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1322 E 7th St
Odessa, TX 79761
Sierra Ridge · Multifamily Property For Sale
·
32 Units
PROPERTY FACTS
| No. Units | 32 | Lot Size | 1.18 AC |
| Property Type | Multifamily | Building Size | 18,752 SF |
| Property Subtype | Apartment | Average Occupancy | 81% |
| Apartment Style | Low-Rise | No. Stories | 2 |
| Building Class | C | Year Built | 1966 |
| Zoning | MF | ||
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.18 AC |
| Building Size | 18,752 SF |
| Average Occupancy | 81% |
| No. Stories | 2 |
| Year Built | 1966 |
| Zoning | MF |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Trash Pickup - Curbside
- Walking/Biking Trails
- Walk-Up
- Smoke Detector
ABOUT 1322 E 7TH ST , ODESSA, TX 79761
Sierra Ridge presents an excellent multifamily investment opportunity in Odessa. The 32-unit Sierra Ridge asset consists of 30 one-bedroom-one-bathroom units, and two two-bedroom-two-bathroom units. Sierra Ridge has a current effective rent of $641. The Midland and Odessa apartment rental market boasted a stunning rental increase of 41.6% in 2017, according to RealPage. This was the strongest annual rent growth in the country. Rent growth was not the only drastic increase, as occupancy in the market jumped 6.7 percent year-over-year during 2017, landing at 95.7% in the 4th quarter.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 30 | - | 568 |
| 2+2 | 2 | - | 850 |
PROPERTY TAXES
| Parcel Number | 27750-01050-00000 | Improvements Assessment | $1,230,375 |
| Land Assessment | $44,625 | Total Assessment | $1,275,000 |
PROPERTY TAXES
