Office Building for
For Sale
$299,000
507 N Lee Ave, Odessa, TX 79761
Office building for sale in Odessa, TX, listed at 1,800 square feet.
Property Size1,800 SF
Price / SF$166.11
Days on Market12
Property Features for 507 N Lee Ave
General Information
Standard status
Active
Size
1,800 SF
Building Details
Year Built
1955
Listing Agency:
The Real Estate Group
(432) 934-6039
Listed By:
Clara Garcia · License #0815964
Source:
Billlanier
Added: Jul 20
Changed: Jul 21
Last Checked: Jul 30 at 8:55AM
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 The Real Estate Group
Investment Insights
Based on property information with market context.
This office building for sale at 507 N Lee Ave in Odessa, TX offers approximately 1,800 square feet of commercial space. The offering is presented as a for-sale real estate listing.
The property is located in Odessa, TX. Address details are provided as 507 N Lee Ave, Odessa, TX 79761.
Beyond the listed square footage and transaction type, no further building details are provided in the available information.
The property is located in Odessa, TX. Address details are provided as 507 N Lee Ave, Odessa, TX 79761.
Beyond the listed square footage and transaction type, no further building details are provided in the available information.
Key Highlights
- Office building for sale in Odessa, TX
- 1,800 sq ft office building
- Built in 1955
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $37.8k | $21.00 |
| − Vacancy | −$5.9k | −$3.26 |
| EGI | $31.9k | $17.75 |
| − OpEx | −$8.0k | −$4.44 |
| NOI | $24.0k | $13.31 |
1,800 SF · lease $21.00/SF/yr · vacancy 15.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$342.2K
$299.5K – $399.3K
NOI $23,956 @ 7.0% cap · market cap 8.01%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$2.62M
$2.29M – $3.05M
NOI $183,176 @ 7.0% cap · market cap 61.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,963
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building for sale in Odessa, TX, listed at 1,800 square feet.
Where is this office building located?
The property is located at 507 N Lee Ave Odessa, TX.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Office building for sale in Odessa, TX; 1,800 sq ft office building; Built in 1955
