| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 48th | Fair |
| Demographics | 49th | Good |
| Amenities | 44th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 222 N Dixie Blvd, Odessa, TX, 79761, US |
| Region / Metro | Odessa |
| Year of Construction | 1972 |
| Units | 108 |
| Transaction Date | 2006-02-24 |
| Transaction Price | $375,000 |
| Buyer | 222 NORTH DIXIE BOULEVARD HOLDINGS LP |
| Seller | ATS ODESSA I LLC |
222 N Dixie Blvd, Odessa TX — 108-Unit Multifamily Investment
Neighborhood occupancy is solid with a deep renter base, suggesting steady tenant demand according to WDSuite’s CRE market data. Positioning focuses on cash flow resilience with upside from targeted renovations and disciplined operations.
The property sits in an Inner Suburb of Odessa rated A- within the metro (ranked 9 out of 39 neighborhoods), signaling competitive fundamentals for multifamily investors. Neighborhood occupancy is healthy and above the national median, supporting stable leasing conditions.
Daily-needs access is a local strength: grocery and pharmacy availability rank near the top of the metro (2nd and 5th of 39, respectively) and both are in the top quartile nationally for density, which can support retention and reduce resident turnover risk. Restaurant options are also strong (top quartile nationally), though park and cafe density rank at the bottom of the metro (39th of 39), which may modestly temper lifestyle appeal.
Renter concentration is high for the metro (renter-occupied share ranks 3rd of 39 and is in the 95th percentile nationally), indicating a sizable tenant pool and depth for workforce housing. Median contract rents in the neighborhood have risen over the past five years while still benchmarking around the lower half nationally, suggesting room for revenue management without overextending affordability.
Within a 3-mile radius, households have grown even as population edged down, pointing to smaller average household sizes and a broader leasing base. Forward data indicate continued household growth alongside further downsizing, which typically supports absorption and occupancy stability. Strong median incomes at the neighborhood level relative to national benchmarks, paired with a low rent-to-income ratio (95th percentile nationally), suggest headroom for measured rent optimization, based on commercial real estate analysis from WDSuite.
Vintage context: construction year for the asset is 1972 versus a neighborhood average skewing to the mid-1970s. The older profile points to capital planning needs and potential value-add returns through unit interiors, building systems, and exterior/common-area upgrades, especially given solid neighborhood occupancy.
Safety trends are mixed when compared nationally. Overall crime benchmarks around the lower half of U.S. neighborhoods (national percentile in the low 40s), so investors should underwrite standard security and lighting measures. On a constructive note, violent offense rates show recent improvement momentum (above the national median for positive year-over-year change), which can support leasing confidence if the trend persists.
Within the Odessa metro context, neighborhood rankings indicate mid-pack positioning. Use comparative comps from similar Inner Suburb locations in underwriting, and focus on property-level controls—access management, visibility, and resident engagement—to sustain occupancy and mitigate loss-to-lease risk.
This 108-unit, 1972-vintage asset aligns with a renter-heavy Odessa submarket and steady neighborhood occupancy. Daily-needs retail density (notably grocery and pharmacy) and top-quartile restaurant access enhance resident convenience, supporting tenant retention. According to CRE market data from WDSuite, the neighborhood’s low rent-to-income ratio and solid income levels point to measured pricing power, while the property’s older vintage creates value-add potential through targeted renovations and systems upgrades.
Neighborhood rents have grown over the past five years yet remain around the national midrange, indicating potential for further optimization with thoughtful improvements. Household formation within a 3-mile radius—despite population softening—suggests more, smaller households, which typically broadens the renter pool and supports occupancy stability.
- Renter-heavy neighborhood supports depth of demand and leasing durability.
- Daily-needs access (grocery/pharmacy) and strong restaurant density aid retention.
- Low rent-to-income levels indicate headroom for disciplined revenue management.
- 1972 vintage provides clear value-add and capital planning pathways.
- Risk: mixed safety metrics and limited park/cafe amenities warrant property-level mitigations.