Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1506 2Nd St Odessa, TX 79763

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1506 2Nd St Odessa, TX 79763

    View on Map
    • Warehouses
    • 22,857 SF
    • 1.38 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • LubeZone Truck Lube Center / Auto Repair Shop

    Property Details for 1506 2Nd St

    Lot size
    1.38 lot acres
    Property size
    22,857 SF
    Property type
    Warehouses
    Property subtype
    Industrial properties

    Description

    This exceptional investment opportunity presents a 22,857-square-foot warehouse in Odessa, Texas, currently leased to LubeZone, a brand of Epika Fleet Services, a national truck fleet servicing company with 83 locations. The property boasts a highly functional design, including six drive-in service bays, and enjoys excellent access to major roadways, including I-20 (within a five-minute drive). The current lease, a Net Lease (NN) agreement with a corporate guarantee, has a remaining term of over four years and includes two five-year renewal options, providing significant long-term stability. The asking price is $1,821,150, representing a compelling $79.68 per square foot and an 8.00% cap rate based on a current Net Operating Income (NOI) of $145,692. Annual rent increases are the lesser of CPI or 3.00%. The 1.38-acre lot is strategically located near other prominent automotive businesses, including AutoZone, TruckPro, and Valvoline, ensuring a robust and established commercial environment. Epika Fleet Services is an operating company of Trivest Partners, a well-established private equity firm with a substantial investment portfolio. This property offers a secure, high-yield investment with a strong tenant and favorable lease terms, making it an ideal addition to any portfolio. The lease commenced December 17, 2018, and expires December 16, 2028. The property is located at 1506 West 2nd Street, Odessa, TX 79763.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Odessa
    County
    Ector
    State
    Texas
    Longitude
    -102.383
    Latitude
    31.838

    Comparable in this City

    • Value Estimation by Request
      5,000 SF

      14010 Silver Fox Trl

      Distribution properties • 5,000 SF
      14010 Silver Fox Trl, Odessa, TX 79763
      View Details
    • Value Estimation by Request
      12,500 SF

      9244 I-20

      Distribution properties • 12,500 SF
      9244 I-20, Odessa, TX 79763
      View Details
    • Value Estimation by Request
      16,763 SF

      1118 Walther Rd

      Distribution properties • 16,763 SF
      1118 Walther Rd, Odessa, TX 79763
      View Details
    • Value Estimation by Request
      6,250 SF

      8340 Boles Rd

      Distribution properties • 6,250 SF
      8340 Boles Rd, Odessa, TX 79763
      View Details
    • Value Estimation by Request
      15,000 SF

      Basin St

      Distribution properties • 15,000 SF
      0 Basin St, Odessa, TX 79763
      View Details
    • Value Estimation by Request
      18,700 SF

      16691 Basin St

      Distribution properties • 18,700 SF
      16691 Basin St, Odessa, TX 79763
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      9,000 SF

      Odessa Industrial Flex Space

      9,000 SF Flex Warehouse, Lease Option Available
      1606 Regal Ave, Odessa, TX 79763
      View Details
    • Contact for pricing

      Odessa Transload Facility on 43 Acres

      Transload facility in Odessa, Texas with rail spurs and silos.
      3215 W Murphy St, Odessa, TX 79763
      View Details
    • $1,674,004
      9,950 SF

      Odessa Commercial Property For Sale

      High-end commercial property with office space and drive-thru bays.
      16751 W Basin St, Odessa, TX 79763
      View Details
    • $395,000
      7,625 SF

      Warehouse with Crane and Yard

      7625 SF warehouse with crane, yard, and office space.
      1900 W 2Nd St, Odessa, TX 79763
      View Details
    • $1,350,000
      12,936 SF

      Odessa Flex Space For Sale

      12,936 SF flex space on 2.06 acres in Odessa, TX.
      1622 W 2Nd St, Odessa, TX 79763
      View Details
    • Contact for pricing
      5,000 SF

      Versatile Office/Warehouse/Yard Opportunity

      Multi-purpose property with office, warehouse, yard, and secured parking.
      3111 Fm 1936, Odessa, TX 79763
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,250 SF

      2450 I-20

      Distribution centers • 3,250 SF
      2450 I-20, Odessa, TX 79763
      View Details
    • $8,000 /Mo
      6,200 SF

      Commercial Office and Shop Space

      6,200 SF office and shop on 1.5-acre corner lot.
      4424 W 8Th St, Odessa, TX 79763
      View Details
    • Contact for pricing

      New Industrial Building Near I-20

      Newly constructed industrial building with easy access to I-20.
      8340 Boles Rd, Odessa, TX 79763
      View Details
    • $10,000 /Mo
      1,216 SF

      Prime Land with Metal Building

      5 acres with building and I-20 visibility for lease.
      8220 W I-20 Service Rd, Odessa, TX 79763
      View Details
    • Contact for pricing

      West Odessa Industrial Property For Rent

      7,500 SqFt industrial property with gated yard and office.
      2444 Fm 1936, Odessa, TX 79763
      View Details
    • Contact for pricing

      Industrial Warehouse with Covered Awning

      17,032 SF warehouse with 1,700 SF covered awning.
      W Basin St, Odessa, TX 79763
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1506 2Nd St
    Odessa, TX 79763
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!