Renovated Office
For Sale
$187,000
Pending
1408 SW 15TH Avenue, Amarillo, TX 79102
COMMERCIAL - Amarillo, TX
Property Size1,495 SF
Days on Market111
Property Features for 1408 SW 15TH Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
0100 - NW Amarillo in City Limits
Directions
Positioned on 15th in between Georgia and Washington. Coming from I-40 W exit Georgia, turn right on Georgia, left on 15th and head towards Washington. Property will be on the left hand side of the street.
Subdivision
0101 - Bivins
Standard status
Pending
APN
216338
Size
1,495 SF
Taxes and HOA fees
Tax Description
COMM SQ W FIFTEENTH ADDN, BLK 0002, E 22.9FT OF 6
Legal Description
COMM SQ W FIFTEENTH ADDN, BLK 0002, E 22.9FT OF 6
Building Details
Year built
1952
Listing Agency:
Gaut Whittenburg Emerson Commercial Real Estate, LLC
(806) 373-3111
Listed By:
Meagan Brown · License ##800118
(806) 373-3111
Added: Apr 23
Changed: Aug 10
Last Checked: Aug 11 at 11:06PM
MLS# 26-2139
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 1,495-square-foot office property, built in 1952, has undergone multiple updates for current commercial use. Improvements include newer HVAC, a newer TPO roof, fresh interior paint, a remodeled restroom, updated gutters, and replacement windows. The building’s scale and office-oriented layout support a range of professional workspace configurations.
The property is positioned near downtown Amarillo with convenient access to I-40. Its existing improvements provide a functional foundation for an owner-user or an operator seeking office space for professional, creative, wellness, or related commercial activities.
The property is positioned near downtown Amarillo with convenient access to I-40. Its existing improvements provide a functional foundation for an owner-user or an operator seeking office space for professional, creative, wellness, or related commercial activities.
Key Highlights
- 1,495‑square‑foot office property
- Built in 1952
- Newer HVAC and TPO roof
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
$17,155
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
9.17%
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%
$343,100
$343.1K
Cap Rate 7%
$245,071
$245.1K
Cap Rate 9%
$190,611
$190.6K
Market Conditions
NOI Build-Up for 1,495 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
$26.9K $18.00/SF
− Vacancy
−$4.0K −$2.70/SF
EGI
$22.9K $15.30/SF
− OpEx
−$5.7K −$3.82/SF
NOI
$17.2K $11.48/SF
Area
Amarillo, TX
Vacancy
15.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$343,100
Cap Rate 7%
$245,071
Cap Rate 9%
$190,611
Alternative Uses
Best Use
Office B
$245.1K
$214.4K – $285.9K
NOI $17,155 @ 7.0% cap · market cap 9.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$333.8K
$292.1K – $389.4K
NOI $23,365 @ 7.0% cap · market cap 12.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,490
Businesses Nearby
Explore this area
Business Placement
Demographics for 79102, TX
9,252
Population
4,695
Households
2
Avg Household Size
35
Median Age
20%
College-Educated
78%
High-School Grad
2.7 sq mi
ZIP Area
3,427
Density / Sq Mi
$48,551
Median Household Income
$34,911
Median Earnings
$891
Median Rent
$146,500
Median Home Value
Market
Vacancy Rate% for Office 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?
Office units - Updated commercial workspace near downtown with newer building systems and a remodeled restroom.
Where is this office units located?
The property is located at 1408 SW 15TH Avenue Amarillo, TX.
What is the asking price?
The asking price for this property is $187,000.
What are key features of this property?
This property features: 1,495‑square‑foot office property; Built in 1952; Newer HVAC and TPO roof
