Historic Amarillo Office/Residential
For Sale
$675,000
1608 S POLK Street, Amarillo, TX 79102
Commercial Sale, Amarillo, TX
Property Size3,750 SF
Lot Size0.34 Acres
Price / SF$180
Days on Market315
Property Features for 1608 S POLK Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
0100 - NW Amarillo in City Limits
Directions
North on Washington St to SW 16th Ave. Right on SW 16th Ave to S Polk St. Right on S Polk St. Property is on the right.
Subdivision
0100 - Plemons
Standard status
Active
APN
161097
Size
3,750 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Description
PLEMONS LOTBLOCK 0226 5 AND 6 IN ANTHONYS SUB OF
Legal Description
PLEMONS LOTBLOCK 0226 5 AND 6 IN ANTHONYS SUB OF
Utilities
Cooling system
Window Unit(s)
Building Details
Year built
1914
Flooring type
Tile, Wood, Carpet
Building materials
Brick Veneer
Roof type
Tile
Listing Agency:
Keller Williams Realty Amarillo
(806) 359-4000
Listed By:
Holly Coats · License #606152
(806) 359-4000
Added: Oct 13, 2025
Changed: Aug 19
Last Checked: Aug 23 at 9:06PM
MLS# 25-8726
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.
The Shuford-Killough House, completed in 1913 and designed by the Kansas City architectural firm of Shepard, Farrar and Wiser, reflects Prairie School style with its hipped roof and wide eaves. The three-story building, featuring a full basement and a detached two-car garage with an upstairs apartment, spans 3750 square feet and sits on a 0.34-acre lot. The property includes a large covered porch with classical columns and balustrades. Zoned as MF-2 (multi-family), the building was most recently used as an office building but could be converted back to residential use. The interior features high ceilings and an abundance of natural light. Original features include extensive custom millwork, period trim, and original hardwood floors. Located in Amarillo, Texas, the property offers potential for various business or residential applications.
Key Highlights
- Potential for residential conversion from office use.
- Zoned MF‑2 (multi‑family) offering flexible usage options.
- Architecturally significant Prairie School design by Shepard, Farrar and Wiser.
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
$43,031
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
6.37%
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%
$860,620
$860.6K
Cap Rate 7%
$614,729
$614.7K
Cap Rate 9%
$478,122
$478.1K
Market Conditions
NOI Build-Up for 3,750 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
$67.5K $18.00/SF
− Vacancy
−$10.1K −$2.70/SF
EGI
$57.4K $15.30/SF
− OpEx
−$14.3K −$3.82/SF
NOI
$43.0K $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%
$860,620
Cap Rate 7%
$614,729
Cap Rate 9%
$478,122
Alternative Uses
Best Use
Office B
$614.7K
$537.9K – $717.2K
NOI $43,031 @ 7.0% cap · market cap 6.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$837.3K
$732.6K – $976.8K
NOI $58,608 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
840
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - 1913 three-story building suitable for office or residential use.
Where is this office building located?
The property is located at 1608 S POLK Street Amarillo, TX.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Potential for residential conversion from office use.; Zoned MF‑2 (multi‑family) offering flexible usage options.; Architecturally significant Prairie School design by Shepard, Farrar and Wiser.
