Two-Unit
For Sale
$234,900
1423 NW 16th Avenue, Amarillo, TX 79107
MultiFamily, Amarillo, TX
Property Size1,993 SF
Price / SF$117.86
Days on Market12
Property Features for 1423 NW 16th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
0100 - NW Amarillo in City Limits
Bedrooms
6
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 2, Bedroom 6, Bathroom 3, Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 5, Bathroom 4, Bathroom 1
Appliances
Refrigerator, Range, Microwave, Dishwasher
Directions
WASHINGTON ST N. FROM BLVD TO 16TH THEN lEFT
Subdivision
0120 - North Heights
Standard status
Active
APN
298940
Size
1,993 SF
Taxes and HOA fees
Tax Description
UNIVERSITY HEIGHTS, BLK 0017, LOTS 15 & 16, 0.1606 ACRES
Legal Description
UNIVERSITY HEIGHTS, BLK 0017, LOTS 15 & 16, 0.1606 ACRES
Utilities
Cooling system
Central Air, Electric
Building Details
Year built
2022
Number of units
2
Roof type
Composition
Listing Agency:
Absolute Real Estate
(806) 433-3277
Listed By:
Deborah Kelly · License #0467226
(806) 359-0468
Added: Sep 1
Changed: Sep 12
Last Checked: Sep 12 at 9:06PM
MLS# 26-7058
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 1,993-square-foot duplex was constructed in 2022 and contains two separate residences. Each unit includes three bedrooms, two bathrooms, and an open arrangement connecting the living, dining, and kitchen areas. Solid-surface flooring extends throughout, with hallway utility space and washer/dryer hookups. Kitchens are equipped with a built-in microwave, dishwasher, refrigerator, and range.
One residence is occupied while the other is vacant, creating flexibility for an owner occupant or separate rental placement. The property is located at 1423 NW 16th Avenue in Amarillo, Texas. Electric central air conditioning serves the units, and the building has a composition roof.
One residence is occupied while the other is vacant, creating flexibility for an owner occupant or separate rental placement. The property is located at 1423 NW 16th Avenue in Amarillo, Texas. Electric central air conditioning serves the units, and the building has a composition roof.
Key Highlights
- 1,993‑square‑foot duplex built in 2022
- Two units, each with 3 bedrooms and 2 bathrooms
- One unit occupied and one unit vacant
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
$15,029
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
6.40%
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%
$300,580
$300.6K
Cap Rate 7%
$214,700
$214.7K
Cap Rate 9%
$166,989
$167.0K
Market Conditions
NOI Build-Up for 1,993 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
$22.7K $11.40/SF
− Vacancy
−$1.2K −$0.63/SF
EGI
$21.5K $10.77/SF
− OpEx
−$6.4K −$3.23/SF
NOI
$15.0K $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%
$300,580
Cap Rate 7%
$214,700
Cap Rate 9%
$166,989
Alternative Uses
Best Use
Multifamily LT 5
$214.7K
$187.9K – $250.5K
NOI $15,029 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$188.8K
$165.2K – $220.3K
NOI $13,218 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$445.0K
$389.4K – $519.1K
NOI $31,148 @ 7.0% cap · market cap 13.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
141
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Residential duplex with one occupied unit and one available for an owner occupant or tenant.
Where is this duplex located?
The property is located at 1423 NW 16th Avenue Amarillo, TX.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: 1,993‑square‑foot duplex built in 2022; Two units, each with 3 bedrooms and 2 bathrooms; One unit occupied and one unit vacant
