3BR/2BA Duplex for
For Sale
$299,000
Pending
29 Southridge Drive, Canyon, TX 79015
Duplex residence offering 3 bedrooms and 2 bathrooms with income-oriented potential in Canyon.
Property Size3,214 SF
Days on Market204
Property Features for 29 Southridge Drive
General Information
Standard status
Pending
Size
3,214 SF
Property subtype
MultiFamily
Additional Details
Multifamily Units
2
Amenities
Yes, Electric, Central Air
Yes
One
Brick Veneer
Building Details
Year Built
1976
Listing Agency:
Keller Williams Realty Amarillo
Listed By:
Melanie Scott · License #0436268
(806) 683-9208
Source:
Compass
Added: Feb 15
Changed: Aug 8
Last Checked: Jul 24 at 1:05PM
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 Keller Williams Realty Amarillo
Investment Insights
Based on property information with market context.
This duplex features a 3-bedroom, 2-bath layout designed for practical everyday living. It presents an income-focused residential configuration well suited to investors and owner-occupants seeking rental income.
The property is located at 29 Southridge Drive in Canyon, Texas, and is described as being in Hunsley Hills. Public remarks note a functional layout and desirable location.
As a duplex, the property provides a residential income opportunity within a duplex format, with the unit configuration centered around three bedrooms and two bathrooms.
The property is located at 29 Southridge Drive in Canyon, Texas, and is described as being in Hunsley Hills. Public remarks note a functional layout and desirable location.
As a duplex, the property provides a residential income opportunity within a duplex format, with the unit configuration centered around three bedrooms and two bathrooms.
Key Highlights
- Duplex residence with 3 bedrooms and 2 bathrooms
- Single‑story brick veneer construction
- Central electric cooling
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
$24,637
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
8.24%
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%
$492,740
$492.7K
Cap Rate 7%
$351,957
$352.0K
Cap Rate 9%
$273,744
$273.7K
Market Conditions
NOI Build-Up for 3,214 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
$39.7K $12.36/SF
− Vacancy
−$4.5K −$1.41/SF
EGI
$35.2K $10.95/SF
− OpEx
−$10.6K −$3.29/SF
NOI
$24.6K $7.67/SF
Area
Randall County, TX
Vacancy
11.40%
Lease Rate
$12.36 /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%
$492,740
Cap Rate 7%
$351,957
Cap Rate 9%
$273,744
Alternative Uses
Best Use
Multifamily LT 5
$352.0K
$308.0K – $410.6K
NOI $24,637 @ 7.0% cap · market cap 8.24%
Second Best
Apartment 5plus
$312.0K
$273.0K – $364.0K
NOI $21,840 @ 7.0% cap · market cap 7.30%
Theoretical Best
Hotel Hospitality
$1.65M
$1.44M – $1.92M
NOI $115,415 @ 7.0% cap · market cap 38.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
588
Businesses Nearby
Explore this area
Business Placement
Demographics for 79015, TX
21,710
Population
9,311
Households
2.3
Avg Household Size
32
Median Age
40%
College-Educated
95%
High-School Grad
328.5 sq mi
ZIP Area
66
Density / Sq Mi
$81,351
Median Household Income
$43,168
Median Earnings
$976
Median Rent
$267,900
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 - Duplex residence offering 3 bedrooms and 2 bathrooms with income-oriented potential in Canyon.
Where is this duplex located?
The property is located at 29 Southridge Drive Canyon, TX.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Duplex residence with 3 bedrooms and 2 bathrooms; Single‑story brick veneer construction; Central electric cooling
