Residential Income Multi-Family
For Sale
Under Contract
$199,000
1619 S Madison Street, Amarillo, TX 79102
MultiFamily, Amarillo, TX
Property Size1,260 SF
Price / SF$157.94
Days on Market46
Property Features for 1619 S Madison Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
0100 - NW Amarillo in City Limits
Appliances
Range
Directions
From I-40, go north on Washington to 17th and turn right. Follow 17th to Madison and 1619 is on the corner of 17th and Madison (behind Buzula Furniture)
Subdivision
0100 - Plemons
Standard status
Active Under Contract
APN
161029
Size
1,260 SF
Taxes and HOA fees
Tax Description
PLEMONS- A EBERSTADTS' AMD SUB OF BLK 0221, W 100FT OF LOT 11
Legal Description
PLEMONS- A EBERSTADTS' AMD SUB OF BLK 0221, W 100FT OF LOT 11
Utilities
Cooling system
Central Air, Electric
Building Details
Year built
1917
Building materials
Frame
Roof type
Composition
Listing Agency:
Keller Williams Realty Amarillo
Listed By:
Emmy Mitchell
(806) 359-4000
Added: Jul 24
Changed: Sep 2
Last Checked: Sep 7 at 4:06PM
MLS# 26-5982
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 property includes a move-in ready 3-bedroom, 1-bath home at 1619 S Madison Street, Amarillo, TX 79102. It also features an income-producing duplex located at 612 SW 17th, with two separate units, each offering 1 bedroom and 1 bath.
According to the public remarks, the duplex units generate a combined $1,300 per month in rental income. The configuration provides flexibility to live in the main home while collecting rental income from the duplex, or to consider the property as an investment with all three units included.
Owner/Agent remarks note the home is positioned with the duplex directly behind it, supporting a convenient, combined setup for day-to-day management.
According to the public remarks, the duplex units generate a combined $1,300 per month in rental income. The configuration provides flexibility to live in the main home while collecting rental income from the duplex, or to consider the property as an investment with all three units included.
Owner/Agent remarks note the home is positioned with the duplex directly behind it, supporting a convenient, combined setup for day-to-day management.
Key Highlights
- Move‑in ready 3‑bedroom home with an income‑producing duplex located behind the main residence at 612 SW 17th
- Duplex has 1 bedroom and 1 bath per unit for combined $1,300/month in rental income
- Central air cooling and electric cooling; range included
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
$9,502
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
4.77%
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%
$190,040
$190.0K
Cap Rate 7%
$135,743
$135.7K
Cap Rate 9%
$105,578
$105.6K
Market Conditions
NOI Build-Up for 1,260 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
$14.4K $11.40/SF
− Vacancy
−$790 −$0.63/SF
EGI
$13.6K $10.77/SF
− OpEx
−$4.1K −$3.23/SF
NOI
$9.5K $7.54/SF
Area
Amarillo, TX
Vacancy
5.50%
Lease Rate
$11.40 /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%
$190,040
Cap Rate 7%
$135,743
Cap Rate 9%
$105,578
Alternative Uses
Best Use
Multifamily LT 5
$135.7K
$118.8K – $158.4K
NOI $9,502 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$119.4K
$104.5K – $139.3K
NOI $8,357 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$281.3K
$246.2K – $328.2K
NOI $19,692 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
814
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Move-in ready 3-bedroom home plus an income-producing duplex with two 1-bedroom, 1-bath units.
Where is this multifamily property located?
The property is located at 1619 S Madison Street Amarillo, TX.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Move‑in ready 3‑bedroom home with an income‑producing duplex located behind the main residence at 612 SW 17th; Duplex has 1 bedroom and 1 bath per unit for combined $1,300/month in rental income; Central air cooling and electric cooling; range included
