Furnished 14-Unit Apartment
For Sale
$1,150,000
2405 Kermit Hwy, Odessa, TX 79761
Commercial Sale, Odessa, TX
Property Size6,522 SF
Lot Size0.39 Acres
Price / SF$176.33
Days on Market230
Property Features for 2405 Kermit Hwy
General Information
Property type
Commercial Sale
Property subtype
Apartment
Subdivision
Highland Park
Lot features
Lighted Parking
Standard status
Active
APN
14000.01050.00000
Size
6,522 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Annual Amount
9000
Building Details
Year built
1952
Building materials
Concrete, Block
Roof type
Metal
Listing Agency:
Midessa Real Estate
(432) 279-1314
Listed By:
Armando Castillo · License #TX666015
(432) 238-3168
Added: Feb 25
Changed: Oct 8
Last Checked: Oct 13 at 8:06PM
MLS# 167665
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.
Investment Insights
Based on property information with market context.
This 14-unit apartment property contains 6,522 square feet on a 0.39-acre parcel. Built in 1952, the building uses concrete and block construction and has a metal roof. Furnishings are included in the apartments.
The property is located at 2405 Kermit Hwy in Odessa, Texas, within Ector County.
The property is located at 2405 Kermit Hwy in Odessa, Texas, within Ector County.
Key Highlights
- 14 furnished apartment units
- 6,522 square feet on a 0.39‑acre parcel
- 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.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
630
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - A compact multifamily property with furnished units and an established apartment configuration.
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: 14 furnished apartment units; 6,522 square feet on a 0.39‑acre parcel; Built in 1952
