Property Details for 2413 Idlewood Ln

Year built

1961

Lot size

2.24 lot acres

Property size

119,899 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents two Class C apartment buildings in Odessa, Texas, totaling 83 units and 119,899 square feet of net rentable space. The properties, Wellington Commons (42 units, 52,000 sq ft, built 1961, 2.47 acres) and Stanley Heights (41 units, 67,899 sq ft, built 1965, 2.24 acres), are being sold together. Both underwent renovations within the last two years and boast high occupancy rates – 90.5% and 97.6%, respectively. Amenities vary between the two properties but include covered parking, laundry facilities, and some offer additional features such as a basketball area, storage, and grilling areas. Unit features are consistent across both properties and include appliances (refrigerator, stove, dishwasher), air conditioning, ceiling fans, and many have walk-in closets and patios/balconies. The properties are situated on sizable lots and benefit from a prime location in Odessa, attracting a diverse tenant base including oil and gas professionals and students from nearby universities. The asking price is $6,500,000, representing a price per unit of $78,313.25 and a price per square foot of $54.21. Both properties are zoned for multi-family use. Financial details are available upon execution of a non-disclosure agreement.

Location Insight

City

Odessa

County

Ector

State

Texas

Longitude

-102.3390276

Latitude

31.8760493