| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 31st | Poor |
| Demographics | 36th | Fair |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1101 N Kelly Ave, Odessa, TX, 79763, US |
| Region / Metro | Odessa |
| Year of Construction | 1979 |
| Units | 108 |
| Transaction Date | 2019-04-22 |
| Transaction Price | $1,170,000 |
| Buyer | LANDMARK SENIOR APARTMENTS LP |
| Seller | HOUSING AUTHORITY OF CITY OF ODESSA |
1101 N Kelly Ave, Odessa TX — 108-Unit Multifamily
Renter-occupied housing is comparatively concentrated in this Odessa neighborhood, supporting a stable tenant base according to WDSuite’s CRE market data. Occupancy trends and local amenities point to workforce demand with room for operational improvement.
This Inner Suburb neighborhood of Odessa is rated B+ among 39 metro neighborhoods, placing it above the metro median. Local retail and services are present, with particularly strong access to pharmacies (competitive at the top of the metro) and a dense slate of restaurants and cafes nearby, according to WDSuite’s commercial real estate analysis. Parks and full-service groceries are limited within the neighborhood itself, which may modestly affect walkable convenience.
The housing stock skews older across the neighborhood, and this property’s 1979 vintage is newer than the area’s average construction year of 1966. That positioning should compare favorably to older assets, though systems and common areas may still warrant selective modernization to stay competitive with refreshed product.
Neighborhood occupancy measures trail national benchmarks, signaling leasing and asset-management emphasis as a value lever. At the same time, the share of housing units that are renter-occupied sits in the top quartile locally (9th of 39), indicating meaningful depth in the tenant pool and potential demand stability for multifamily operators.
Within a 3-mile radius, population has contracted in recent years while household counts have risen, pointing to smaller average household sizes and a broader mix of renters entering the market. Median household incomes have increased, and median contract rents remain manageable relative to incomes, a combination that can support retention and steady leasing for well-managed properties.
Home values in the neighborhood are lower than national norms, which can create some competition with ownership options. For multifamily investors, this typically translates to a focus on value, convenience, and operational execution to sustain pricing power and lease-up efficiency.
Safety indicators sit below the metro median, with this neighborhood ranked 29th among 39 Odessa neighborhoods. In national terms, safety percentiles are also on the lower side. Recent trends show improvement, with violent offense rates declining year over year, according to WDSuite’s CRE market data. Investors should underwrite with conservative assumptions and consider visibility, lighting, and on-site management strategies that support resident comfort.
The 108-unit scale at 1101 N Kelly Ave positions the asset to capture workforce housing demand in a renter-leaning pocket of Odessa. The property’s 1979 construction is newer than the neighborhood average, offering relative competitiveness versus older stock while leaving room for targeted upgrades. Amenities are serviceable with strong access to pharmacies and dining, and household growth within a 3-mile radius suggests a larger tenant base even as population trends level. According to CRE market data from WDSuite, neighborhood occupancy lags national benchmarks, making operational execution and leasing focus central to the thesis.
Affordability dynamics are balanced: rents remain manageable relative to local incomes, supporting retention, while more accessible ownership costs mean operators should emphasize service, maintenance, and convenience to sustain pricing power. Safety sits below metro averages but is trending in a positive direction, warranting practical property management measures.
- 108 units enable scale efficiencies and professional management impact.
- 1979 vintage is newer than area norms, with selective renovation upside.
- Renter-occupied share is top quartile locally, supporting tenant demand depth.
- Amenities tilt toward services and dining; focus on value and convenience for retention.
- Risks: below-median safety and softer neighborhood occupancy call for conservative underwriting and active leasing.