Fully Renovated
For Sale
$429,000
3023 Beechwood, Odessa, TX 79761
MULTI_FAMILY - Odessa, TX
Property Size2,496 SF
Lot Size0.60 Acres
Price / SF$171.88
Days on Market52
Property Features for 3023 Beechwood
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bedroom 6, Bedroom 4, Bathroom 2, Bedroom 1, Bedroom 5, Bathroom 1
Parking features
Carport
Fireplace
1
Appliances
Free-Standing Electric Range, Microwave, Individual Water Heaters
Subdivision
University Gardens
Elementary school
Gonzales
Middle school
Nimitz
High school
Permian
Standard status
Active
APN
32660.01125.00000
Size
2,496 SF
Lot size
0.60 Acres
Taxes and HOA fees
Tax Annual Amount
5028
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1976
Floors in Building
2
Flooring type
Carpet
Roof type
Composition
Listing Agency:
Keller Williams Realty - Midland & Odessa
(432) 520-5151
Listed By:
Ramon Gomez · License #0738885
(806) 891-7718
Added: Jun 22
Changed: Aug 2
Last Checked: Aug 12 at 8:06AM
MLS# 173412
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.
Fully renovated duplex at 3023 Beechwood in Odessa, TX featuring two three-bedroom, two-bath units. Each unit provides 1,248 square feet of living space with functional room layouts and comfortable, updated interior finishes.
The property totals 2,496 square feet on a 0.603-acre lot. Built in 1976, it includes central heating with natural gas and central air conditioning. Amenities include carpet flooring, a fireplace, and a carport for parking.
Utilities and services are set up with public water and public sewer. The roof is composition, and in-unit appliances include a free-standing electric range, microwave, and individual water heaters.
The property totals 2,496 square feet on a 0.603-acre lot. Built in 1976, it includes central heating with natural gas and central air conditioning. Amenities include carpet flooring, a fireplace, and a carport for parking.
Utilities and services are set up with public water and public sewer. The roof is composition, and in-unit appliances include a free-standing electric range, microwave, and individual water heaters.
Key Highlights
- Two three‑bedroom, two‑bath units
- 1,248 SF per unit; 2,496 total SF
- 0.603‑acre lot
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
$22,544
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
5.26%
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%
$450,880
$450.9K
Cap Rate 7%
$322,057
$322.1K
Cap Rate 9%
$250,489
$250.5K
Market Conditions
NOI Build-Up for 2,496 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
$34.4K $13.80/SF
− Vacancy
−$2.2K −$0.90/SF
EGI
$32.2K $12.90/SF
− OpEx
−$9.7K −$3.87/SF
NOI
$22.5K $9.03/SF
Area
Odessa, TX
Vacancy
6.50%
Lease Rate
$13.80 /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%
$450,880
Cap Rate 7%
$322,057
Cap Rate 9%
$250,489
Alternative Uses
Best Use
Multifamily LT 5
$322.1K
$281.8K – $375.7K
NOI $22,544 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$289.2K
$253.0K – $337.4K
NOI $20,242 @ 7.0% cap · market cap 4.72%
Theoretical Best
Flex RnD
$3.63M
$3.18M – $4.23M
NOI $254,004 @ 7.0% cap · market cap 59.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
739
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Renovated duplex with two three-bedroom, two-bath units, each with central gas heat and central air plus a carport.
Where is this duplex located?
The property is located at 3023 Beechwood Odessa, TX.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: Two three‑bedroom, two‑bath units; 1,248 SF per unit; 2,496 total SF; 0.603‑acre lot
