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Odessa, TX

8100 North County Road West

Address:
8100 North County Road West, Odessa, TX 79764
Property Type:
Single Tenant
Price:
$2,100,000
Square Feet:
54,678 sqft
Lot Size:
5.58 acres
Price Per Square Foot:
$38.41
Year Built:
1959/1975/1998
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Investment Highlights

Investment Highlights

Investment Highlights

  • 54,678 Square-Foot Industrial Asset Situated on 5.58 Acres
  • Features Multiple 5-Ton Overhead Crane Systems, Paint Booth, and 18’-29’ Clear Height
  • Owner-User Opportunity for Businesses With a Need to Handle Heavy Equipment or Materials
  • The Southwestern Building is the Most Recent Addition, and Features Another 5-Ton Crane System
  • Ample Outside Storage Space for Materials or Fleet Parking
  • Frontage Along North County Road West, With Easy Access to Major Streets and Highways

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 8100 North County Road West in Odessa, Texas. The subject property consists of approximately 54,678 square feet of space and is situated on 5.58 acres of land. The five-building asset features multiple 5-ton overhead cranes, a paint booth, and clear heights from 18’ to 29’. Containing its own 5-ton crane system, the Southwest building is the most recent addition. With ample storage space, the property is ideal for housing outside materials or parking a fleet of vehicles. Frontage along North County Road West provides easy access to major streets and highways.

Oil prices have remained strong in 2021, benefitting the oil-dependent Odessa market, where industrial rents are up 5.6 percent annually in the third quarter. Rent growth is currently rising 130 basis points over its three-year annual average of 4.3 percent. Over the last three years, 440,000 square feet of industrial space was delivered, increasing local inventory by 4.5 percent. However, rent growth and vacancy rates will experience minimal impact from new supply for the foreseeable future as there is only 17,000 square feet currently under construction (CoStar). After posting a record high of 15.9 percent in May 2020, the unemployment rate has since fallen back to 8.7 percent in July. The recovery of 640 jobs in July marked the largest increase year to date. In August, the All-Commodities Producer Price Index hit the highest annual change since 1974 at 19.9 percent. With the inflation picture worsening, oil prices will likely continue their upward trajectory, bolstering economic activity in Odessa (Bureau of Labor Statistics).

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 driving the economic growth. The two largest cities are Midland, with nearly 140,000 residents, and Odessa, with roughly 120,000 residents.
Midland is the center of America’s oil and gas production. Petroleum production and all things in between are prevalent in the area, but Midland is making great efforts and success in diversifying into additional industries such as aerospace. Interstate 20 runs through Midland, making it easy to transport goods and raw materials throughout the country. Rated the No. 1 state for business by U.S. corporate executives, this is an excellent place to start or grow a business in Texas. (midlandtxedc.com). Major employers include: Halliburton, Hilliard, Legacy Reserves, Midland College, Midland Health, Patterson-UTI, Pioneer Natural Resources, Schlumberger, Weatherford, Baker Hughes, Chevron, ConocoPhillips, Bloomberg, and more.

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. © 2021 Marcus & Millichap. All rights reserved. (Activity ID: ZAC0060945)