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 Market102
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
Listed By:
Clara Garcia · License #0815964
(432) 934-6039
Source:
Hauspg
Added: Jul 20
Changed: Oct 26
Last Checked: Oct 28 at 11:41AM
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
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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
Estimated NOI and Cap Rate
NOI / Yr
$23,956
Cap Rate
8.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$479,120
$479.1K
Cap Rate 7%
$342,229
$342.2K
Cap Rate 9%
$266,178
$266.2K
Market Conditions
NOI Build-Up for 1,800 SF
Gross rent
$37.8K $21.00/SF
− Vacancy
−$5.9K −$3.26/SF
EGI
$31.9K $17.75/SF
− OpEx
−$8.0K −$4.44/SF
NOI
$24.0K $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 Rate 5%
$479,120
Cap Rate 7%
$342,229
Cap Rate 9%
$266,178
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.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,324
Businesses Nearby
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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
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
