Remodeled
For Sale
$425,000
701 SW 15TH Avenue, Amarillo, TX 79101
MultiFamily, Amarillo, TX
Property Size3,696 SF
Price / SF$114.99
Days on Market102
Property Features for 701 SW 15TH Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
0100 - NW Amarillo in City Limits
Exterior features
Balcony
Directions
West on I-40 to Washington, then right on 15th Ave. The apartment is on the right at the corner of 15th and Madison.
Subdivision
0100 - Plemons
Standard status
Active
APN
214170
Size
3,696 SF
Taxes and HOA fees
Tax Description
PLEMONS, BLK 0218, E 70 OF N 75 OF LOT 1, 0.1200 ACRES
Legal Description
PLEMONS, BLK 0218, E 70 OF N 75 OF LOT 1, 0.1200 ACRES
Building Details
Year built
1926
Listing Agency:
Wieck Realty, Inc.
(806) 236-4003
Listed By:
Kathryn Tow · License #709172
(806) 358-7421
Added: May 29
Changed: Sep 3
Last Checked: Sep 7 at 5:06PM
MLS# 26-4365
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 3,696-square-foot quadplex, built in 1926, includes four income-producing residential units. The configuration features one two-bedroom, one-bath unit alongside three one-bedroom, one-bath units. Three residences have been remodeled with updated finishes, while the property also includes a balcony.
The unit mix provides a combination of two-bedroom and one-bedroom layouts within a single multifamily asset. Showings require 24-hour notice, and the property is tenant occupied; visitors should not disturb residents.
The unit mix provides a combination of two-bedroom and one-bedroom layouts within a single multifamily asset. Showings require 24-hour notice, and the property is tenant occupied; visitors should not disturb residents.
Key Highlights
- Four‑unit quadplex totaling 3,696 square feet
- Three units have been remodeled with updated finishes
- Unit mix includes one 2‑bedroom/1‑bath unit and three 1‑bedroom/1‑bath units
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
$27,872
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
6.56%
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%
$557,440
$557.4K
Cap Rate 7%
$398,171
$398.2K
Cap Rate 9%
$309,689
$309.7K
Market Conditions
NOI Build-Up for 3,696 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
$42.1K $11.40/SF
− Vacancy
−$2.3K −$0.63/SF
EGI
$39.8K $10.77/SF
− OpEx
−$11.9K −$3.23/SF
NOI
$27.9K $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%
$557,440
Cap Rate 7%
$398,171
Cap Rate 9%
$309,689
Alternative Uses
Best Use
Multifamily LT 5
$398.2K
$348.4K – $464.5K
NOI $27,872 @ 7.0% cap · market cap 6.56%
Second Best
Apartment 5plus
$350.2K
$306.4K – $408.6K
NOI $24,513 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$825.2K
$722.1K – $962.7K
NOI $57,764 @ 7.0% cap · market cap 13.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,453
Businesses Nearby
Explore this area
Business Placement
Demographics for 79101, TX
2,307
Population
1,309
Households
1.8
Avg Household Size
51
Median Age
15%
College-Educated
81%
High-School Grad
1.6 sq mi
ZIP Area
1,442
Density / Sq Mi
$40,313
Median Household Income
$36,409
Median Earnings
$898
Median Rent
$152,300
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?
Quadplex - Income-producing residential property with updated finishes in three units and a balcony.
Where is this quadplex located?
The property is located at 701 SW 15TH Avenue Amarillo, 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: Four‑unit quadplex totaling 3,696 square feet; Three units have been remodeled with updated finishes; Unit mix includes one 2‑bedroom/1‑bath unit and three 1‑bedroom/1‑bath units
