Two-Unit Duplex on Corner
For Sale
Under Contract
$179,000
500 9th Avenue, Canyon, TX 79015
MULTI_FAMILY - Canyon, TX
Property Size1,734 SF
Price / SF$103.23
Days on Market56
Property Features for 500 9th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
0900 - All of Canyon in City Limits
Appliances
Range
Directions
SOUTH ON 23RD TO 4TH AVE WEST TO 11TH ST SOUTH TO 9TH AVE WEST
Subdivision
0902 - Westgate
Standard status
Active Under Contract
APN
114368
Size
1,734 SF
Taxes and HOA fees
Tax Description
MC GEE & HUTSON ADDN, BLK 0026, W 60FT OF NW/4 OF BLK, 0.2100 ACRES
Legal Description
MC GEE & HUTSON ADDN, BLK 0026, W 60FT OF NW/4 OF BLK, 0.2100 ACRES
Building Details
Year built
1962
Building materials
Siding, Brick Veneer
Roof type
Composition
Listing Agency:
Heritage Real Estate
(432) 413-3626
Listed By:
Yvette Ayala
(432) 413-3626
Added: Jun 29
Changed: Jul 24
Last Checked: Aug 23 at 4:06PM
MLS# 26-3838
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 is a two-unit duplex configured as two-bedroom, one-bath homes on each side. The units are currently rented, supporting an income-oriented setup for an owner-occupant or investor. The offering includes the property listed in the remarks at 901 5th St., along with the address provided at 500 9th Avenue.
The duplex sits on a corner lot in Canyon, Texas, within Randall County. The listing emphasizes that an appointment is required to view the property.
For prospective buyers, this is a straightforward multi-family purchase with matching unit layouts and existing tenants. Financing is limited to cash or conventional loan only, and showings must be scheduled in advance. If you are looking for a small, two-unit rental with a consistent two-bedroom configuration, this duplex is designed to fit that use case.
The duplex sits on a corner lot in Canyon, Texas, within Randall County. The listing emphasizes that an appointment is required to view the property.
For prospective buyers, this is a straightforward multi-family purchase with matching unit layouts and existing tenants. Financing is limited to cash or conventional loan only, and showings must be scheduled in advance. If you are looking for a small, two-unit rental with a consistent two-bedroom configuration, this duplex is designed to fit that use case.
Key Highlights
- Investment Opportunity: Multi‑unit property generating rental income.
- Includes Two Separate Units: Each unit features 2 bedrooms and 1 bathroom.
- Corner Lot Location: Potentially desirable location.
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
$13,292
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
7.43%
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%
$265,840
$265.8K
Cap Rate 7%
$189,886
$189.9K
Cap Rate 9%
$147,689
$147.7K
Market Conditions
NOI Build-Up for 1,734 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
$21.4K $12.36/SF
− Vacancy
−$2.4K −$1.41/SF
EGI
$19.0K $10.95/SF
− OpEx
−$5.7K −$3.29/SF
NOI
$13.3K $7.67/SF
Area
Randall County, TX
Vacancy
11.40%
Lease Rate
$12.36 /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%
$265,840
Cap Rate 7%
$189,886
Cap Rate 9%
$147,689
Alternative Uses
Best Use
Multifamily LT 5
$189.9K
$166.2K – $221.5K
NOI $13,292 @ 7.0% cap · market cap 7.43%
Second Best
Apartment 5plus
$168.3K
$147.3K – $196.4K
NOI $11,783 @ 7.0% cap · market cap 6.58%
Theoretical Best
Hotel Hospitality
$889.5K
$778.4K – $1.04M
NOI $62,268 @ 7.0% cap · market cap 34.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
150
Businesses Nearby
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 Multifamily 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?
Duplex - Duplex with two separately rented two-bedroom, one-bath units on a corner lot.
Where is this duplex located?
The property is located at 500 9th Avenue Canyon, TX.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: Investment Opportunity: Multi‑unit property generating rental income.; Includes Two Separate Units: Each unit features 2 bedrooms and 1 bathroom.; Corner Lot Location: Potentially desirable location.
