6-Unit Apartment Building with
For Sale
$1,180,000
10524 Tierra Santa Drive, Amarillo, TX 79119
MultiFamily, Amarillo, TX
Property Size5,982 SF
Lot Size1.02 Acres
Price / SF$197.26
Days on Market117
Property Features for 10524 Tierra Santa Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning description
2000 - SW of Amarillo City Limits
Bedrooms
12
Full bathrooms
12
Rooms
Bathroom 11, Bedroom 12, Bathroom 3, Bathroom 5, Bathroom 1, Bedroom 11, Bathroom 8, Bathroom 10, Bedroom 4, Bedroom 6, Bathroom 6, Bathroom 7, Bathroom 9, Bedroom 8, Bedroom 7, Bathroom 2, Bathroom 4, Bathroom 12, Bedroom 1, Bedroom 5, Bedroom 9, Bedroom 3, Bedroom 10, Bedroom 2
Appliances
Refrigerator, Range, Microwave, Disposal, Dishwasher
Directions
VFW Rd to FM 2590. West on FM 2590 to Helium. South on Helium to Tierra Santa Dr.
Subdivision
2162 - Strawberry Fields
Standard status
Active
APN
312976
Size
5,982 SF
Lot size
1.02 Acres
Taxes and HOA fees
Tax Description
Lot 011, Blk 0005 Tierra Santa #3
Legal Description
Lot 011, Blk 0005 Tierra Santa #3
Utilities
Cooling system
Central Air, Electric
Amenities
covered back patio
private yard
sprinkler system
granite countertops
LVP flooring
range
microwave
dishwasher
disposal
refrigerator
Building Details
Year built
2025
Number of units
6
Building materials
Brick Veneer
Roof type
Composition
Listing Agency:
Keller Williams Realty Amarillo
(806) 359-4000
Listed By:
The Connie Taylor Group
(806) 236-1370
Added: May 14
Changed: Sep 2
Last Checked: Sep 7 at 7:06PM
MLS# 26-36
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 6-unit apartment property is under construction and contains 5,982 square feet on 1.02 acres. Each residence is configured with 2 bedrooms, 2 bathrooms, and a 1-car garage. Interior features include open-concept living areas, granite kitchen counters, luxury vinyl plank flooring, and an all-electric setup with central air. Appliances include a refrigerator, range, microwave, disposal, and dishwasher.
Every unit includes a covered rear patio and a private gravel-finished yard. The front lawn is supported by an in-ground sprinkler system. Brick veneer construction, composition roofing, and a 2025 build year complete the primary property specifications. The property is located at 10524 Tierra Santa Drive in Amarillo, Texas 79119, within Randall County.
Every unit includes a covered rear patio and a private gravel-finished yard. The front lawn is supported by an in-ground sprinkler system. Brick veneer construction, composition roofing, and a 2025 build year complete the primary property specifications. The property is located at 10524 Tierra Santa Drive in Amarillo, Texas 79119, within Randall County.
Key Highlights
- 6‑unit apartment property with 5,982 square feet on 1.02 acres
- Each unit includes 2 bedrooms, 2 bathrooms, and a 1‑car garage
- 2025 construction currently listed as under construction
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
$39,674
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
3.36%
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%
$793,480
$793.5K
Cap Rate 7%
$566,771
$566.8K
Cap Rate 9%
$440,822
$440.8K
Market Conditions
NOI Build-Up for 5,982 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
$76.1K $12.72/SF
− Vacancy
−$4.0K −$0.66/SF
EGI
$72.1K $12.06/SF
− OpEx
−$32.5K −$5.43/SF
NOI
$39.7K $6.63/SF
Area
Amarillo, TX
Vacancy
5.20%
Lease Rate
$12.72 /SF/Yr
Expense Ratio
45.00%
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%
$793,480
Cap Rate 7%
$566,771
Cap Rate 9%
$440,822
Alternative Uses
Best Use
Apartment 5plus
$566.8K
$495.9K – $661.2K
NOI $39,674 @ 7.0% cap · market cap 3.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,491 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Explore this area
Business Placement
Demographics for 79119, TX
21,147
Population
9,839
Households
2.1
Avg Household Size
37
Median Age
44%
College-Educated
97%
High-School Grad
99.5 sq mi
ZIP Area
213
Density / Sq Mi
$100,546
Median Household Income
$63,728
Median Earnings
$1,217
Median Rent
$335,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Under-construction multifamily property with matching layouts, private outdoor areas, and modern appliance packages.
Where is this apartment building located?
The property is located at 10524 Tierra Santa Drive Amarillo, TX.
What is the asking price?
The asking price for this property is $1,180,000.
What are key features of this property?
This property features: 6‑unit apartment property with 5,982 square feet on 1.02 acres; Each unit includes 2 bedrooms, 2 bathrooms, and a 1‑car garage; 2025 construction currently listed as under construction
