Flex Space with Fenced
For Sale
$255,000
Pending
1006 N 2ND Avenue, Canyon, TX 79015
COMMERCIAL - Canyon, TX
Property Size2,400 SF
Days on Market22
Property Features for 1006 N 2ND Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
0900 - All of Canyon in City Limits
Directions
Heading west on highway 60, turn left onto 11th street, then turn right onto 3rd avenue, take a right onto 10th street, and another right onto 2nd avenue. Shop will be on your right side of the street.
Subdivision
0900 - Canyon All Other
Standard status
Pending
Size
2,400 SF
Amenities
closed-cell spray foam insulation
shop sink
250,000 BTU natural gas heater
climate-controlled office with mini-split HVAC
8' * 8' ADA-compliant restroom
overhead storage above both
commercial-grade chain-link security fencing
two 20' gates
crushed asphalt yard
Building Details
Year built
2026
Listing Agency:
Palo Duro Real Estate
Listed By:
Bailey Hartman
(806) 476-0583
Added: Aug 12
Changed: Aug 17
Last Checked: Sep 2 at 11:06PM
MLS# 26-6472
Copyright © 2026 Amarillo Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,400-square-foot flex space is under construction with a planned 2026 completion. The 40-by-60-foot commercial shop will have a 16-foot interior height, a 6-inch reinforced concrete slab, closed-cell spray foam insulation, and a 14-by-14-foot overhead door. Electrical improvements include multiple 110V outlets and a 220V welding outlet, while a 250,000 BTU natural gas heater supports the shop area. A shop sink is also included.
The interior configuration provides a climate-controlled office with mini-split HVAC, an 8-by-8-foot ADA-compliant restroom, and overhead storage above both areas. Exterior improvements include commercial-grade chain-link security fencing, two 20-foot gates, and a crushed asphalt yard designed for drainage. The property is located at 1006 N 2nd Avenue in Canyon, Texas, 79015.
The interior configuration provides a climate-controlled office with mini-split HVAC, an 8-by-8-foot ADA-compliant restroom, and overhead storage above both areas. Exterior improvements include commercial-grade chain-link security fencing, two 20-foot gates, and a crushed asphalt yard designed for drainage. The property is located at 1006 N 2nd Avenue in Canyon, Texas, 79015.
Key Highlights
- 2,400 square feet with a 40' * 60' * 16' shop configuration
- 6'' reinforced concrete slab and closed‑cell spray foam insulation
- 14' * 14' overhead door with multiple 110V outlets and a 220V welding outlet
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,040
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.90%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$300,800
$300.8K
Cap Rate 7%
$214,857
$214.9K
Cap Rate 9%
$167,111
$167.1K
Market Conditions
NOI Build-Up for 2,400 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$19.3K $8.04/SF
− Vacancy
−$1.6K −$0.67/SF
EGI
$17.7K $7.37/SF
− OpEx
−$2.7K −$1.11/SF
NOI
$15.0K $6.27/SF
Area
Randall County, TX
Vacancy
8.30%
Lease Rate
$8.04 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$300,800
Cap Rate 7%
$214,857
Cap Rate 9%
$167,111
Alternative Uses
Best Use
Warehouse
$214.9K
$188.0K – $250.7K
NOI $15,040 @ 7.0% cap · market cap 5.90%
Second Best
Flex RnD
$206.0K
$180.3K – $240.3K
NOI $14,420 @ 7.0% cap · market cap 5.65%
Theoretical Best
Hotel Hospitality
$1.23M
$1.08M – $1.44M
NOI $86,184 @ 7.0% cap · market cap 33.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
Yes
Fenced yard
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
448
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 79015, TX
21,710
Population
9,311
Households
2.3
Avg Household Size
32
Median Age
40%
College-Educated
95%
High-School Grad
328.5 sq mi
ZIP Area
66
Density / Sq Mi
$81,351
Median Household Income
$43,168
Median Earnings
$976
Median Rent
$267,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Under-construction commercial shop with an office, ADA-compliant restroom, secured yard, and dedicated workshop infrastructure.
Where is this flex space located?
The property is located at 1006 N 2ND Avenue Canyon, TX.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: 2,400 square feet with a 40' * 60' * 16' shop configuration; 6'' reinforced concrete slab and closed‑cell spray foam insulation; 14' * 14' overhead door with multiple 110V outlets and a 220V welding outlet
