Leased Duplex with Two
New
For Sale
$100,000
1506 SW 11TH Avenue, Amarillo, TX 79101
MultiFamily, Amarillo, TX
Property Size1,216 SF
Price / SF$82.24
Days on Market5
Property Features for 1506 SW 11TH Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
0100 - NW Amarillo in City Limits
Bedrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bathroom 1, Bathroom 2
Directions
From 10th Ave, south on Travis, then left on sw 11th, house is on the left.
Subdivision
0101 - Bivins
Standard status
Active
APN
109984
Size
1,216 SF
Taxes and HOA fees
Tax Description
JOSLIN ADDN, BLK 0036, E 12FT OF 8 & W 38FT OF 9 BLK 36 CROWDUS & STARKEY ADDN PLUS ALL OF 2 IN
Legal Description
JOSLIN ADDN, BLK 0036, E 12FT OF 8 & W 38FT OF 9 BLK 36 CROWDUS & STARKEY ADDN PLUS ALL OF 2 IN
Utilities
Cooling system
Electric
Amenities
washer/dryer hookups
Building Details
Year built
1928
Number of units
2
Roof type
Composition
Listing Agency:
Keller Williams Realty Amarillo
(806) 359-4000
Listed By:
Michelle Fowler
(806) 359-4000
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 23 at 2:06PM
MLS# 26-6648
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 1,216-square-foot duplex contains two separate residential units, each arranged with one bedroom and one bathroom. Both residences include washer/dryer hookups, while Unit A has a mini-split system for heating and cooling. The property was built in 1928, has a composition roof, and uses electric cooling.
Both units are currently leased, and the property is tenant occupied. Located in Amarillo’s Bivins neighborhood, the duplex offers a two-residence income-property configuration. Showings require 24 hours’ notice.
Both units are currently leased, and the property is tenant occupied. Located in Amarillo’s Bivins neighborhood, the duplex offers a two-residence income-property configuration. Showings require 24 hours’ notice.
Key Highlights
- Two‑unit duplex totaling 1,216 square feet
- Each unit has 1 bedroom and 1 bathroom
- Both units are currently leased and tenant occupied
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
$9,170
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%
$183,400
$183.4K
Cap Rate 7%
$131,000
$131.0K
Cap Rate 9%
$101,889
$101.9K
Market Conditions
NOI Build-Up for 1,216 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
$13.9K $11.40/SF
− Vacancy
−$762 −$0.63/SF
EGI
$13.1K $10.77/SF
− OpEx
−$3.9K −$3.23/SF
NOI
$9.2K $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%
$183,400
Cap Rate 7%
$131,000
Cap Rate 9%
$101,889
Alternative Uses
Best Use
Multifamily LT 5
$131.0K
$114.6K – $152.8K
NOI $9,170 @ 7.0% cap · market cap 9.17%
Second Best
Apartment 5plus
$115.2K
$100.8K – $134.4K
NOI $8,065 @ 7.0% cap · market cap 8.07%
Theoretical Best
Office A
$271.5K
$237.6K – $316.8K
NOI $19,005 @ 7.0% cap · market cap 19.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
931
Businesses Nearby
Explore this area
Business Placement
Demographics for 79101, TX
2,307
Population
1,309
Households
1.8
Avg Household Size
51
Median Age
15%
College-Educated
81%
High-School Grad
1.6 sq mi
ZIP Area
1,442
Density / Sq Mi
$40,313
Median Household Income
$36,409
Median Earnings
$898
Median Rent
$152,300
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?
Duplex - Each residence includes washer/dryer hookups, with a mini-split system serving one unit.
Where is this duplex located?
The property is located at 1506 SW 11TH Avenue Amarillo, TX.
What is the asking price?
The asking price for this property is $100,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,216 square feet; Each unit has 1 bedroom and 1 bathroom; Both units are currently leased and tenant occupied
