| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Good |
| Demographics | 47th | Good |
| Amenities | 41st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1465 John Ben Shepperd Pkwy, Odessa, TX, 79761, US |
| Region / Metro | Odessa |
| Year of Construction | 1976 |
| Units | 56 |
| Transaction Date | 2013-07-15 |
| Transaction Price | $8,375,000 |
| Buyer | SOUTHWEST PARKWAY LLC |
| Seller | ODESSA SOUTHWEST PARKWAY LTD |
1465 John Ben Shepperd Pkwy, Odessa Multifamily Opportunity
Positioned in an inner-suburb pocket competitive among Odessa neighborhoods, the asset benefits from a sizable renter base and daily-needs amenities, according to WDSuite’s CRE market data.
This inner-suburb location ranks competitive among 39 Odessa neighborhoods, with neighborhood services oriented toward everyday convenience. Grocery access is strong relative to the metro and above national medians, while restaurants are similarly well represented. Cafes, parks, and pharmacies are limited in the immediate area, which can modestly reduce lifestyle appeal but tends to keep the focus on workforce housing demand.
Renter-occupied housing accounts for a higher share of units than the metro median and sits in the top quartile nationally, signaling a deeper tenant base and steadier leasing velocity for multifamily. Neighborhood occupancy is modestly below both metro and national medians, suggesting investors should underwrite to active leasing and retention management rather than assuming full stabilization.
Within a 3-mile radius, households have increased even as total population edged lower over the past five years, indicating smaller average household sizes and a broader pool of household formations entering the rental market. Forecasts point to additional household growth and rising incomes over the next five years, which supports renter pool expansion and reinforces demand for well-managed units.
Home values sit near national medians for similar neighborhoods. Ownership remains comparatively accessible versus high-cost markets, which can introduce some competition from entry-level ownership; however, relatively favorable rent-to-income levels support lease retention and reduce affordability pressure, aiding occupancy stability for quality product.
Safety indicators show mixed but improving signals. Compared with Odessa’s 39 neighborhoods, crime sits below the metro median, while nationally the area aligns slightly above the midpoint for safety. Recent year-over-year trends indicate meaningful declines in both violent and property offenses, which, while not a guarantee, point to improving local conditions that can support resident retention.
The property’s inner-suburb setting offers access to daily-needs retail and a renter concentration that is above the metro median, supporting depth of demand and leasing stability. Neighborhood occupancy trends are a touch softer than metro and national medians, so execution will rely on proactive leasing and resident retention; however, favorable rent-to-income dynamics provide room to sustain occupancy without overextending pricing. Household growth within a 3-mile radius and income gains projected over the next five years add incremental support for long-term demand.
Rents track mid-market with demonstrated growth over the last cycle, and, according to commercial real estate analysis from WDSuite, the neighborhood’s amenity mix (notably grocery and dining) aligns with workforce tenant preferences. Ownership costs near national medians may create some competition from entry-level buyers, but they also create a stable backdrop where professionally managed units can compete on convenience and service.
- Above-median renter concentration supports a deeper tenant base and steadier leasing
- Household growth and rising incomes within 3 miles bolster long-run demand
- Strong daily-needs amenities (grocery, dining) fit workforce housing fundamentals
- Favorable rent-to-income dynamics aid retention and occupancy stability
- Risk: Neighborhood occupancy sits below metro/national medians, requiring active leasing and renewals management