87Th St Odessa, TX 79765
- Retail properties
- 5,200 SF
- 2.67 lot acres
Current Use by Public Records
- Retail properties
Property Details for 0 87Th St
- Year built
- 2024
- Lot size
- 2.67 lot acres
- Property size
- 5,200 SF
- Property type
- Retail properties
- Property subtype
- Grocery and convenience stores
Description
This exceptional investment opportunity presents a 15-year absolute NNN ground lease with a credit-rated corporate guarantee from Circle K, a leading convenience store chain. Located on a signalized hard corner in Odessa, Texas, at the intersection of Evans Boulevard and 87th Street, this property boasts exceptional visibility and accessibility, with a combined daily traffic count of 12,540 vehicles. The 5,200-square-foot convenience store, built in 2024 to Circle K's latest prototype, includes 14 canopied gas pumps. The property sits on a 2.67-acre lot and benefits from a strong, affluent demographic profile, with an average household income exceeding $101,000 within a 3-mile radius. This area is experiencing rapid growth, with a population increase of nearly 400% since 2010 within a one-mile radius and a projected 15%+ increase within five miles over the next five years. The lease commenced September 12, 2024, and expires September 30, 2039, featuring 8% rent bumps every five years. The property's Net Operating Income (NOI) is $150,000, resulting in a 5.00% cap rate. This is a 1031 exchange eligible property, offering a compelling investment opportunity in a high-growth market. The property's proximity to new residential developments, including Eighty Seventh Apartments (181 units), and its location near Dr. Lee Buice Elementary School further enhance its value and potential for long-term returns. The asking price is $3,000,000.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Odessa
- County
- Ector
- State
- Texas
- Longitude
- -102.382
- Latitude
- 31.9385
