Office Building with Seven
For Sale
Contact for pricing
221 W FOURTH, Odessa, TX 79761
Seven offices, a conference room, reception area, break room, storage, and rear parking provide a functional professional-office layout.
Property Size3,150 SF
Lot Size0.17 Acres
Price / SF$165.08
Days on Market60
Property Features for 221 W FOURTH
General Information
Standard status
Active
Size
3,150 SF
Lot size
0.17 Acres
Property subtype
Office
Building Details
Year Built
1973
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Strahan Commercial Properties
Listed By:
Kirk Strahan · License #TX461852-B
Source:
Crexi
Added: Jul 3
Changed: Aug 30
Last Checked: Aug 30 at 4:38AM
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 Strahan Commercial Properties
Investment Insights
Based on property information with market context.
This 3,150-square-foot office building sits on approximately 0.17 acres and was constructed in 1973. The interior includes a lobby and foyer, reception area, seven large offices, a conference room, a substantial break area, and two bathrooms. Built-in storage is incorporated throughout the property, with rear access and parking serving the building.
The property is located in Downtown Odessa at 221 W Fourth. Noel Heritage Plaza is directly across the street, while Medical Center Hospital and the Ector County Courthouse are each two blocks away. The building’s existing office configuration and central setting support consideration for medical, legal, or administrative office use.
The property is located in Downtown Odessa at 221 W Fourth. Noel Heritage Plaza is directly across the street, while Medical Center Hospital and the Ector County Courthouse are each two blocks away. The building’s existing office configuration and central setting support consideration for medical, legal, or administrative office use.
Key Highlights
- 3,150 SF office building on approximately 0.17 acres
- Seven large offices plus a conference room and reception area
- Lobby/foyer, large break area, and two bathrooms
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
$41,923
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
8.06%
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%
$838,460
$838.5K
Cap Rate 7%
$598,900
$598.9K
Cap Rate 9%
$465,811
$465.8K
Market Conditions
NOI Build-Up for 3,150 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
$66.2K $21.00/SF
− Vacancy
−$10.3K −$3.26/SF
EGI
$55.9K $17.75/SF
− OpEx
−$14.0K −$4.44/SF
NOI
$41.9K $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%
$838,460
Cap Rate 7%
$598,900
Cap Rate 9%
$465,811
Alternative Uses
Best Use
Office B
$598.9K
$524.0K – $698.7K
NOI $41,923 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$4.58M
$4.01M – $5.34M
NOI $320,557 @ 7.0% cap · market cap 61.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,017
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Seven offices, a conference room, reception area, break room, storage, and rear parking provide a functional professional-office layout.
Where is this office building located?
The property is located at 221 W FOURTH Odessa, TX.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: 3,150 SF office building on approximately 0.17 acres; Seven large offices plus a conference room and reception area; Lobby/foyer, large break area, and two bathrooms
