Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2716 to 2808 Judy Avenue in Odessa, Texas. The subject property consists of approximately 6,050 square feet of warehouse space and is situated on 0.96 acres of land. The single-tenant asset features metal construction, a clear height of 20’, five grade-level doors, a five-ton overhead crane, two water wells, and a separate covered shed. With a building coverage ratio of 15 percent and a fully fenced-in partially asphalt-covered lot, the property is ideal for outdoor storage use. Located just off Loop 338, the property has easy access to major streets and proximity to Interstate 20. For sale as vacant, the property can be acquired for owner use or as a lease-up opportunity.
Odessa is a relatively small market with 13.7 million square feet of industrial space heavily concentrated in the oil and gas industry. In 2023, the Odessa market bucked the national trend, experiencing a 90-basis-point drop in vacancies to 8.3 percent. Vacancies have reversed course this year but the market is holding steady at 8.8 percent in Q3. While Odessa has avoided a sharp increase in availability, annual rent growth has slowed down to just 0.8 percent. Despite the slowdown in rents, the long-term outlook for Odessa remains highly positive. America’s current economic environment and government fiscal situation call for more assistance from the Federal Reserve which historically stimulates oil prices. Any decline in property values in Odessa should be viewed as temporary and a great buying opportunity to capitalize on future appreciation.
Located in West Texas, the Midland-Odessa metro is considered to be an energy capital as the Permian Basin is one of the biggest oil fields in the world and is home to some of the largest petroleum-producing companies. The metro consists of Martin, Midland, and Ector counties. The public sector is a top job provider, but the private sector is the economic driving force. The two largest cities are Midland with over 140,000 residents and Odessa with roughly 123,000 residents.
As the largest single source of oil and gas deposits in the United States, Odessa has long been known for its rich resources. New businesses have come to the city that have helped diversify the economy as well as reinforce the quality-of-life standards. Odessa proudly boasts world-class cultural and recreational facilities as well as healthcare and transportation often associated with larger cities. It also serves as the crucial midpoint between Fort Worth and El Paso. Lucrative financial incentives, site selection, logistics, qualified workforce, easy access to foreign markets, and low cost-of-living make it easy to do business (odessatex.com). Major industries include: medical, energy, distribution, manufacturing, and technology.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2024 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0060184)
