| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Good |
| Demographics | 50th | Good |
| Amenities | 45th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2950 Pleasant Ave, Odessa, TX, 79764, US |
| Region / Metro | Odessa |
| Year of Construction | 1977 |
| Units | 80 |
| Transaction Date | 2014-03-06 |
| Transaction Price | $3,582,500 |
| Buyer | AE BODEGA WESTWOOD SQUARE LLC |
| Seller | RRERF WESTWOOD SQUARE LP |
2950 Pleasant Ave Odessa Multifamily Value-Add Opportunity
Neighborhood occupancy sits in the low-90s with a renter-occupied majority, indicating stable tenant depth, according to CRE market data from WDSuite. Positioned for workforce demand, the assets 1977 vintage suggests renovation upside to enhance competitiveness and retention.
This Inner Suburb location in Odessa balances everyday convenience with pragmatic investment fundamentals. Grocery and park access are strong for the metroboth score in the top quartile nationallywhile restaurants are plentiful relative to peer neighborhoods. By contrast, cafes and pharmacies are sparse, so day-to-day retail is more essentials-focused than lifestyle-oriented. These dynamics typically support workforce housing where proximity to basics matters more than niche amenities.
Neighborhood occupancy trends near the national middle, and the area shows a high concentration of renter-occupied housing units, which points to a deeper tenant base for multifamily operators. Median contract rents are around the $1,000 level and have risen over the last five years, reflecting demand resilience without signaling luxury positioning. Based on CRE market data from WDSuite, these neighborhood metrics describe the surrounding area, not the property.
The buildings 1977 construction is modestly older than the neighborhood average (early 1980s), highlighting potential value-add through targeted interior updates and systems modernization. This age profile can be advantageous where competing stock includes similar vintage assets, as thoughtful renovations often translate into improved leasing velocity and pricing power.
Within a 3-mile radius, population has eased in recent years while the number of households has inched higher and average household size has declined. For investors, that shift typically means more, smaller households entering the rental pool, which can support occupancy stability at attainable rent points. Ownership costs in the area are comparatively low, which can introduce competition from entry-level ownership; operators that emphasize convenience, professional management, and updated finishes can differentiate and sustain retention.
Safety indicators for the neighborhood track close to the national middle overall, with conditions that are competitive among Odessas 39 neighborhoods rather than distinctly top-tier. Recent trends point to improving rates for both property and violent offenses, which is a constructive directional signal for operators managing tenant retention and reputation risk.
As always, safety can vary by block and over time; investors typically underwrite to submarket patterns and management practices rather than single-year snapshots. The directional improvement, per WDSuites CRE data, supports a cautious but constructive outlook when paired with on-the-ground diligence.
2950 Pleasant Ave offers an attainable-rent, workforce-oriented profile in an Odessa neighborhood with solid essentials access and a renter-heavy housing base. According to CRE market data from WDSuite, neighborhood occupancy sits near national norms and renter concentrations are elevated, supporting a steady tenant pipeline at pragmatic price points. The 1977 vintage presents a clear value-add pathupgrades to interiors and building systems can strengthen competitive positioning against similar-aged stock while aiming to bolster retention.
Within a 3-mile radius, households are increasing even as population edges down, indicating smaller households and a potentially broader renter pool. Rents remain moderate for the region, which can support leasing velocity; however, relatively low ownership costs nearby may create competition, making execution around convenience, service quality, and targeted renovations critical to sustain occupancy and drive incremental NOI.
- Renter-heavy neighborhood supports depth of demand and occupancy stability.
- Value-add upside: 1977 vintage suitable for targeted interior and systems upgrades.
- Essentials-focused amenity mix (strong grocery and parks) aligns with workforce housing.
- Household growth within 3 miles and smaller household sizes widen the renter pool.
- Risks: comparatively low ownership costs and aging systems require competitive renovations and disciplined lease management.