| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Best |
| Demographics | 54th | Best |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4307 Wendover Ave, Odessa, TX, 79762, US |
| Region / Metro | Odessa |
| Year of Construction | 1981 |
| Units | 24 |
| Transaction Date | 2018-03-26 |
| Transaction Price | $3,500,000 |
| Buyer | MARVIN GARDENS APARTMENTS LLC |
| Seller | PHOENIX MARVIN GARDENS LTD |
4307 Wendover Ave Odessa Multifamily Investment
High renter concentration in the surrounding neighborhood supports a deeper tenant base and consistent leasing, according to WDSuite’s CRE market data. Older vintage suggests value-add potential in an amenity-rich inner suburb of Odessa.
Located in an Inner Suburb of Odessa, the neighborhood ranks 1st among 39 metro neighborhoods overall (A+), reflecting strong fundamentals at the sub-neighborhood level. Amenity access is a clear advantage: cafes and restaurants score in the top quartile nationally, with neighborhood amenity strength ranking 1st of 39, which helps with day-to-day convenience and renter appeal.
Renter concentration is high for the metro (ranked 5th of 39 for the share of renter-occupied housing units), indicating a sizable tenant pool and potential demand depth for multifamily. Neighborhood occupancy is below the metro median (ranked 34th of 39), so competitive positioning and targeted upgrades can matter for absorption and retention.
Home values sit near the national middle while the value-to-income profile trends stronger than many areas nationwide, which can sustain reliance on rental options and support lease retention. Median contract rents are mid-market for the metro (above the 50th national percentile), and rent-to-income levels indicate manageable affordability pressure, helping stabilize renewals and pricing discipline.
Neighborhood operating performance signals are favorable: average NOI per unit ranks 2nd of 39, competitive among Odessa neighborhoods. The area s housing stock skews newer (average vintage around the mid-1990s), meaning a 1981 property can benefit from a focused renovation plan to close feature gaps and strengthen leasing performance relative to newer comparables.
Demographic statistics within a 3-mile radius show recent population softness with relatively steady household counts, alongside forward-looking projections that indicate population and household growth with smaller average household sizes. This mix points to a potential renter pool expansion over the medium term, which can support occupancy stability as product is refreshed and appropriately priced.
Safety indicators are mixed relative to broader benchmarks. At the metro level, the neighborhood s crime position is not among the top quartile and trends closer to the metro average, while nationally it sits below the midpoint for safety. Importantly, recent year-over-year trends show improvement, with both property and violent offense rates declining, suggesting conditions have been easing.
For investor underwriting, this implies prudent attention to lighting, access controls, and resident engagement can support retention and leasing, especially given improving momentum. Framing: the area is competitive among Odessa neighborhoods rather than a top-tier safety outlier, with recent declines in reported offenses providing a constructive directional signal.
Built in 1981, this 24-unit asset sits in Odessa s highest-rated neighborhood and benefits from strong amenity access and a deep renter base. The surrounding area s average housing vintage is newer, creating a straightforward value-add path to modernize interiors and common areas for competitive positioning. Neighborhood occupancy trends below the metro median, so execution around unit quality and pricing should be prioritized to capture demand from a renter-leaning housing stock. According to CRE market data from WDSuite, neighborhood-level NOI performance ranks near the top locally, indicating that well-positioned multifamily can perform competitively in this micro-market.
Within a 3-mile radius, households have held relatively steady despite recent population softness, and forecasts point to population and household growth with smaller household sizes. That dynamic supports a broader tenant base for appropriately sized units and can contribute to occupancy stability as renovations and leasing strategies align with local affordability, where rent-to-income levels suggest room for disciplined pricing without overextending residents.
- Top-ranked neighborhood in the Odessa metro with strong amenity access supporting renter demand
- 1981 vintage offers clear value-add and modernization upside versus newer area stock
- High renter-occupied share (ranked 5th of 39) provides depth for leasing and renewals
- Neighborhood NOI per unit performance ranks 2nd of 39, indicating competitive income potential
- Risks: neighborhood occupancy ranks 34th of 39 and safety is below national midpoint—underwrite to active management, targeted upgrades, and pricing discipline