Move-in Ready Office and Flex
For Sale
$675,000
2651 John Ben Shepperd Parkway, Odessa, TX 79761
SINGLE_FAMILY - Odessa, TX
Property Size3,974 SF
Price / SF$169.85
Days on Market49
Property Features for 2651 John Ben Shepperd Parkway
General Information
Property type
Residential
Property subtype
Retail
Subdivision
Wedgewood
Standard status
Active
Size
3,974 SF
Taxes and HOA fees
Tax Description
Legal: BUILDING ON LEASED LAND WEDGEWOOD BLOCK 13 W 1.94 ACRES OUT OF LOT 47 UNIT A1
Tax Annual Amount
6042
Legal Description
Legal: BUILDING ON LEASED LAND WEDGEWOOD BLOCK 13 W 1.94 ACRES OUT OF LOT 47 UNIT A1
Building Details
Year built
1979
Listing Agency:
The Real Estate Ranch LLC
Listed By:
YPR Group
(432) 688-8200
Added: Jul 16
Changed: Jul 22
Last Checked: Sep 2 at 7:06PM
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.
Investment Insights
Based on property information with market context.
Move-in ready commercial space configured with seven offices and two multi-stall restrooms. The layout can accommodate improvements, and the building can be split into two suites to support multiple uses or tenants.
Located across from the University of Texas Permian Basin, the property’s position can be beneficial for office, retail, medical, restaurant, or flex applications as described in the listing.
The current configuration provides distinct office space and shared restroom facilities, with flexibility for subdivision into two separate suites.
Located across from the University of Texas Permian Basin, the property’s position can be beneficial for office, retail, medical, restaurant, or flex applications as described in the listing.
The current configuration provides distinct office space and shared restroom facilities, with flexibility for subdivision into two separate suites.
Key Highlights
- 1979‑built commercial space across from the University of Texas Permian Basin
- Move‑in ready for office, retail, medical, restaurant, or flex use
- Includes 7 offices and 2 multi‑stall restrooms
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
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Move-in ready suite with seven offices and two multi-stall restrooms, and can be split into two 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: 1979‑built commercial space across from the University of Texas Permian Basin; Move‑in ready for office, retail, medical, restaurant, or flex use; Includes 7 offices and 2 multi‑stall restrooms
