1506 2Nd St Odessa, TX 79763
- Warehouses
- 22,857 SF
- 1.38 lot acres
Current Use by Public Records
- LubeZone Truck Lube Center / Oil Change Service
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 Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Odessa
- County
- Ector
- State
- Texas
- Longitude
- -102.383
- Latitude
- 31.838
