Versatile Commercial Property Near
For Sale
Contact for pricing
1515 S Garfield St, Amarillo, TX 79102
Commercial property near I-40 and downtown Amarillo, perfect for business.
Property Size2,640 SF
Lot Size0.40 Acres
Price / SF$121.17
Days on Market670
Property Features for 1515 S Garfield St
General Information
Standard status
Active
Size
2,640 SF
Lot size
0.40 Acres
Property subtype
Industrial, Office
Zoning
Commercial
Listing Agency:
KW - Connie Taylor Group
(806) 359-4000
Listed By:
Connie Taylor · License #TX
Source:
Crexi
Added: Oct 23, 2024
Changed: Aug 15
Last Checked: Aug 21 at 8:22PM
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 KW - Connie Taylor Group
Investment Insights
Based on property information with market context.
This versatile commercial property is situated on 0.4 acres of real estate near I-40 and downtown Amarillo, Texas, in the Barrio, located in an Opportunity Zone. The property includes heated and cooled space with an entrance area, two offices, a shared workspace, a break area, a meeting room, two bathrooms, and an open call area. The shop area is insulated and features two 12-foot roll doors and two man doors. The flexible layout is adaptable to various business needs. Its proximity to downtown ensures convenient access to the city center, making it an attractive investment opportunity for those seeking functionality and a strategic location. The property is a blank canvas for business endeavors, with possibilities for a larger yard, an additional structure, or a separate build altogether.
Key Highlights
- Strategic location near I‑40 and downtown Amarillo.
- Located in an Opportunity Zone (Barrio) with NEZ2 documents available.
- Versatile commercial property on .4 acres offering a blank canvas for business endeavors.
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
$18,945
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
5.92%
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%
$378,900
$378.9K
Cap Rate 7%
$270,643
$270.6K
Cap Rate 9%
$210,500
$210.5K
Market Conditions
NOI Build-Up for 2,640 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
$31.7K $12.00/SF
− Vacancy
−$2.5K −$0.96/SF
EGI
$29.1K $11.04/SF
− OpEx
−$10.2K −$3.86/SF
NOI
$18.9K $7.18/SF
Area
Amarillo, TX
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
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%
$378,900
Cap Rate 7%
$270,643
Cap Rate 9%
$210,500
Alternative Uses
Best Use
Flex RnD
$270.6K
$236.8K – $315.8K
NOI $18,945 @ 7.0% cap · market cap 5.92%
Second Best
Industrial
$226.9K
$198.6K – $264.7K
NOI $15,884 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$589.4K
$515.8K – $687.7K
NOI $41,260 @ 7.0% cap · market cap 12.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
649
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial property near I-40 and downtown Amarillo, perfect for business.
Where is this flex space located?
The property is located at 1515 S Garfield St Amarillo, TX.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: Strategic location near I‑40 and downtown Amarillo.; Located in an Opportunity Zone (Barrio) with NEZ2 documents available.; Versatile commercial property on .4 acres offering a blank canvas for business endeavors.
