1449 John Ben Shepperd Pkwy Odessa, TX 79761

Property Details for 1449 John Ben Shepperd Pkwy

Year built

1975

Lot size

0.65 lot acres

Property size

14,700 SF

Property type

Commercial real estate

APN

32660.00285.00000

Description

This exceptional 23-unit apartment complex in Odessa, Texas presents a compelling investment opportunity. Located at 1449 John Ben Shepperd Pkwy, this stabilized multifamily property boasts 14,700 square feet on a 0.65-acre lot. The building, constructed in 1975, is a two-story structure with a 94% occupancy rate. The unit mix includes 21 one-bedroom/one-bathroom apartments, one efficiency unit, and a spacious two-bedroom/one-and-a-half-bathroom townhome. Tenant convenience is enhanced by a coin-operated laundry facility. Significant recent upgrades include a new roof (2018), replacement of most AC units (2018), and new doors and windows throughout the property. Interior upgrades have also been completed in nearly all units in recent years. The property enjoys a prime location in East Odessa, offering easy access to Loop 338, Highway 191, I-20, and the Midland International Air and Space Port. Its proximity to the University of Texas Permian Basin, shopping centers, and schools further enhances its appeal. The asking price is $2,380,000, representing a price per square foot of $161.90. A low overhead and a 6 to 7% cap rate are projected. Detailed financials are available upon request. This well-maintained property represents a rare opportunity in the West Texas Permian Basin.