Furnished Six-Unit Short-Term Rental
For Sale
Contact for pricing
702 West 7th Street, Odessa, TX 79763
Six furnished townhome units offer three-bedroom layouts, private garages, and established short-term and corporate leasing operations.
Property Size11,232 SF
Price / SF$137.02
Days on Market8
Property Features for 702 West 7th Street
General Information
Standard status
Active
Size
11,232 SF
Class
A
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$154,379
Financials
Cap Rate
10.03%
Gross Income
$214,927
Units
Unit Mix
6 x 3BR/2BA
Multifamily Units
6
Parking per Unit
2
Additional Details
Furnished
Yes
Building Details
Year Built
2021
Buildings
1
Units
6
Tenancy
Multi
Listing Agency:
Reside Real Estate Co.
(940) 328-3123
Listed By:
Casey Klingensmith · License #0633729
Source:
Crexi
Added: Aug 5
Changed: Aug 11
Last Checked: Aug 11 at 7:36AM
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 Reside Real Estate Co.
Investment Insights
Based on property information with market context.
This 2021-built portfolio includes six furnished townhome units, each configured with three bedrooms, two bathrooms, a two-car garage, and 1,872+ square feet. The residences are operated as short-term rentals through Airbnb, VRBO, and direct-booking channels, with additional recurring corporate lease income.
The property is located at 702 West 7th Street in Odessa, Texas. Trailing 12-month operations reflect a 74% operating margin and a 10.03% cap rate. Professional management is already in place for the rental operation.
The property is located at 702 West 7th Street in Odessa, Texas. Trailing 12-month operations reflect a 74% operating margin and a 10.03% cap rate. Professional management is already in place for the rental operation.
Key Highlights
- Six furnished townhome units
- Each unit includes 3 bedrooms, 2 bathrooms, and a 2‑car garage
- 1,872+ square feet per unit
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
$91,091
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
5.92%
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%
$1,821,820
$1.8M
Cap Rate 7%
$1,301,300
$1.3M
Cap Rate 9%
$1,012,122
$1.0M
Market Conditions
NOI Build-Up for 11,232 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
$176.6K $15.72/SF
− Vacancy
−$10.9K −$0.97/SF
EGI
$165.6K $14.75/SF
− OpEx
−$74.5K −$6.64/SF
NOI
$91.1K $8.11/SF
Area
Odessa, TX
Vacancy
6.20%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$1,821,820
Cap Rate 7%
$1,301,300
Cap Rate 9%
$1,012,122
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.14M – $1.52M
NOI $91,091 @ 7.0% cap · market cap 5.92%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$16.33M
$14.29M – $19.05M
NOI $1,143,016 @ 7.0% cap · market cap 74.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,963
Businesses Nearby
Explore this area
Business Placement
Demographics for 79763, TX
39,767
Population
15,063
Households
2.6
Avg Household Size
33
Median Age
9%
College-Educated
70%
High-School Grad
50.4 sq mi
ZIP Area
789
Density / Sq Mi
$57,618
Median Household Income
$45,267
Median Earnings
$1,097
Median Rent
$127,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Six furnished townhome units offer three-bedroom layouts, private garages, and established short-term and corporate leasing operations.
Where is this short term rental property located?
The property is located at 702 West 7th Street Odessa, TX.
What is the asking price?
The asking price for this property is $1,539,000.
What are key features of this property?
This property features: Six furnished townhome units; Each unit includes 3 bedrooms, 2 bathrooms, and a 2‑car garage; 1,872+ square feet per unit
