Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    230 Washington Ave Odessa, TX 79761-5424

    • Medical offices
    • 16,896 SF
    • 0.96 lot acres
    OFF-MARKET
    Value Estimations
    $1,165,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US83-3026076
    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

    • Medical offices

    Property Details for 230 Washington Ave

    Year built
    2009
    Lot size
    0.96 lot acres
    Property size
    16,896 SF
    Zone code
    EE1
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    22000.00270.00000
    APU
    220000027000000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $730,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,600,000
      Market price range: $871k - $1.66M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,250,000
      Current use
      COMMERCIAL (GENERAL)
      $1,865,000
      Change: +49% Conversion: Easy
      RETAIL STORES
      $1,715,000
      Change: +37% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Odessa
    County
    Ector
    State
    Texas
    Longitude
    -102.372
    Latitude
    31.8441
    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
    $63,143
    $143,220
    $2,851,916
    $2,995,136
    -
    $143,220
    $2,851,916
    $2,995,136

    Comparable in this City

    • Value Estimation by Request

      620 Alleghaney Ave

      MEDICAL CLINIC
      620 Alleghaney Ave, Odessa, TX 79761-4408
      View Details
    • Value Estimation by Request
      6,369 SF

      401 Tom Grn Ave

      MEDICAL BUILDING • 6,369 SF
      401 Tom Grn Ave, Odessa, TX 79761
      View Details
    • Value Estimation by Request
      6,199 SF

      801 Jackson Ave

      MEDICAL BUILDING • 6,199 SF
      801 Jackson Ave, Odessa, TX 79761-4002
      View Details
    • Value Estimation by Request
      7,569 SF

      501 Golder Ave

      MEDICAL BUILDING • 7,569 SF
      501 Golder Ave, Odessa, TX 79761-4404
      View Details
    • Value Estimation
      $960,000
      13,045 SF

      500 4th St

      MEDICAL BUILDING • 13,045 SF
      500 4th St, Odessa, TX 79761-5110
      View Details
    • Value Estimation by Request
      2,160 SF

      333 3rd St

      MEDICAL BUILDING • 2,160 SF
      333 3rd St, Odessa, TX 79761-5048
      View Details

    Similar Nearby for Sale

    • $12,000,000
      44,000 SF

      Odessa Medical Office Building

      14-bed surgical hospital, vacant, $12M
      900 4Th St, Odessa, TX 79761
      View Details
    • $920,000
      5,200 SF

      Downtown Odessa Office Building

      Versatile Office Space, Prime Location
      214 5Th St, Odessa, TX 79761
      View Details
    • $950,000
      6,150 SF

      Prime Downtown Office Opportunity

      Class A corner property suitable for medical or professional office.
      401 E 6Th St, Odessa, TX 79761
      View Details
    • $1,200,000
      8,130 SF

      Premier Odessa Office Building

      Versatile office building in a prime Odessa location.
      809 Tower Dr, Odessa, TX 79761
      View Details
    • $750,000
      3,150 SF

      Odessa Office Building on Corner

      Commercial building on large corner lot suitable for various businesses.
      2201 E 8Th St, Odessa, TX 79761
      View Details
    • $1,200,000
      10,725 SF

      Odessa Commercial Property with Warehouse

      Versatile commercial property with warehouse, office, and residential potential.
      6300 Andrews Hwy, Odessa, TX 79761
      View Details

    Similar Nearby for Lease

    • $25 SF/Yr
      9,000 SF

      Rectangle Plaza: Odessa Retail Space

      Prime Odessa retail space, multiple suites available.
      2901 Interstate 20, Odessa, TX 79761
      View Details
    • $300 /Mo
      8,488 SF

      Odessa Office Space For Rent

      Conveniently located office space with ample parking and easy access.
      1128 S Grandview Unit Office C13, Odessa, TX 79761
      View Details
    • $400 /Mo
      120 SF

      Professional Office Space For Rent

      Professional office space in a convenient location with flexible leasing.
      4200 Maple Ave, Odessa, TX 79761
      View Details
    • Contact for pricing
      16,000 SF

      Office Spaces Available For Lease

      Multiple office spaces available in Odessa, Texas.
      415 N Grant Unit, Odessa, TX 79761
      View Details
    • $240 SF/Yr
      8,488 SF

      Office Space in Odessa, TX

      Office space for rent with convenient location and spacious parking.
      1128 S Grandview Unit Office B13, Odessa, TX 79761
      View Details
    • $240 SF/Yr
      8,488 SF

      Office Space in Odessa, TX

      Convenient office space with prime location and ample parking.
      1128 S Grandview Unit Office C2, Odessa, TX 79761
      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.
    230 Washington Ave
    Odessa, TX 79761-5424
    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.