Corner Retail and Office
For Sale
$675,000
2651 John Ben Shepperd Pkwy, Odessa, TX 79761
Versatile corner space with seven private offices, updated lobby, and two multi-stall restrooms across from UT Permian Basin.
Property Size3,974 SF
Price / SF$169.85
Days on Market140
Property Features for 2651 John Ben Shepperd Pkwy
General Information
Standard status
Active
Size
3,974 SF
Additional Details
Office Units
7
Building Details
Year Built
1979
Listing Agency:
The Real Estate Ranch LLC
Listed By:
YPR Group
Source:
Billlanier
Added: Jun 17
Changed: Oct 25
Last Checked: Oct 7 at 4:02PM
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 The Real Estate Ranch LLC
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Investment Insights
Based on property information with market context.
This 4,102-square-foot corner-suite property offers a flexible interior layout suited to multiple commercial uses. The space includes seven private offices, an updated lobby area, and two restrooms with multiple stalls. Built in 1979 and described as move-in ready, the configuration supports tenant or owner improvements and can be adapted for businesses needing dedicated private work areas.
The property is positioned on a highly visible commercial corridor in Odessa, directly across from The University of Texas Permian Basin. Its corner placement supports strong accessibility, with a layout designed to take advantage of the street-facing presence. The flexible floor plan is described as allowing the space to be divided into two separate suites.
For owner-users, the existing private office arrangement and updated lobby can help streamline initial occupancy while still leaving room for customization. For investors or multi-tenant concepts, the ability to divide the suite into two spaces may support more than one operating layout, including office, retail, medical, or restaurant-style uses, subject to applicable approvals.
The property is positioned on a highly visible commercial corridor in Odessa, directly across from The University of Texas Permian Basin. Its corner placement supports strong accessibility, with a layout designed to take advantage of the street-facing presence. The flexible floor plan is described as allowing the space to be divided into two separate suites.
For owner-users, the existing private office arrangement and updated lobby can help streamline initial occupancy while still leaving room for customization. For investors or multi-tenant concepts, the ability to divide the suite into two spaces may support more than one operating layout, including office, retail, medical, or restaurant-style uses, subject to applicable approvals.
Key Highlights
- 4,102 SF versatile corner commercial property built in 1979 directly across from The University of Texas Permian Basin
- Corner‑suite layout with visibility and accessibility for a wide range of business uses (office, retail, medical, restaurant, or other commercial)
- Includes seven private offices plus an updated lobby area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,964
Cap Rate
7.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,079,280
$1.1M
Cap Rate 7%
$770,914
$770.9K
Cap Rate 9%
$599,600
$599.6K
Market Conditions
NOI Build-Up for 3,974 SF
Gross rent
$97.8K $24.60/SF
− Vacancy
−$7.8K −$1.97/SF
EGI
$89.9K $22.63/SF
− OpEx
−$36.0K −$9.05/SF
NOI
$54.0K $13.58/SF
Area
Odessa, TX
Vacancy
8.00%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,079,280
Cap Rate 7%
$770,914
Cap Rate 9%
$599,600
Alternative Uses
Best Use
Healthcare Medical
$770.9K
$674.6K – $899.4K
NOI $53,964 @ 7.0% cap · market cap 7.99%
Second Best
Office B
$755.6K
$661.1K – $881.5K
NOI $52,889 @ 7.0% cap · market cap 7.84%
Theoretical Best
Flex RnD
$5.78M
$5.06M – $6.74M
NOI $404,411 @ 7.0% cap · market cap 59.91%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
7
Office units
Location Intelligence
Trade Area within ½ mile
523
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 Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - Versatile corner space with seven private offices, updated lobby, and two multi-stall restrooms across from UT Permian Basin.
Where is this office unit located?
The property is located at 2651 John Ben Shepperd Pkwy Odessa, TX.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 4,102 SF versatile corner commercial property built in 1979 directly across from The University of Texas Permian Basin; Corner‑suite layout with visibility and accessibility for a wide range of business uses (office, retail, medical, restaurant, or other commercial); Includes seven private offices plus an updated lobby area
