Brick
New
For Sale
$235,000
1321 Evergreen Street, Amarillo, TX 79107
MultiFamily, Amarillo, TX
Property Size2,697 SF
Lot Size0.28 Acres
Price / SF$87.13
Days on Market3
Property Features for 1321 Evergreen Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
0300 - NE Amarillo in City Limits
Bedrooms
8
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 7, Bedroom 4, Bedroom 6, Bathroom 3, Bathroom 4, Bedroom 8, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2
Appliances
Refrigerator, Range
Directions
From I-40 take exit 73 toward Eastern St. Turn left on Eastern, Turn Right on E Amarillo BLVD, Left on Evergreen
Subdivision
0322 - Eastridge
Standard status
Active
APN
214106
Size
2,697 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Description
EASTRIDGE # 7, BLK 0035, N 15FT OF 29 ALL OF 30 & S 30FT OF 31
Legal Description
EASTRIDGE # 7, BLK 0035, N 15FT OF 29 ALL OF 30 & S 30FT OF 31
Building Details
Year built
1960
Number of units
4
Roof type
Composition
Listing Agency:
EXP Realty, LLC
(888) 519-7431
Listed By:
Jessica Waggoner
(888) 519-7431
Added: Aug 28
Last Checked: Aug 30 at 4:06AM
MLS# 26-6940
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 brick fourplex contains four residential units within a 2,697-square-foot property on 0.28 acres. The building was constructed in 1960 and features a composition roof, refrigerators, and ranges. Windows and doors have been replaced, and each unit has received a new hot water heater within the last two years.
The property is located at 1321 Evergreen Street in Amarillo, Texas 79107. All four units are currently occupied. A rent roll and leases are available with an executed contract, while interior photographs of Units A, B, and D are available by request.
The property is located at 1321 Evergreen Street in Amarillo, Texas 79107. All four units are currently occupied. A rent roll and leases are available with an executed contract, while interior photographs of Units A, B, and D are available by request.
Key Highlights
- Four‑unit brick property with 100% occupancy
- 2,697 square feet on 0.28 acres
- New windows and doors
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
$20,338
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
8.65%
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%
$406,760
$406.8K
Cap Rate 7%
$290,543
$290.5K
Cap Rate 9%
$225,978
$226.0K
Market Conditions
NOI Build-Up for 2,697 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
$30.7K $11.40/SF
− Vacancy
−$1.7K −$0.63/SF
EGI
$29.1K $10.77/SF
− OpEx
−$8.7K −$3.23/SF
NOI
$20.3K $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%
$406,760
Cap Rate 7%
$290,543
Cap Rate 9%
$225,978
Alternative Uses
Best Use
Multifamily LT 5
$290.5K
$254.2K – $339.0K
NOI $20,338 @ 7.0% cap · market cap 8.65%
Second Best
Apartment 5plus
$255.5K
$223.6K – $298.1K
NOI $17,887 @ 7.0% cap · market cap 7.61%
Theoretical Best
Office A
$602.2K
$526.9K – $702.5K
NOI $42,151 @ 7.0% cap · market cap 17.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
129
Businesses Nearby
Explore this area
Business Placement
Demographics for 79107, TX
37,480
Population
12,346
Households
3
Avg Household Size
34
Median Age
6%
College-Educated
61%
High-School Grad
19.6 sq mi
ZIP Area
1,912
Density / Sq Mi
$39,474
Median Household Income
$28,084
Median Earnings
$1,016
Median Rent
$88,400
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 - Fully occupied income property with updated windows, doors, and water heaters.
Where is this quadplex located?
The property is located at 1321 Evergreen Street Amarillo, TX.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Four‑unit brick property with 100% occupancy; 2,697 square feet on 0.28 acres; New windows and doors
