2763 N County Rd W, Odessa, TX 79764
- Retail space
- 5,885 SF
- 1.71 lot acres
Current Use by Public Records
- Advance Auto Parts / Auto Parts Store
- UPS Access Point location / Courier Service / Postal Service
Property Details for 2763 N County Rd W
- Year built
- 1989
- Lot size
- 1.71 lot acres
- Zone code
- EB1
- Property type
- Retail space
- APN
- 13600.02327.00000
- APU
- 136000232700000
Description
This exceptional investment opportunity presents a fee-simple ownership of a 11,223 square-foot Advance Auto Parts building in Odessa, Texas. The property boasts a 9.5-year remaining lease term with four 5-year renewal options, ensuring long-term income stability. The absolute NNN lease structure eliminates landlord responsibilities, making it a truly passive investment. Built in 1988 and situated on a 1.71-acre lot with 63 parking spaces, the property benefits from a prime location at a signalized intersection of State Highway 450 and North County Road, experiencing high daily traffic volume. The lease includes 7.5% rental increases every five years, providing built-in protection against inflation and steadily growing net operating income (NOI) currently at $128,613, yielding a 5.50% cap rate. The property is zoned HC (Heavy Commercial District) and enjoys a strong retail environment with nearby national tenants such as Walmart, Big Lots, and Walgreens. Its proximity to Odessa College and New Tech Odessa, along with nearby apartment complexes, ensures a robust customer base. The 5-mile trade area boasts over 115,000 residents and 63,000 daytime employees, with an average household income exceeding $74,000. This is a rare opportunity to acquire a well-located, low-maintenance, high-return investment in a tax-free state. The asking price is $2,338,000, or $208.32 per square foot. The property's APN is 136000232700000.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,095,000
- 6.5%
- $1,010,000
- 7%
- $935,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $826,000
Market price range: $332k - $1.01M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $705,000 Current use
- RESTAURANT
- $855,000 Change: +22% Conversion: Easy
- COMMERCIAL (GENERAL)
- $850,000 Change: +21% Conversion: Easy
- AUTO REPAIR, GARAGE
- $725,000 Change: +3% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Odessa
- County
- Ector
- State
- Texas
- Longitude
- -102.398
- Latitude
- 31.8667
- CBSA code
- 36220
- CBSA name
- ODESSA, TX METROPOLITAN STATISTICAL AREA
