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 Market94
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: Sep 13
Last Checked: Sep 18 at 1:24PM
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
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 = 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
$53,964
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
7.99%
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%
$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
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
$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 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%
$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.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
7
Office units
Location Intelligence
Trade Area within ½ mile
523
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Versatile corner space with seven private offices, updated lobby, and two multi-stall restrooms across from UT Permian Basin.
Where is this office units 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
