Mixed-Use Office and Warehouse
New
For Sale
$1,500,000
300 S Grant Dr, Odessa, TX 79761
Commercial Sale, Odessa, TX
Property Size4,261 SF
Lot Size3.37 Acres
Price / SF$352.03
Days on Market2
Property Features for 300 S Grant Dr
General Information
Property type
Commercial Sale
Property subtype
Office
Parking
30
Fencing
Gate, Fenced, Chain Link
Accessibility
Accessible Approach with Ramp
Subdivision
Cannondale
Lot features
Security, Corner Lot
Standard status
Active
APN
05200.01160.00000
Size
4,261 SF
Lot size
3.37 Acres
Taxes and HOA fees
Tax Annual Amount
5000
Building Details
Year built
1950
Floors in Building
1
Building materials
Concrete, Block, Metal Siding
Roof type
Metal, Flat
Listing Agency:
Keller Williams Realty - Midland & Odessa
(432) 520-5151
Listed By:
Priscilla Contreras · License #0659046
(432) 290-0569
Added: Sep 11
Last Checked: Sep 12 at 5:06PM
MLS# 177497
Copyright © 2026 Odessa 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 mixed-use commercial property combines office, warehouse, and shop capacity within a 4,261-square-foot building on 3.37 acres. The office component includes seven private offices, a conference room, an open bullpen area, and three restrooms, creating a practical administrative layout. Additional parking supports the site’s office and operational uses.
Built in 1950, the improvements feature concrete, block, and metal siding construction beneath a metal and flat roof system. The property is enclosed with chain-link fencing and a gate, and an accessible approach with ramp is provided. Located at 300 S Grant Dr in Odessa, Texas, the site offers a combination of office accommodation and service-oriented commercial space.
Built in 1950, the improvements feature concrete, block, and metal siding construction beneath a metal and flat roof system. The property is enclosed with chain-link fencing and a gate, and an accessible approach with ramp is provided. Located at 300 S Grant Dr in Odessa, Texas, the site offers a combination of office accommodation and service-oriented commercial space.
Key Highlights
- 3.37‑acre mixed‑use commercial property
- 4,261‑square‑foot building with office, warehouse, and shop capacity
- Office layout includes 7 private offices, conference room, bullpen, and 3 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
$56,709
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
3.78%
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%
$1,134,180
$1.1M
Cap Rate 7%
$810,129
$810.1K
Cap Rate 9%
$630,100
$630.1K
Market Conditions
NOI Build-Up for 4,261 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
$89.5K $21.00/SF
− Vacancy
−$13.9K −$3.26/SF
EGI
$75.6K $17.75/SF
− OpEx
−$18.9K −$4.44/SF
NOI
$56.7K $13.31/SF
Area
Odessa, TX
Vacancy
15.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,134,180
Cap Rate 7%
$810,129
Cap Rate 9%
$630,100
Alternative Uses
Best Use
Warehouse
$5.01M
$4.39M – $5.85M
NOI $350,853 @ 7.0% cap · market cap 23.39%
Second Best
Office B
$810.1K
$708.9K – $945.2K
NOI $56,709 @ 7.0% cap · market cap 3.78%
Theoretical Best
Flex RnD
$6.19M
$5.42M – $7.23M
NOI $433,618 @ 7.0% cap · market cap 28.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,017
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
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Office, warehouse, and shop functions are arranged on a fenced commercial property with additional parking.
Where is this mixed-use property located?
The property is located at 300 S Grant Dr Odessa, TX.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 3.37‑acre mixed‑use commercial property; 4,261‑square‑foot building with office, warehouse, and shop capacity; Office layout includes 7 private offices, conference room, bullpen, and 3 restrooms
