Building Details

Year built 1979

Listing Agency: The Real Estate Ranch LLC

Listed By: YPR Group Show Phone

Added: Jul 16 Changed: Oct 17 Last Checked: Oct 22 at 9:06PM

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MLS# 50096790

Copyright © 2026 Permian Basin 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.

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Investment Insights

Based on property information with market context.

This 3,974-square-foot medical office property contains seven offices and two restrooms, each with multiple stalls. The layout can be reworked and divided into two suites, providing flexibility within the existing building, which dates to 1979.

The property is across from the University of Texas Permian Basin in Odessa, Texas.

Key Highlights

• 3,974 square feet of medical office space
• Seven offices and two multi‑stall restrooms
• Can be configured as two suites

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

Is this asking price fair?

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 (±1% cap)

NOI $53,964 @ 7.0% cap · market cap 7.99%

Second Best

Office B

$755.6K

$661.1K – $881.5K (±1% cap)

NOI $52,889 @ 7.0% cap · market cap 7.84%

Theoretical Best

Flex RnD

$5.78M

$5.06M – $6.74M (±1% cap)

NOI $404,411 @ 7.0% cap · market cap 59.91%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Kast Medical Supply Physician Odessa Spine & Sport ... Physician Insurance Agency Insurance Agency Laura Edge - State ... Insurance Agency Brown Wyly Auto Repair Shop

Suggested Use

Top Pick Real Estate Agency Restaurant Big Box & Wholesale Store Dental Office Building Supply Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

523

Businesses Nearby

Under-served

Demand for This Use

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

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Configurable space offers the option to create two separate suites.

Where is this medical office space located?

The property is located at 2651 John Ben Shepperd Parkway 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: 3,974 square feet of medical office space; Seven offices and two multi‑stall restrooms; Can be configured as two suites