Flex Property with Shop
For Sale
$725,000
6636 CANYON Drive, Amarillo, TX 79109
Commercial Sale, Amarillo, TX
Property Size2,800 SF
Price / SF$258.93
Days on Market118
Property Features for 6636 CANYON Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
0200 - SW Amarillo in City Limits
Directions
I-27 and Canyon Dr.
Subdivision
0230 - Glendale
Standard status
Active
APN
213170
Size
2,800 SF
Taxes and HOA fees
Tax Description
SECT 5 B S & F BLK 0009, IRREG 2.24 AC TR BEG 548.47FT E & 2343.5FT NE OF SW COR OF SECT, 2.2400 ACRES
Legal Description
SECT 5 B S & F BLK 0009, IRREG 2.24 AC TR BEG 548.47FT E & 2343.5FT NE OF SW COR OF SECT, 2.2400 ACRES
Utilities
Cooling system
Electric, Central Air
Amenities
digital billboard
lighted billboard
electric gate
security system
Building Details
Year built
1993
Flooring type
Tile
Building materials
Metal Fab
Roof type
Metal
Listing Agency:
Keller Williams Realty Amarillo
Listed By:
Bobby Tyler
(806) 359-4000
Added: May 13
Changed: Aug 19
Last Checked: Sep 7 at 2:06PM
MLS# 25-7839
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 2,800-square-foot flex property, built in 1993, combines updated office space with several shop structures. The office includes central electric heat and air conditioning, tile flooring, and a nearby lavatory. Improvements include a newer six-bay rear shop, a 150-by-60-foot rear shop, a 100-by-40-foot front Quonset building, and a 60-by-40-foot middle shop. The rear six-bay shop is set within 15 feet of concrete. Metal fabrication, a metal roof, a loading dock, steel fencing, and an electric security gate are also in place.
The property offers access to I-27, 130 feet of frontage, and two entries from Canyon Drive. Advertising improvements include one double-sided digital 10-by-20-foot billboard and one lighted 10-by-20-foot billboard. A security system supports the existing site improvements, and the property is currently leased.
The property offers access to I-27, 130 feet of frontage, and two entries from Canyon Drive. Advertising improvements include one double-sided digital 10-by-20-foot billboard and one lighted 10-by-20-foot billboard. A security system supports the existing site improvements, and the property is currently leased.
Key Highlights
- 2,800‑square‑foot flex property built in 1993
- Six‑bay rear shop with 15 feet of concrete surrounding it
- Additional 150‑by‑60‑foot rear shop, 100‑by‑40‑foot front Quonset, and 60‑by‑40‑foot middle shop
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
$32,130
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
4.43%
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%
$642,600
$642.6K
Cap Rate 7%
$459,000
$459.0K
Cap Rate 9%
$357,000
$357.0K
Market Conditions
NOI Build-Up for 2,800 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
$50.4K $18.00/SF
− Vacancy
−$7.6K −$2.70/SF
EGI
$42.8K $15.30/SF
− OpEx
−$10.7K −$3.82/SF
NOI
$32.1K $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%
$642,600
Cap Rate 7%
$459,000
Cap Rate 9%
$357,000
Alternative Uses
Best Use
Office B
$459.0K
$401.6K – $535.5K
NOI $32,130 @ 7.0% cap · market cap 4.43%
Second Best
Warehouse
$313.3K
$274.2K – $365.6K
NOI $21,934 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$625.2K
$547.0K – $729.4K
NOI $43,761 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
479
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 79109, TX
42,509
Population
20,308
Households
2.1
Avg Household Size
39
Median Age
33%
College-Educated
93%
High-School Grad
10.3 sq mi
ZIP Area
4,127
Density / Sq Mi
$68,579
Median Household Income
$41,410
Median Earnings
$945
Median Rent
$217,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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- Two Knives Catering — 5500 Bluebird St Suite 400, Amarillo, TX 79109
Frequently Asked Questions
What type of property is this?
Flex space - Currently leased flex property with updated office space and multiple shop improvements.
Where is this flex space located?
The property is located at 6636 CANYON Drive Amarillo, TX.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 2,800‑square‑foot flex property built in 1993; Six‑bay rear shop with 15 feet of concrete surrounding it; Additional 150‑by‑60‑foot rear shop, 100‑by‑40‑foot front Quonset, and 60‑by‑40‑foot middle shop
