Downtown Flex Retail Office
For Sale
$690,000
701 Se 10th Avenue, Amarillo, TX 79101
Remodeled flex building with showrooms, warehouse space with two electric OH doors, and ADA-accessible restrooms.
Property Size10,300 SF
Price / SF$66.99
Days on Market59
Property Features for 701 Se 10th Avenue
General Information
Standard status
Active
Size
10,300 SF
Property subtype
Commercial
Amenities
classic barrel ceiling
hardwood flooring
wet bar
fireplace
open work spaces
freight elevator
glass overhead door
Building Details
Year Built
1925
Year Renovated
2020
Listing Agency:
Gaut Whittenburg Emerson Commercial Real Estate, LLC
Listed By:
Miles Bonifield · License #0594133
(806) 373-3111
Source:
Shopamarillohomes
Added: Jul 8
Changed: Aug 28
Last Checked: Aug 24 at 4:14AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Gaut Whittenburg Emerson Commercial Real Estate, LLC
Investment Insights
Based on property information with market context.
This downtown flex retail/office/warehouse building was remodeled in 2020 and is designed for a mix of showroom display and warehouse operations. The property features two large showrooms, an additional loft area, and warehouse space with two overhead doors equipped with electric openers. Interior improvements include barrel ceiling elements, hardwood flooring, a wet bar, fireplace, open work spaces, and a showroom freight elevator.
The building has three bathrooms, including two ADA-accessible restrooms, plus a basement. Exterior updates include newly painted exterior surfaces, retail glass windows along the front, a glass overhead door, awnings on the front, and a sealed TPO roof with a silicon coating. HVAC is included in the main showroom.
Parking is available along Johnson and in an included parking lot. The property is a hard corner location approximately 700 feet from Hodgetown.
The building has three bathrooms, including two ADA-accessible restrooms, plus a basement. Exterior updates include newly painted exterior surfaces, retail glass windows along the front, a glass overhead door, awnings on the front, and a sealed TPO roof with a silicon coating. HVAC is included in the main showroom.
Parking is available along Johnson and in an included parking lot. The property is a hard corner location approximately 700 feet from Hodgetown.
Key Highlights
- Remodeled in 2020, 1925‑built downtown flex retail/office/warehouse building
- Two large showrooms plus a loft area and open work spaces
- Warehouse space includes 2 OH doors with electric openers and a showroom freight elevator
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
$61,970
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
8.98%
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%
$1,239,400
$1.2M
Cap Rate 7%
$885,286
$885.3K
Cap Rate 9%
$688,556
$688.6K
Market Conditions
NOI Build-Up for 10,300 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
$92.7K $9.00/SF
− Vacancy
−$4.2K −$0.41/SF
EGI
$88.5K $8.59/SF
− OpEx
−$26.6K −$2.58/SF
NOI
$62.0K $6.02/SF
Area
Amarillo, TX
Vacancy
4.50%
Lease Rate
$9.00 /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%
$1,239,400
Cap Rate 7%
$885,286
Cap Rate 9%
$688,556
Alternative Uses
Best Use
Office B
$1.69M
$1.48M – $1.97M
NOI $118,193 @ 7.0% cap · market cap 17.13%
Second Best
Warehouse
$1.15M
$1.01M – $1.34M
NOI $80,686 @ 7.0% cap · market cap 11.69%
Theoretical Best
Office A
$2.30M
$2.01M – $2.68M
NOI $160,977 @ 7.0% cap · market cap 23.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,302
Businesses Nearby
Under-served
Demand for This Use
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Remodeled flex building with showrooms, warehouse space with two electric OH doors, and ADA-accessible restrooms.
Where is this flex space located?
The property is located at 701 Se 10th Avenue Amarillo, TX.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: Remodeled in 2020, 1925‑built downtown flex retail/office/warehouse building; Two large showrooms plus a loft area and open work spaces; Warehouse space includes 2 OH doors with electric openers and a showroom freight elevator
