Flex Space with Covered Work
New
For Sale
$499,900
501 W 42nd St, Odessa, TX 79764
Multiple buildings provide shop and warehouse space, with vehicle access from two streets.
Property Size1,814 SF
Price / SF$275.58
Days on Market2
Property Features for 501 W 42nd St
General Information
Standard status
Active
Size
1,814 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Amenities
extensive paved parking
perimeter fencing
multiple buildings
shop and warehouse space
covered work areas
access from two streets
Building Details
Year Built
1958
Listing Agency:
Keller Williams Realty - Midland & Odessa
Listed By:
Ramon Gomez · License #0738885
(432) 520-5151
Source:
Billlanier
Added: Oct 7
Last Checked: Oct 7 at 2:42PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty - Midland & Odessa
Investment Insights
Based on property information with market context.
This flex property includes multiple buildings with shop and warehouse areas, plus covered work space. The property was built in 1958 and has perimeter fencing and paved parking.
At 501 W 42nd St in Odessa, the site sits across from the Ector County Coliseum and just off Andrews Hwy. Access is available from two streets.
At 501 W 42nd St in Odessa, the site sits across from the Ector County Coliseum and just off Andrews Hwy. Access is available from two streets.
Key Highlights
- Multiple buildings with shop and warehouse space
- Covered work areas and paved parking
- Access from two streets
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,216
Cap Rate
4.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$404,320
$404.3K
Cap Rate 7%
$288,800
$288.8K
Cap Rate 9%
$224,622
$224.6K
Market Conditions
NOI Build-Up for 1,814 SF
Gross rent
$31.6K $17.40/SF
− Vacancy
−$2.7K −$1.48/SF
EGI
$28.9K $15.92/SF
− OpEx
−$8.7K −$4.78/SF
NOI
$20.2K $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 Rate 5%
$404,320
Cap Rate 7%
$288,800
Cap Rate 9%
$224,622
Alternative Uses
Best Use
Flex RnD
$2.64M
$2.31M – $3.08M
NOI $184,600 @ 7.0% cap · market cap 36.93%
Second Best
Warehouse
$2.13M
$1.87M – $2.49M
NOI $149,366 @ 7.0% cap · market cap 29.88%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
403
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 79764, TX
26,271
Population
10,326
Households
2.5
Avg Household Size
33
Median Age
20%
College-Educated
74%
High-School Grad
54.5 sq mi
ZIP Area
482
Density / Sq Mi
$68,367
Median Household Income
$52,054
Median Earnings
$944
Median Rent
$150,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Similar Off Market Nearby
- Hercules Barbecue — 4200 Andrews Hwy, Odessa, TX 79762
- Big Daddy's Grill & Bar — 1121 E 42nd St, Odessa, TX 79762
- The Block Meat Co. — 200 E 52nd St, Odessa, TX 79762
Frequently Asked Questions
What type of property is this?
Flex space - Multiple buildings provide shop and warehouse space, with vehicle access from two streets.
Where is this flex space located?
The property is located at 501 W 42nd St Odessa, TX.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Multiple buildings with shop and warehouse space; Covered work areas and paved parking; Access from two streets
