Investment Overview

Marcus & Millichap is pleased to bring to market the Odessa Social Security Office, a single-tenant government office building fully occupied by the Social Security Administration. The 11,000 rentable square foot, brick façade building was built-to-suit for the Social Security in 2002, according to their strict requirements, and sits on 1.31 Acres. The Property is currently encumbered by a 10-year lease (5 years firm). Originally, the Social Security Administration served only the city of Odessa out of this office. Within the last several years however, the Midland, TX Social Security office was consolidated to Odessa. After the consolidation, the Odessa office now served both cities, with a total population of over 263,000 people. The building features a brick façade and a standing seam metal roof. It also contains 20 interview stations, which were installed after the Midland consolidation, as well as a private interview room. In addition, the carpets and interior paint have been replaced within the last several years. The Social Security Administration (SSA) is an agency of the United States federal government that administers Social Security, a social insurance program consisting of retirement, disability, and survivors’ benefits. The annual budget for fiscal year 2022 is $14.2 billion, the highest ever budget for the agency. The public-facing aspect of their mission ensures that they will have a perpetual need for leased space. This offering is ideal for an investor who is seeking to invest in a stabilized single-tenant asset with a AA+ credit tenant (Moody’s, S&P).