3952 42nd St Odessa, TX 79762-5932

Property Details for 3952 42nd St

Year built

1974

Lot size

3.87 lot acres

Property size

59,292 SF

Zone code

ED3

Property type

Strip malls

Property subtype

Neighborhood centers

APN

36800.00060.00000

APU

368000006000000

Description

Santa Fe Square is a thriving 82,752-square-foot multi-tenant shopping center in Odessa, Texas. Shadow-anchored by Target, this property boasts 93% occupancy with 24 tenants across 3 buildings situated on 4.875 acres. The center features a diverse mix of established businesses, including Skechers (with a new 10-year lease), T-Mobile, and several local favorites. Built in 2018 (exterior renovation), the property includes a large double-sided monument sign for excellent visibility. Located at the signalized intersection of East 42nd Street and Englewood Lane, it benefits from over 57,000 vehicles passing daily. The property's strong location is complemented by proximity to major retailers like H-E-B, Ross, Walmart, and Music City Mall, as well as the University of Texas Permian Basin (UTPB), serving a population of over 120,665 within a five-mile radius. The asking price is $9,218,375, representing a compelling $111.40 per square foot and an 8.00% cap rate with a current NOI of $737,470. The predominantly gross lease terms offer significant upside potential through lease conversions to triple-net and filling remaining vacancies. Recent improvements include a new roof (2018) and twelve new HVAC units (within the past year). This presents a unique opportunity to acquire a well-positioned retail asset in a robust market.

Location Insight

City

Odessa

County

Ector

State

Texas

Longitude

-102.347

Latitude

31.89

CBSA code

36220

CBSA name

ODESSA, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments