Former Walgreens Storefront with
For Sale
Contact for pricing
1600 S Western St, Amarillo, TX 79106
Open-layout former Walgreens storefront with drive-thru, overhead fire suppression, and 75 parking spaces.
Property Size15,036 SF
Price / SF$192.87
Days on Market543
Property Features for 1600 S Western St
General Information
Standard status
Active
Size
15,036 SF
Total Parking Spaces
75
Property subtype
RETAIL
Site & Location
Drive-Thru
Yes
Road Access
Yes
Additional Details
Asking Price
$3,500,000
Sprinkler System
Yes
Listing Agency:
Gaut Whittenburg Emerson CRE
(806) 373-3111
Listed By:
Ben Whittenburg · License ##532785
Source:
Moodyscre
Added: Mar 21, 2025
Changed: Sep 7
Last Checked: Sep 13 at 10:28AM
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 CRE
Investment Insights
Based on property information with market context.
Former Walgreens storefront available for lease or sale at 1600 S Western St, Amarillo, TX 79106. The space offers an open layout floor plan, well suited for general retail, medical, restaurant, and other uses.
The property sits in a highly visible location at an intersection with ingress and egress to both Western and Plains. On-site parking is available with 75 parking places, and a drive-thru is in place.
Additional building features include an overhead fire suppression system. The tenant mix flexibility, combined with the practical drive-thru and parking layout, can support a range of street-facing concepts that benefit from a storefront presence and convenient customer access.
The property sits in a highly visible location at an intersection with ingress and egress to both Western and Plains. On-site parking is available with 75 parking places, and a drive-thru is in place.
Additional building features include an overhead fire suppression system. The tenant mix flexibility, combined with the practical drive-thru and parking layout, can support a range of street-facing concepts that benefit from a storefront presence and convenient customer access.
Key Highlights
- Former Walgreens storefront with open layout floor plan
- Drive‑thru in place
- 75 parking spaces for customer access
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
$145,248
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
5.01%
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%
$2,904,960
$2.9M
Cap Rate 7%
$2,074,971
$2.1M
Cap Rate 9%
$1,613,867
$1.6M
Market Conditions
NOI Build-Up for 15,036 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
$225.5K $15.00/SF
− Vacancy
−$18.0K −$1.20/SF
EGI
$207.5K $13.80/SF
− OpEx
−$62.2K −$4.14/SF
NOI
$145.2K $9.66/SF
Area
Amarillo, TX
Vacancy
8.00%
Lease Rate
$15.00 /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%
$2,904,960
Cap Rate 7%
$2,074,971
Cap Rate 9%
$1,613,867
Alternative Uses
Best Use
Retail
$2.07M
$1.82M – $2.42M
NOI $145,248 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.36M
$2.94M – $3.92M
NOI $234,995 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
499
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 79106, TX
27,692
Population
13,385
Households
2.1
Avg Household Size
37
Median Age
24%
College-Educated
87%
High-School Grad
8.6 sq mi
ZIP Area
3,220
Density / Sq Mi
$54,407
Median Household Income
$36,061
Median Earnings
$995
Median Rent
$163,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Storefront property - Open-layout former Walgreens storefront with drive-thru, overhead fire suppression, and 75 parking spaces.
Where is this storefront property located?
The property is located at 1600 S Western St Amarillo, TX.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Former Walgreens storefront with open layout floor plan; Drive‑thru in place; 75 parking spaces for customer access
