Versatile Commercial Property in
For Sale
$275,000
1502 S Lipscomb Street, Amarillo, TX 79102
COMMERCIAL - Amarillo, TX
Property Size3,916 SF
Price / SF$70.22
Days on Market79
Property Features for 1502 S Lipscomb Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
0100 - NW Amarillo in City Limits
Parking
5
Directions
Heading north on Georgia, turn right onto 15th Avenue and continue almost to Washington Street. Turn right onto Lipscomb Street; the building will be on the right-hand side.
Subdivision
0101 - Bivins
Standard status
Active
APN
214583
Size
3,916 SF
Taxes and HOA fees
Tax Description
CENTRAL SQUARE ADDN, LOT 002, BLK 0002
Legal Description
CENTRAL SQUARE ADDN, LOT 002, BLK 0002
Utilities
Cooling system
Central Air
Building Details
Year built
1941
Listing Agency:
Gaut Whittenburg Emerson Commercial Real Estate, LLC
(806) 373-3111
Listed By:
Meagan Brown · License ##800118
(806) 373-3111
Added: May 14
Changed: Jun 8
Last Checked: Jul 31 at 2:06PM
MLS# 26-3913
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 versatile free-standing commercial property in Amarillo, Texas, offers an ideal combination of office and warehouse space with convenient access just off I-40. Centrally located near downtown and major supply vendors, the property is well suited for roofing, plumbing, wholesale, retail sales, or other commercial operations. The updated office area includes a reception area, private offices, a conference room, a kitchen/break area, ample storage, and two restrooms. Recent improvements include a newer roof, updated HVAC systems, LED lighting, and gutters. The warehouse features pull-through access with two 8-foot overhead doors, three-phase electrical service, compressed air lines, and a fenced side yard. The property, located at 1502 S Lipscomb Street, Amarillo, TX 79102, is situated in Potter County and encompasses a total of 3,916 square feet. This property presents an excellent opportunity for a wide range of commercial uses.
Key Highlights
- Convenient access just off I‑40 and centrally located near downtown and major supply vendors.
- Updated office area with reception, private offices, conference room, kitchen/break area, ample storage, and two restrooms.
- Warehouse with pull‑through access via two 8‑foot overhead doors.
Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $35.2k | $9.00 |
| − Vacancy | −$1.6k | −$0.41 |
| EGI | $33.7k | $8.59 |
| − OpEx | −$10.1k | −$2.58 |
| NOI | $23.6k | $6.02 |
3,916 SF · lease $9.00/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Office B
$641.9K
$561.7K – $748.9K
NOI $44,936 @ 7.0% cap · market cap 16.34%
Second Best
Warehouse
$438.2K
$383.5K – $511.3K
NOI $30,676 @ 7.0% cap · market cap 11.15%
Theoretical Best
Office A
$874.3K
$765.0K – $1.02M
NOI $61,202 @ 7.0% cap · market cap 22.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
359
Businesses Nearby
Under-served
Demand for This Use
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?
Flex space - Office and warehouse combination with convenient access near downtown.
Where is this flex space located?
The property is located at 1502 S Lipscomb Street Amarillo, TX.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Convenient access just off I‑40 and centrally located near downtown and major supply vendors.; Updated office area with reception, private offices, conference room, kitchen/break area, ample storage, and two restrooms.; Warehouse with pull‑through access via two 8‑foot overhead doors.
