Ashford Odessa Square
- Permian Basin’s Premier Workforce Housing: #1 U.S. oil and gas region serving the fourth largest energy production area globally with strong employment.
- 108-Unit Stabilized Portfolio: Garden-style apartments at 95% occupancy generating $840,000 annual NOI with $980 average rent per unit.
- $1.6M Recent Capital Investment: $790K exterior and $862K interior improvements including HVAC, appliances, and granite countertops.
- 101-Unit Mini-Storage Upside: Three-building facility with only 21 units leased offers immediate opportunity for occupancy and revenue growth.
- Strong Rent Growth Market: Odessa Metro averaged 12.1% annual rent increases over four years with minimal new competitive supply nearby.
- Individual Systems Throughout: Each unit features individual HVAC, electric hot water heaters, and metering with 50% HVAC units recently replaced.
Property Description
Houston Income Properties, Inc., KET Enterprises Incorporated and RealINSIGHT Marketplace are pleased to present Ashford Odessa Square Apartments, a 108-unit garden-style workforce housing community in Odessa, Texas. The asset comprises ten apartment buildings and three separate mini-storage buildings (101 units) situated on 4.4 acres near Interstate 20 in the Permian Basin. Current occupancy stands at 95% with an average rent of $980 per unit and stabilized NOI of $839,365. The property has undergone approximately $1.6 million in capital improvements over the past 24 months, including exterior enhancements and interior upgrades such as new appliances, HVAC systems, granite countertops, and flooring—with 50% of units now commanding a $50 rent premium. All units feature individual HVAC systems and electric hot water heaters. The included 101-unit mini-storage facility, currently leasing only 21 units, represents significant upside for new ownership to enhance occupancy and revenue. Positioned in a high-growth market with 12.1% average annual rent appreciation and minimal new competitive supply, the property benefits from Odessa's role as the leading oil and gas employment center and emerging industrial hub.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Auction |
| Property Types: | Apartment Buildings |
| Price: | $2,500,000 |
| No. of Units: | 108 |
| Average Occupancy: | 95 |
| Year Built: | 1972 |
| Year Renovated: | 2023 |
| Building Size: | 70,388 Sq ft |
| Lot Size: | 4.40 Acres |
| No. of Stories: | 2 |
| Opportunity Zone: | No |
| Price per unit: | $23,148 |
| Property Website | Click Here |
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