Fully Furnished 14-Unit Apartment
For Sale
$1,150,000
2405 Kermit Hwy, Odessa, TX 79761
Turnkey, fully furnished 14-unit apartment complex designed for immediate occupancy and income generation.
Property Size6,522 SF
Price / SF$176.33
Days on Market96
Property Features for 2405 Kermit Hwy
General Information
Standard status
Active
Size
6,522 SF
Additional Details
Furnished
Yes
Multifamily Units
14
Building Details
Year Built
1952
Listing Agency:
Midessa Real Estate
Listed By:
Armando Castillo · License #TX666015
(432) 238-3168
Source:
Hauspg
Added: Jul 24
Changed: Oct 25
Last Checked: Oct 7 at 5:00PM
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 Midessa Real Estate
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Investment Insights
Based on property information with market context.
This fully furnished 14-unit apartment complex is offered as a turnkey investment, with each unit described as tastefully furnished and move-in ready. The property is positioned to support immediate rental operations with minimal upfront capital improvements.
Located at 2405 Kermit Hwy in Odessa, TX, the complex is presented as catering to tenants seeking convenience, including oilfield professionals, contractors, and corporate housing users driven by energy sector activity.
The offering is currently packaged for straightforward use as a residential income property, with furnishing included across the units to support timely tenant occupancy.
Located at 2405 Kermit Hwy in Odessa, TX, the complex is presented as catering to tenants seeking convenience, including oilfield professionals, contractors, and corporate housing users driven by energy sector activity.
The offering is currently packaged for straightforward use as a residential income property, with furnishing included across the units to support timely tenant occupancy.
Key Highlights
- Fully furnished 14‑unit apartment complex in Odessa, TX
- Move‑in ready units designed for immediate occupancy
- Built in 1952
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,893
Cap Rate
4.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,057,860
$1.1M
Cap Rate 7%
$755,614
$755.6K
Cap Rate 9%
$587,700
$587.7K
Market Conditions
NOI Build-Up for 6,522 SF
Gross rent
$102.5K $15.72/SF
− Vacancy
−$6.4K −$0.97/SF
EGI
$96.2K $14.75/SF
− OpEx
−$43.3K −$6.64/SF
NOI
$52.9K $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%
$1,057,860
Cap Rate 7%
$755,614
Cap Rate 9%
$587,700
Alternative Uses
Best Use
Apartment 5plus
$755.6K
$661.2K – $881.6K
NOI $52,893 @ 7.0% cap · market cap 4.60%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$9.48M
$8.30M – $11.06M
NOI $663,707 @ 7.0% cap · market cap 57.71%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
630
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey, fully furnished 14-unit apartment complex designed for immediate occupancy and income generation.
Where is this apartment building located?
The property is located at 2405 Kermit Hwy Odessa, TX.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Fully furnished 14‑unit apartment complex in Odessa, TX; Move‑in ready units designed for immediate occupancy; Built in 1952
