,700 square feet on 0.65 acres at 1449 JBS Parkway; All units are rented
