Office Units with Full
For Sale
$699,999
620 S Grant, Odessa, TX 79761
Commercial Sale, Odessa, TX
Property Size3,800 SF
Lot Size0.23 Acres
Price / SF$184.21
Days on Market47
Property Features for 620 S Grant
General Information
Property type
Residential
Property subtype
Office
Subdivision
Smith Pearson
Lot features
Corner Lot
Standard status
Active
APN
29200.00100.00000
Size
3,800 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Annual Amount
16685
Amenities
full kitchen
laundry area
multiple restrooms with several showers
Building Details
Year built
1980
Building materials
Brick
Roof type
Flat
Listing Agency:
eXp Realty LLC
(888) 519-7431
Listed By:
Chase Moore
(432) 888-3074
Added: Jul 19
Changed: Aug 20
Last Checked: Sep 3 at 6:06AM
MLS# 176290
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 3,800-square-foot office property, built in 1980, offers a flexible interior arrangement with multiple rooms, several restrooms, showers, a full kitchen, and a dedicated laundry area. A fire sprinkler system serves the building, which features brick construction and a flat roof. The configuration supports office, medical, nonprofit, educational, workforce housing, or other commercial uses subject to zoning.
The property occupies 0.228 acres at 620 S Grant in Odessa, Texas 79761, with convenient access to major roads. It is offered for sale only.
The property occupies 0.228 acres at 620 S Grant in Odessa, Texas 79761, with convenient access to major roads. It is offered for sale only.
Key Highlights
- 3,800 SF office property on 0.228 acres
- Multiple rooms with a flexible floor plan
- Full kitchen and dedicated laundry area
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
$51,601
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
7.37%
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%
$1,032,020
$1.0M
Cap Rate 7%
$737,157
$737.2K
Cap Rate 9%
$573,344
$573.3K
Market Conditions
NOI Build-Up for 3,800 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
$93.5K $24.60/SF
− Vacancy
−$7.5K −$1.97/SF
EGI
$86.0K $22.63/SF
− OpEx
−$34.4K −$9.05/SF
NOI
$51.6K $13.58/SF
Area
Odessa, TX
Vacancy
8.00%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
40.00%
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%
$1,032,020
Cap Rate 7%
$737,157
Cap Rate 9%
$573,344
Alternative Uses
Best Use
Healthcare Medical
$737.2K
$645.0K – $860.0K
NOI $51,601 @ 7.0% cap · market cap 7.37%
Second Best
Office B
$722.5K
$632.2K – $842.9K
NOI $50,573 @ 7.0% cap · market cap 7.22%
Theoretical Best
Flex RnD
$5.52M
$4.83M – $6.45M
NOI $386,704 @ 7.0% cap · market cap 55.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
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 units - Flexible commercial layout with multiple rooms, restrooms, showers, and laundry facilities.
Where is this office units located?
The property is located at 620 S Grant Odessa, TX.
What is the asking price?
The asking price for this property is $699,999.
What are key features of this property?
This property features: 3,800 SF office property on 0.228 acres; Multiple rooms with a flexible floor plan; Full kitchen and dedicated laundry area
