6901 E Hwy 191 West of Faudree Rd on Hwy 191, Odessa, TX 79765 listing details

$ 36,800,000
  • Property Type: Multifamily Home
  • Status: Available
  • Status Type:
  • Buildings: 1
  • Added: 06/03/2014
  • Last Update: 06/03/2014
Multi-Family merchant developer is offering an attractive investment opportunity for a pre-sale of a proposed Class A Multi-Family complex, which when completed, will contain 265 units on 14.6 acres in Odessa, Texas, which is the hub of the oil rich and booming economy in the Permian oil basin of West Texas. Upon completion with stabilized economic occupancy at 89%, the property supports an 8.26% CAP rate, 13.16% cash-on-cash return, and an IRR(B/T) of 22.92%—and at a 95% economic occupancy, the property supports a 9.3% CAP rate, 17.31% cash-on-cash return, and an IRR(B/T) of 27.59%. Texas: According to Forbes magazine dated January 9, 2014, “.…as a separate nation, Texas would now rank as the 9th largest oil producing country in the world.” … and “Texas is expected to become the equivalent of the 6th largest oil producing nation over the next 12-18 months.” Odessa: Forbes magazine also ranked Odessa number 2 in the United States among small cities for job and economic growth. Appraisal: The proposed development has been appraised by Cushman & Wakefield, Valuation & Advisory at $36,800,000.

Listing in Odessa on 6901 E Hwy 191 West of Faudree Rd on Hwy 191 details

Multifamily Home was placed For Sale on www.corbizrealestate.com at 06/03/2014. Selected Multifamily Home listing was updated on the site on Tue Jun 03/2014 20:53:03. The status of the Multifamily Home is For Sale that allows of any prospective customers can ask about this listing. The value of the listing is $36800000.00. This realty doesn't includes photos assigned to it.

Realty Geographic Location

The property placement are: 6901 E Hwy 191 West of Faudree Rd on Hwy 191, Odessa, TX 79765. You can review StreetView above to get More info about Multifamily Home Placement.

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Residential property for sale.

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