Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    408 Hancock Ave Odessa, TX 79761-5140
    Back to Search
    Property profile & analytics

    408 Hancock Ave, Odessa, TX 79761-5140

    View on Map
    • Medical Office Space
    • 5,034 SF
    • 0.31 lot acres
    Off-Market
    Property ID
    US82-2030326
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Odessa General Surgery / Physician
    • Cody Mygrant, PA / Physician
    • Odessa General Surgery Texas Vein Institute / Physician
    • Michael Janice, DO / Physician
    • Robert Lynch, DO / Physician

    Property Details for 408 Hancock Ave

    Year built
    2003
    Lot size
    0.31 lot acres
    Zone code
    EE1
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    22000.03811.00000
    APU
    220000381100000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Odessa
    County
    Ector
    State
    Texas
    Longitude
    -102.366
    Latitude
    31.8498
    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
    $12,649
    $45,353
    $554,647
    $600,000
    -
    $45,353
    $554,647
    $600,000

    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
      6,199 SF

      801 Jackson Ave

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

      501 Golder Ave

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

      500 4th St

      MEDICAL BUILDING
      500 4th St, Odessa, TX 79761-5110
      View Details
    • Value Estimation by Request
      6,369 SF

      401 Tom Grn Ave

      MEDICAL BUILDING
      401 Tom Grn Ave, Odessa, TX 79761
      View Details
    • Value Estimation by Request
      2,160 SF

      333 3rd St

      MEDICAL BUILDING
      333 3rd St, Odessa, TX 79761-5048
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      44,000 SF

      Odessa Hospital Facility For Sale

      44,000 SF former surgical hospital and outpatient surgery center.
      900 E 4Th St, Odessa, TX 79761
      View Details
    • Contact for pricing
      3,856 SF

      Commercial Property Near Hospital District

      Versatile commercial property with office space near downtown.
      401 E 7Th St, Odessa, TX 79761
      View Details
    • $1,200,000
      8,130 SF

      Office Building with Open Atrium

      Versatile ADA-compliant office facility with executive offices, shared workspace, and conference space for professional and medical use.
      809 Tower Dr, Odessa, TX 79761
      View Details
    • $549,000
      3,856 SF

      Odessa Commercial Property Near Hospital

      Versatile commercial property in high-traffic area near downtown and hospital.
      401 E 7Th St, Odessa, TX 79761
      View Details
    • $1,995,000
      22,095 SF

      Renovated Warehouse with Cranes, Wash-Bay

      Renovated warehouse with heavy power, cranes, and expansion space.
      1551 Laredo Dr, Odessa, TX 79761
      View Details
    • $200,000
      5,000 SF

      Versatile Warehouse/Shop on Half-Acre Lot

      5,000 sq ft warehouse/shop with office space and security fence.
      1920 E 2Nd St, Odessa, TX 79761
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Andrews Hwy Retail/Office Space

      3,000 SF retail or office space on Andrews Hwy.
      2031 Andrews Hwy, Odessa, TX 79761
      View Details
    • $240 SF/Yr
      8,488 SF

      Office Space in Convenient Location

      Office space with prime access, services, and spacious parking.
      1128 S Grandview Ave, Odessa, TX 79761
      View Details
    • $300 /Mo
      8,488 SF

      Office Space in Convenient Location

      Office space with prime access and spacious parking available for rent.
      1128 S Grandview Ave, Odessa, TX 79761
      View Details
    • $300 /Mo
      8,488 SF

      Office Space in Convenient Location

      Office space with prime access and spacious parking available for rent.
      1128 S Grandview Ave, Odessa, TX 79761
      View Details
    • $240 SF/Yr
      8,488 SF

      Office Space in Convenient Location

      Office space with prime access and spacious parking available for rent.
      1128 S Grandview Ave, Odessa, TX 79761
      View Details
    • $300 /Mo
      8,488 SF

      Office Space in Convenient Location

      Office space with prime access, essential services, and spacious parking.
      1128 S Grandview Ave, 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.
    408 Hancock Ave
    Odessa, TX 79761-5140
    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

    Thank You for Inquiry
    408 Hancock Ave, Odessa, TX, 79761
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!