Redeveloped Shopping
621 East 42nd Street Odessa, TX 79762
621 East 42nd Street, Odessa, TX, 79762
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For Sale
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Shopping center redeveloped in 2020 with roof overlay, new plumbing, signs, lighting, and parking repairs.
Property Size82,264 SF
Price / SF$212.73
Days on Market103
Property Features for 621 East 42nd Street
General Information
- Standard status
- Active
- Size
- 82,264 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1965
Listing agency
Edge Realty Partners - Houston
(713) 417-1835
Listed by
Kevin Holland · License #548193
Source
Crexi
Added: Apr 10 Updated: Jul 21 at 1:36AM Checked: Jul 21 at 1:36AM
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
Local Financial Insights For Retail
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 | $1.43M | $17.40 |
| − Vacancy | −$121.7k | −$1.48 |
| EGI | $1.31M | $15.92 |
| − OpEx | −$392.9k | −$4.78 |
| NOI | $916.8k | $11.14 |
82,264 SF · lease $17.40/SF/yr · vacancy 8.50% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Little Caesars Pizza
Restaurant
Similar For Sale Nearby
Similar Off Market Nearby
- Sherwood Village Center — N Dixie Blvd, Odessa, TX 79762
- Sherwood — 1123 E 42nd St, Odessa, TX 79762
- One Energy Square — 3100 Andrews Hwy, Odessa, TX 79762
FAQs
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
