Ashford Odessa Square 222 N Dixie Blvd 108 Unit Apartment Building For Sale Odessa, TX 79761

Houston Income Properties, Inc., and KET Enterprises Incorporated, acting as exclusive advisors to the seller, are pleased to present the opportunity for qualified investors to acquire the fee-simple interest in the Ashford Odessa Square Apartments, a 108-unit, garden style apartment complex located in Odessa, Texas. The property also has a 101 unit mini-storage facility housed in 3 separate buildings.
OPEN HOUSE DATE - Wednesday, March, 26th, 2025 - 11:30 AM thru 1:30 PM
Ashford Odessa Square Apartments is located in Odessa Texas, the heart of the Permian Basin, the largest oil and gas producing area of the Nation and 4th largest in the world. The property received repairs/upgrades in the last 24+ months in the amount of approximately $15,400/unit, which includes approx. $790K in exterior repairs/improvements, and $862K in interior improvements. The interior improvements include some of the following and varies per unit; Flooring, New Appliances, HVAC's, Granite Counter-tops, Carpet, Cabinet Doors, Blinds and Upgraded Fixtures - varies by unit. All units have individual HVAC's, of which approx. 50% have been replaced in the last few years, and individual Hot water Heaters, of which approx. 33% have been replaced in the last few years. In addition, many of the appliances have also been replaced. There seems to be upside with continued exterior and interior upgrades, strong management, and with stabilization of the income.
The property includes a 3 building, 101 unit storage facility. Current management has leased approx. 21 units, leaving upside to a new owner. Continued improvements to the facility and a little more focus on renting and caring for the storage units should bring a much higher occupancy and income flow than is currently being produced from the storage facility.