Spa Property With Reception
For Sale
$425,000
1610 5TH Avenue, Canyon, TX 79015
COMMERCIAL - Canyon, TX
Property Size2,767 SF
Price / SF$153.60
Days on Market198
Property Features for 1610 5TH Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
0900 - All of Canyon in City Limits
Directions
From 4th street go South on 17th to 5th.
Subdivision
0903 - Hidden Val/Orig Town
Standard status
Active
APN
219926
Size
2,767 SF
Taxes and HOA fees
Tax Description
ORIGINAL TOWN OF CANYON LOTBLOCK 0051 1 THRU 3
Legal Description
ORIGINAL TOWN OF CANYON LOTBLOCK 0051 1 THRU 3
Building Details
Year built
1962
Listing Agency:
Gaut Whittenburg Emerson Commercial Real Estate, LLC
(806) 373-3111
Listed By:
Miles Bonifield · License #0594133
(806) 373-3111
Added: Jan 26
Changed: Aug 4
Last Checked: Aug 12 at 11:06PM
MLS# 25-3672
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 2767-square-foot spa and wellness property at 1610 5TH Avenue in Canyon offers a practical layout for office, salon, spa, or retail use. The interior includes a reception area, 10 offices, and 2 bathrooms, with sinks installed in some rooms. Large windows bring natural light into the space, while updated laminate vinyl flooring provides a refreshed interior finish. Washer and dryer hookups are available.
The property is near Canyon’s Downtown Square, where shopping outlets and annual community events are located. It is one of the buildings on the square with its own parking lot, providing on-site parking for occupants and visitors.
The property is near Canyon’s Downtown Square, where shopping outlets and annual community events are located. It is one of the buildings on the square with its own parking lot, providing on-site parking for occupants and visitors.
Key Highlights
- 2767 square feet with reception area, 10 offices, and 2 bathrooms
- Sinks installed in some rooms for spa, salon, or office use
- Updated laminate vinyl flooring throughout the interior
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
$37,480
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
8.82%
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%
$749,600
$749.6K
Cap Rate 7%
$535,429
$535.4K
Cap Rate 9%
$416,444
$416.4K
Market Conditions
NOI Build-Up for 2,767 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
$56.8K $20.52/SF
− Vacancy
−$3.2K −$1.17/SF
EGI
$53.5K $19.35/SF
− OpEx
−$16.1K −$5.81/SF
NOI
$37.5K $13.55/SF
Area
Randall County, TX
Vacancy
5.70%
Lease Rate
$20.52 /SF/Yr
Expense Ratio
30.00%
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%
$749,600
Cap Rate 7%
$535,429
Cap Rate 9%
$416,444
Alternative Uses
Best Use
Retail
$535.4K
$468.5K – $624.7K
NOI $37,480 @ 7.0% cap · market cap 8.82%
Second Best
Office B
$511.4K
$447.5K – $596.6K
NOI $35,798 @ 7.0% cap · market cap 8.42%
Theoretical Best
Hotel Hospitality
$1.42M
$1.24M – $1.66M
NOI $99,363 @ 7.0% cap · market cap 23.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
734
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Fuller Chiropractic and Wellness — 1205 23rd St, Canyon, TX 79015
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Flexible interior includes natural light, multiple sinks, and washer-dryer hookups.
Where is this spa & wellness property located?
The property is located at 1610 5TH Avenue Canyon, TX.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2767 square feet with reception area, 10 offices, and 2 bathrooms; Sinks installed in some rooms for spa, salon, or office use; Updated laminate vinyl flooring throughout the interior
