| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Best |
| Demographics | 58th | Best |
| Amenities | 31st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4651 Oakwood Dr, Odessa, TX, 79761, US |
| Region / Metro | Odessa |
| Year of Construction | 1976 |
| Units | 114 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
4651 Oakwood Dr, Odessa TX Multifamily Opportunity
Neighborhood occupancy is strong and competitive within the Odessa metro, supporting stable leasing performance according to WDSuite’s CRE market data. This location offers practical renter demand fundamentals with room for value-add execution on a 1970s asset.
The property sits in an Inner Suburb neighborhood rated A among Odessa, TX areas, with occupancy in the neighborhood at a level that is competitive among Odessa neighborhoods (ranked 10 out of 39) and in the upper tier nationally by percentile. This signals a stable tenant base and supports income consistency at the neighborhood level rather than the property specifically.
Local convenience is serviceable: grocery and pharmacy access rank above the metro median (grocery rank 16 of 39; pharmacy rank 10 of 39), though cafe, childcare, and park density are limited compared with both the metro and national landscape. For investors, this mix suggests reliable daily-needs access while premium lifestyle amenities may be thinner, shaping renovation and amenity strategies toward practical features and in-unit upgrades.
The building’s 1976 construction is older than the neighborhood’s average vintage (1984), pointing to capital planning needs and potential value-add upside. Targeted renovations and systems modernization can enhance rent positioning versus newer stock while managing long-term maintenance risk.
Tenure dynamics indicate a high renter-occupied share at the neighborhood level (68.8%), which expands the depth of the prospective tenant base and can support occupancy stability. Within a 3-mile radius, recent years show modest population softening but an increase in households alongside smaller average household sizes; this combination typically sustains multifamily demand by bringing more renting households into the market over time.
Ownership costs in the neighborhood sit on the higher side relative to incomes (value-to-income ratio in a high national percentile), which generally reinforces reliance on rental housing and can aid lease retention. At the same time, rent-to-income appears manageable by national comparison, which helps mitigate affordability pressure and supports steady renewal rates.
Safety indicators for the neighborhood are around the metro median when compared with 39 Odessa neighborhoods. Nationally, the area sits below the safest tiers by percentile, but recent trends show improvement, with both violent and property offense rates declining over the past year. These are neighborhood-level signals and do not describe conditions at the property itself.
In investor terms, the trajectory of year-over-year declines helps risk management, while the mid-pack metro standing suggests standard operating practices—lighting, access control, and community engagement—remain important to support resident retention and leasing.
This 1976, garden-style asset in Odessa is positioned in a neighborhood with competitive occupancy and a renter base that is deep relative to the metro, supporting income durability. According to CRE market data from WDSuite, the neighborhood’s occupancy stands above the metro median and in a strong national percentile range, while ownership costs relative to incomes tend to sustain rental demand and aid renewals. The older vintage points to a clear value-add path through targeted renovations and modernization, with amenity-light surroundings favoring practical upgrades and in-unit functionality.
Within a 3-mile radius, household counts have increased even as average household size has declined, which typically broadens the renter pool and supports leasing over time. Balanced rent-to-income conditions reduce near-term affordability pressure, providing room for disciplined revenue management, while investors should plan for capital needs associated with 1970s construction and remain mindful of regional economic cyclicality.
- Competitive neighborhood occupancy supports stable cash flow potential
- High renter-occupied concentration deepens the tenant base
- Value-add potential from 1970s vintage via targeted renovations
- Ownership costs relative to incomes reinforce sustained rental demand
- Risks: older systems require capital planning; regional cyclicality may affect leasing