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

    1606 Regal Ave Odessa, TX 79763

    • Office buildings
    • 1,202 SF
    • 0.52 lot acres
    For Sale
    View listing
    Last Sale
    Jul 19, 2021
    Value Estimations
    Cap Rate Potential
    5.5%
    Office buildings
    Location Intelligence
    Property ID
    US82-2420544
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • SK Supply Co. / Industrial Equipment Supplier

    Property Details for 1606 Regal Ave

    Year built
    1981
    Lot size
    0.52 lot acres
    Property size
    1,202 SF
    Zone code
    EB7
    Property type
    Office buildings
    APN
    34060.00110.00000
    APU
    340600011000000

    Description

    This exceptional 9,000-square-foot industrial property in Odessa, Texas, offers a blend of warehouse and flex space, ideal for various businesses. Situated on a 0.51-acre lot, the property boasts convenient access to Interstate 20's West I-20 North service road, making it a prime location for distribution or warehousing operations. The building, constructed in 1981, features approximately 1,200 square feet of well-appointed office space, including three private offices, a waiting area, a break room, and a versatile storage room or additional office space. The remaining 7,800 square feet comprises a warehouse area divided between two separate buildings, connected by a convenient concrete driveway. The property is zoned EB7 and offers a lease option for prospective tenants. Its strategic location and versatile layout make it an excellent choice for companies seeking efficient indoor storage and easy interstate access. The property's total net rentable area is 9,000 square feet. This is a rare opportunity to secure a well-maintained industrial space in a thriving location. The property's APN is 34060-00110-00000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $285,000
      6.5%
      $265,000
      7%
      $245,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $278,000
      Market price range: $170k - $455k

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

    Location Insight

    • Map
    • Local Demand
    City
    Odessa
    County
    Ector
    State
    Texas
    Longitude
    -102.39
    Latitude
    31.8189
    CBSA code
    36220
    CBSA name
    ODESSA, TX METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $6,475
    $10,488
    $296,643
    $307,131
    -
    $10,488
    $296,643
    $307,131

    Comparable in this City

    • Value Estimation
      $565,000
      2,684 SF

      14001 Murphy St

      OFFICE BUILDING • 2,684 SF
      14001 Murphy St, Odessa, TX 79763-2986
      View Details
    • Value Estimation
      $995,000
      5,600 SF

      16761 Basin St

      OFFICE BUILDING • 5,600 SF
      16761 Basin St, Odessa, TX 79763-3017
      View Details
    • Value Estimation
      $290,000
      380 SF

      101 Sandy St

      OFFICE BUILDING • 380 SF
      101 Sandy St, Odessa, TX 79763-4428
      View Details
    • Value Estimation
      $475,000
      4,200 SF

      1760 Fm 866

      OFFICE BUILDING • 4,200 SF
      1760 Fm 866, Odessa, TX 79763
      View Details
    • Value Estimation
      $380,000
      3,040 SF

      2600 Interstate 20

      OFFICE BUILDING • 3,040 SF
      2600 Interstate 20, Odessa, TX 79763-5100
      View Details
    • Value Estimation
      $425,000
      960 SF

      2700 Interstate 20

      OFFICE BUILDING • 960 SF
      2700 Interstate 20, Odessa, TX 79763-5105
      View Details

    Similar Nearby for Sale

    • $1,100,000
      11,200 SF

      New Construction Flex/Industrial Building

      New construction flex/industrial building on 2.35 acres, available 2026.
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      View Details
    • $455,000
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      Versatile Commercial Building in Odessa

      4,440 sq ft building ideal for retail, office, or showroom.
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      10,200 SF

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      Modern Odessa warehouse, office, & shop space.
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    • $625,000
      5,000 SF

      Versatile Office/Warehouse with Fenced Yard

      Office/warehouse with drive-thru bays, secured parking, and fenced yard.
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    • $595,000
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      Renovated Odessa Flex Space Available

      5,000 SF renovated flex space with tenant in place.
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    • $649,000
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      Live/Work Property with Shop

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    Similar Nearby for Lease

    • Contact for pricing
      1,625 SF

      Odessa Office Space For Rent

      Office space available for lease in Odessa, Texas.
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      View Details
    • $2 SF/Yr
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      I-20 West Frontage Commercial Property

      Prime Odessa location, 4,000 sqft available.
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    • $7,950 /Mo
      7,800 SF

      Odessa Shop/Office Space For Lease

      7,800 sq ft shop/office on 3.6 AC lot.
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      View Details
    • Contact for pricing
      3,250 SF

      2450 I-20

      Distribution properties • 3,250 SF
      2450 I-20, Odessa, TX 79763
      View Details
    • $26 SF/Yr
      3,000 SF

      Odessa Medical/Retail/Office Space Available

      3,000 SF space suitable for medical, retail, or office use.
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      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.
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      View Details
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    1606 Regal Ave
    Odessa, TX 79763
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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
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