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

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.