Redeveloped Shopping
For Sale
Contact for pricing
Pending
621 East 42nd Street, Odessa, TX 79762
Shopping center redeveloped in 2020 with roof overlay, new plumbing, signs, lighting, and parking repairs.
Property Size82,264 SF
Days on Market149
Property Features for 621 East 42nd Street
General Information
Standard status
Pending
Size
82,264 SF
Total Parking Spaces
425
Property subtype
Retail
Occupancy
96%
Investment Type
Stabilized
Building Details
Year Built
1965
Year Renovated
2020
Tenancy
Multi
Listing Agency:
Edge Realty Partners - Houston
Listed By:
Kevin Holland · License #548193
(713) 417-1835
Source:
Crexi
Added: Apr 10
Changed: Aug 28
Last Checked: Sep 1 at 2:24AM
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 Edge Realty Partners - Houston
Investment Insights
Based on property information with market context.
This shopping center underwent a significant redevelopment completed in 2020. The overhaul included a roof overlay with a 20-year labor and materials warranty, new plumbing, new pylons signs and lighting, and major parking lot repairs. The project also added an additional 17,000 square feet to address market demand.
The property is located at 621 East 42nd Street in Odessa, Texas, within the Permian Basin. The public remarks note the basin’s production levels, stating it produces 47% of the oil and 17% of the natural gas consumed in the United States.
With the 2020 improvements and added space, the center presents a refreshed retail configuration supported by upgraded site and building components.
The property is located at 621 East 42nd Street in Odessa, Texas, within the Permian Basin. The public remarks note the basin’s production levels, stating it produces 47% of the oil and 17% of the natural gas consumed in the United States.
With the 2020 improvements and added space, the center presents a refreshed retail configuration supported by upgraded site and building components.
Key Highlights
- Shopping center redeveloped with major overhaul completed in 2020, including an added 17,000 SF
- Roof overlay completed in 2020 with a 20‑year labor and materials warranty
- 2020 upgrades included new plumbing throughout the center
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
$916,808
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
5.24%
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%
$18,336,160
$18.3M
Cap Rate 7%
$13,097,257
$13.1M
Cap Rate 9%
$10,186,756
$10.2M
Market Conditions
NOI Build-Up for 82,264 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
$1.43M $17.40/SF
− Vacancy
−$121.7K −$1.48/SF
EGI
$1.31M $15.92/SF
− OpEx
−$392.9K −$4.78/SF
NOI
$916.8K $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 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%
$18,336,160
Cap Rate 7%
$13,097,257
Cap Rate 9%
$10,186,756
Alternative Uses
Best Use
Retail
$13.10M
$11.46M – $15.28M
NOI $916,808 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$119.59M
$104.64M – $139.53M
NOI $8,371,535 @ 7.0% cap · market cap 47.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
354
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 79762, TX
40,253
Population
17,259
Households
2.3
Avg Household Size
34
Median Age
22%
College-Educated
87%
High-School Grad
30.5 sq mi
ZIP Area
1,320
Density / Sq Mi
$74,560
Median Household Income
$45,151
Median Earnings
$1,338
Median Rent
$218,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- One Energy Square — 3100 Andrews Hwy, Odessa, TX 79762
- Sherwood Village Center — N Dixie Blvd, Odessa, TX 79762
- Sherwood — 1123 E 42nd St, Odessa, TX 79762
Frequently Asked Questions
What type of property is this?
Shopping center - Shopping center redeveloped in 2020 with roof overlay, new plumbing, signs, lighting, and parking repairs.
Where is this shopping center located?
The property is located at 621 East 42nd Street Odessa, TX.
What is the asking price?
The asking price for this property is $17,500,000.
What are key features of this property?
This property features: Shopping center redeveloped with major overhaul completed in 2020, including an added 17,000 SF; Roof overlay completed in 2020 with a 20‑year labor and materials warranty; 2020 upgrades included new plumbing throughout the center
