Updated Commercial Property Near
For Sale
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1408 SW 15th Ave, Amarillo, TX 79102
Commercial property near downtown with modern upgrades and high visibility.
Property Size1,495 SF
Price / SF$125.08
Days on Market166
Property Features for 1408 SW 15th Ave
General Information
Standard status
Active
Size
1,495 SF
Class
A
Property subtype
Retail, Office
Zoning
GR - General Retail
Investment Type
Owner/User
Building Details
Year Built
1952
Listing Agency:
Gaut Whittenburg Emerson CRE
(806) 433-5407
Listed By:
Meagan Brown · License #800118
Source:
Crexi
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 21 at 10:03PM
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.
This commercial property is located near downtown and offers convenient access to I-40. The property has been updated with a TPO roof, electrical panel, HVAC system, windows, flooring, paint, lighting, a back patio concrete pad, siding, and gutters. It is suitable for various business uses, including retail, boutique, office, interior design, insurance, real estate, executive suites, and creative studios. The property benefits from high traffic counts, ensuring visibility.
Key Highlights
- Strategically located near downtown with easy access to I‑40 and high traffic counts.
- Suitable for a variety of businesses: retail, boutique, office, creative studios, and more.
- Fully renovated with modern upgrades:** TPO Roof, Electrical Panel, HVAC, Windows, Flooring, Paint and Lighting.
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
$17,155
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
9.17%
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%
$343,100
$343.1K
Cap Rate 7%
$245,071
$245.1K
Cap Rate 9%
$190,611
$190.6K
Market Conditions
NOI Build-Up for 1,495 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
$26.9K $18.00/SF
− Vacancy
−$4.0K −$2.70/SF
EGI
$22.9K $15.30/SF
− OpEx
−$5.7K −$3.82/SF
NOI
$17.2K $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%
$343,100
Cap Rate 7%
$245,071
Cap Rate 9%
$190,611
Alternative Uses
Best Use
Office B
$245.1K
$214.4K – $285.9K
NOI $17,155 @ 7.0% cap · market cap 9.17%
Second Best
Retail
$206.3K
$180.5K – $240.7K
NOI $14,442 @ 7.0% cap · market cap 7.72%
Theoretical Best
Office A
$333.8K
$292.1K – $389.4K
NOI $23,365 @ 7.0% cap · market cap 12.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
929
Businesses Nearby
Explore this area
Business Placement
Demographics for 79102, TX
9,252
Population
4,695
Households
2
Avg Household Size
35
Median Age
20%
College-Educated
78%
High-School Grad
2.7 sq mi
ZIP Area
3,427
Density / Sq Mi
$48,551
Median Household Income
$34,911
Median Earnings
$891
Median Rent
$146,500
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?
Retail space - Commercial property near downtown with modern upgrades and high visibility.
Where is this retail space located?
The property is located at 1408 SW 15th Ave Amarillo, TX.
What is the asking price?
The asking price for this property is $187,000.
What are key features of this property?
This property features: Strategically located near downtown with easy access to I‑40 and high traffic counts.; Suitable for a variety of businesses: retail, boutique, office, creative studios, and more.; Fully renovated with modern upgrades:** TPO Roof, Electrical Panel, HVAC, Windows, Flooring, Paint and Lighting.
