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    87th St & Evans Blvd Odessa, TX 79765

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    For Sale
    Contact for pricing

    Prime Odessa location, ready for development.

    Property Features for 87th St & Evans Blvd

    General Information

    Property type
    Land
    Lot Size
    27,878 SF

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    Listing Contact
    Beau Tucker
    Beau Tucker

    Listing Agency: Coldwell Banker Commercial Capital Advisors Listing Agent: Beau Tucker

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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    Overview

    This exceptional commercial development opportunity encompasses 10 acres of prime land situated within the burgeoning Mardi Gras Estates subdivision in Odessa, Texas. Located at the intersection of 87th Street and Evans Boulevard, this site benefits from its strategic position between Andrews Highway and Loop 338, ensuring high visibility and convenient access. Mardi Gras Estates is a rapidly growing, master-planned community encompassing 115 acres and featuring 560 planned home sites. The subdivision is designed to offer quality, affordable housing within a vibrant community atmosphere, complete with themed parks and gathering spaces, creating a strong family-oriented environment. This 10-acre parcel is ideally suited for commercial development, offering significant potential for a variety of uses. Utilities are readily available, with water and sewer services already extended to the site, streamlining the development process and minimizing upfront infrastructure costs. The land is priced at $13 per square foot, representing a compelling investment opportunity in a thriving Texas market. The lot size ranges from 0.64 to 7.69 acres, providing flexibility for various development scales. This property presents a unique chance to capitalize on the growth and potential of Odessa's newest and most desirable residential community. Don't miss this chance to secure a prominent location in a rapidly expanding area. The zip code is 79765, and the property is located in Ector County.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Odessa
    County
    Ector
    State
    Texas
    Longitude
    -102.38260825417
    Latitude
    31.938467780269

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    FAQs

    What type of property is this?
    Land - Prime Odessa location, ready for development.
    Where is this land located?
    The property is located at 87th St & Evans Blvd Odessa, TX.
    What are key features of this property?
    This property features: 0.64 to 7.69 acres of commercial development land in Odessa, TX.; Located at 87th Street & Evans Boulevard, between Andrews Highway & Loop 338.; Part of the Mardi Gras Estates subdivision, a 115-acre, 560-home development.
    (806) 793-0888 Call to check price and availability
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    87th St & Evans Blvd Odessa, TX 79765
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    87th St & Evans Blvd Odessa, TX 79765
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    Contact for Pricing
    Please call us for current price
    and status of this listing Beau Tucker
    Beau Tucker
    (806) 793-0888 (806) 470-3944 (806) 784-3298
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