| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Fair |
| Demographics | 37th | Fair |
| Amenities | 28th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4590 N Texas Ave, Odessa, TX, 79762, US |
| Region / Metro | Odessa |
| Year of Construction | 1982 |
| Units | 100 |
| Transaction Date | 2025-06-11 |
| Transaction Price | $15,960,000 |
| Buyer | GRANITE LA PROMESA LLC |
| Seller | ODESSA LEASED HOUSING ASSOCIATES I LIMIT |
4590 N Texas Ave Odessa Multifamily Investment
Positioned in an inner-suburb pocket of Odessa, neighborhood occupancy has held in the low-90% range and renter demand is supported by workforce incomes, according to WDSuite’s CRE market data. For investors, the mix of stable tenancy and attainable rents points to steady operations with selective value-add upside.
The property sits in an Inner Suburb setting with a B- neighborhood rating among 39 Odessa neighborhoods. Restaurants are relatively dense for the metro (competitive among Odessa neighborhoods), while parks access ranks near the top of the metro and is top quartile nationally, offering livability tailwinds for retention. In contrast, everyday conveniences like grocery and pharmacy options are thinner in the immediate area, which can modestly affect walkable appeal but is typical for suburban nodes.
The 1982 vintage is newer than the area’s average construction year (1972). That positioning can provide a competitive edge versus older stock, though investors should still plan for ongoing system updates and targeted interior refreshes to meet renter expectations and support rent trade-outs.
Within a 3-mile radius, demographics show a broad workforce base and a renter-occupied share in the mid-30% range, indicating a meaningful tenant pool without overconcentration. Recent years reflect softer population trends, but forecasts indicate population growth and more households ahead, implying smaller household sizes and a larger tenant base that can support occupancy stability over the medium term.
Neighborhood-level housing metrics point to attainable home values and a rent-to-income profile near the national midpoint. For multifamily operators, this combination generally supports lease retention and pricing discipline, while also signaling some competition from ownership alternatives during periods of slower rent growth. Overall, occupancy in the neighborhood has eased modestly versus five years ago but remains close to metro norms, based on commercial real estate analysis from WDSuite.
Safety indicators for this neighborhood trend below the national median, and the area ranks in the lower half among 39 Odessa neighborhoods. That indicates a comparatively higher crime environment than many local peers. Even so, recent data shows improvement in violent offense rates year over year, which is a constructive trend to monitor for operational risk management and leasing sentiment.
For underwriting, it is prudent to account for the neighborhood’s relative positioning today while recognizing the recent improvement trajectory. Operators often address this through enhanced property-level security measures and resident engagement to support retention.
This 100-unit asset offers scale in an Odessa inner-suburban location where neighborhood occupancy sits near 90% and renters benefit from attainable rents, according to CRE market data from WDSuite. The 1982 construction is newer than the area’s typical vintage, suggesting manageable capital planning with potential value-add through targeted interior and system upgrades. Park access is a relative strength, and restaurant density is competitive for the metro, supporting renter appeal even as grocery and pharmacy options are less concentrated nearby.
Within a 3-mile radius, forecasts indicate population growth and a rising household count alongside smaller household sizes—factors that usually expand the tenant base and support occupancy stability. Attainable home values and a mid-range rent-to-income profile point to steady demand with reasonable lease retention, though operators should consider local competition from ownership and the neighborhood’s below-median safety metrics when setting marketing and security strategies.
- Newer-than-area vintage (1982) with value-add potential via targeted upgrades
- Neighborhood occupancy near metro norms supports operational stability
- Park access and competitive restaurant density bolster renter appeal
- Forecast growth in households within 3 miles expands the tenant base
- Risks: below-median safety and thinner everyday retail require active management