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

    500 Grant Ave Odessa, TX 79761-6209

    • Retail space
    • 2,596 SF
    • 0.39 lot acres
    OFF-MARKET
    Last Sale
    Sep 09, 2022
    Value Estimations
    $375,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-2372520
    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

    • American Home Furnishings / Furniture Store
    • MKA Special Occasions / Event Venue

    Property Details for 500 Grant Ave

    Year built
    1958
    Lot size
    0.39 lot acres
    Property size
    2,596 SF
    Zone code
    EB7
    Property type
    Retail space
    APN
    29200.00312.00000
    APU
    292000031200000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $285,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $480,000
      6.5%
      $445,000
      7%
      $415,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $383,000
      Market price range: $131k - $384k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $265,000
      Current use
      OFFICE BUILDING
      $435,000
      Change: +66% Conversion: Easy
      AUTO REPAIR, GARAGE
      $320,000
      Change: +22% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $285,000
      Change: +9% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Odessa
    County
    Ector
    State
    Texas
    Longitude
    -102.365
    Latitude
    31.841
    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
    $5,818
    $21,505
    $254,487
    $275,992
    -
    $21,505
    $254,487
    $275,992

    Comparable in this City

    • Value Estimation
      $305,000
      1,920 SF

      518 Grant Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,920 SF
      518 Grant Ave, Odessa, TX 79761-6209
      View Details
    • Value Estimation
      $625,000
      25,000 SF

      2500 Andrews Hwy

      RETAIL STORES (PERSONAL SERVICES) • 25,000 SF
      2500 Andrews Hwy, Odessa, TX 79761-1123
      View Details
    • Value Estimation by Request
      20,071 SF

      808 Maple Ave

      Individual retail properties • 20,071 SF
      808 Maple Ave, Odessa, TX 79761
      View Details
    • Value Estimation
      $290,000
      260 SF

      2001 2nd St

      RETAIL STORES (PERSONAL SERVICES) • 260 SF
      2001 2nd St, Odessa, TX 79761-4907
      View Details
    • Value Estimation
      $400,000
      2,800 SF

      1017 3rd St

      RETAIL STORES (PERSONAL SERVICES) • 2,800 SF
      1017 3rd St, Odessa, TX 79761-5209
      View Details
    • Value Estimation
      $280,000
      5,200 SF

      812 7th St

      RETAIL STORES (PERSONAL SERVICES) • 5,200 SF
      812 7th St, Odessa, TX 79761-4612
      View Details

    Similar Nearby for Sale

    • $250,000
      5,304 SF

      Retail/Office Space Near Downtown

      Corner lot retail or office space near downtown Odessa.
      304 W Pearl St, Odessa, TX 79761
      View Details
    • $720,000
      1,875 SF

      Odessa Retail Investment Opportunity

      Prime 1,875 SF Storefront, High Traffic Area
      2604 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
    • $250,000
      7,692 SF

      Downtown Odessa Retail Opportunity

      Retail property in a great downtown location.
      524 N Washington Ave, Odessa, TX 79761
      View Details
    • $649,000
      2,924 SF

      Downtown Odessa Restaurant - Prime Location

      Established Restaurant, 2924 sq ft, $649,000
      615 Sam Houston Ave, Odessa, TX 79761
      View Details
    • $34,900
      0.10 Acres

      Commercial Corner Lot in Odessa

      Affordable commercial corner lot in established business area, ideal for development.
      201 W Murphy St, Odessa, TX 79761
      View Details

    Similar Nearby for Lease

    • $3,500 /Mo
      1,440 SF

      Versatile Commercial Space in Odessa

      1440 sq ft commercial building suitable for various businesses.
      406 S Jackson Blvd, Odessa, TX 79761
      View Details
    • $3,800 /Mo
      3,570 SF

      Upgraded Commercial Building For Rent

      High-traffic location, flexible layout, ready for immediate occupancy.
      1116 N Grant Ave, Odessa, TX 79761
      View Details
    • $15,000 /Mo
      36,050 SF

      Versatile Commercial Space in Odessa

      36,000+ SF on 2.45 acres, ideal for distribution/retail.
      714 E 2Nd St, Odessa, TX 79761
      View Details
    • Contact for pricing
      1,932 SF

      Freestanding Restaurant with Drive-Thru

      1,932 SF restaurant with drive-thru on 0.46 acres.
      1918 E 8Th St, Odessa, TX 79761
      View Details
    • Contact for pricing
      2,265 SF

      Odessa Retail Space For Lease

      151,743 SF shopping center in Odessa, Texas.
      1305-1359 E 8Th St, Odessa, TX 79761
      View Details
    • $18 SF/Yr
      151,743 SF

      1305-1523 8Th St

      Restaurants • 151,743 SF
      1305-1523 8Th St, 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.
    500 Grant Ave
    Odessa, TX 79761-6209
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.