Versatile Warehouse with Fenced
For Sale
$700,000
2780 FM 866, Odessa, TX 79763
SINGLE_FAMILY - Odessa, TX
Property Size5,000 SF
Lot Size2.00 Acres
Price / SF$140
Days on Market95
Property Features for 2780 FM 866
General Information
Property type
Residential
Property subtype
Retail
Subdivision
866 Industrial
Standard status
Active
Size
5,000 SF
Lot size
2.00 Acres
Taxes and HOA fees
Tax Description
866 INDUSTRIAL SUBDIVISION BLK 1 LOT 14 FM 866 USE CODE F1: COMMERCIAL REAL ESTATE
Tax Annual Amount
6828
Legal Description
866 INDUSTRIAL SUBDIVISION BLK 1 LOT 14 FM 866 USE CODE F1: COMMERCIAL REAL ESTATE
Building Details
Year built
2018
Listing Agency:
New Heights Real Estate
(210) 824-1476
Listed By:
Cassandra Pearce · License #TREC#0588281
(432) 703-2545
Added: May 22
Changed: Jun 10
Last Checked: Aug 24 at 9:06AM
MLS# 50095411
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.
This property features a 5000-square-foot building available for sale. The building includes a small storage office and an unfinished office within the warehouse, along with a shop area. The property benefits from a fenced lot, providing security and space. It offers 24-hour access and front loading capabilities. The lot size is 2 acres. The property is located in Odessa, TX.
Key Highlights
- 5000 sqft available for lease or sale
- Benefit from the fenced lot with yard
- Enjoy the convenience of 24‑hour access
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
$55,724
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
7.96%
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%
$1,114,480
$1.1M
Cap Rate 7%
$796,057
$796.1K
Cap Rate 9%
$619,156
$619.2K
Market Conditions
NOI Build-Up for 5,000 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
$87.0K $17.40/SF
− Vacancy
−$7.4K −$1.48/SF
EGI
$79.6K $15.92/SF
− OpEx
−$23.9K −$4.78/SF
NOI
$55.7K $11.14/SF
Area
Odessa, TX
Vacancy
8.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,114,480
Cap Rate 7%
$796,057
Cap Rate 9%
$619,156
Alternative Uses
Best Use
Warehouse
$5.88M
$5.15M – $6.86M
NOI $411,703 @ 7.0% cap · market cap 58.81%
Second Best
Industrial
$4.24M
$3.71M – $4.95M
NOI $296,730 @ 7.0% cap · market cap 42.39%
Theoretical Best
Flex RnD
$7.27M
$6.36M – $8.48M
NOI $508,821 @ 7.0% cap · market cap 72.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
19
Businesses Nearby
Explore this area
Business Placement
Demographics for 79763, TX
39,767
Population
15,063
Households
2.6
Avg Household Size
33
Median Age
9%
College-Educated
70%
High-School Grad
50.4 sq mi
ZIP Area
789
Density / Sq Mi
$57,618
Median Household Income
$45,267
Median Earnings
$1,097
Median Rent
$127,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 5000 sqft warehouse with fenced lot for sale.
Where is this retail space located?
The property is located at 2780 FM 866 Odessa, TX.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 5000 sqft available for lease or sale; Benefit from the fenced lot with yard; Enjoy the convenience of 24‑hour access
