Three-Bedroom
For Sale
$299,000
Pending
29 Southridge Drive, Canyon, TX 79015
MultiFamily, Canyon, TX
Property Size3,214 SF
Days on Market39
Property Features for 29 Southridge Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
0900 - All of Canyon in City Limits
Appliances
Oven, Dishwasher, Cooktop
Directions
From US Hwy 60 E turn right unto Village Dr., left on Southridge Dr., left on South Ridge, property is on the corner.
Subdivision
0901 - Hunsley Hills
Standard status
Pending
APN
114350
Size
3,214 SF
Taxes and HOA fees
Tax Description
HUNSLEY HILLS DEVELOPERS INC # 2ND - A, BLK 0008, 2ND SECT PART A E 26.61FT OF 3 & ALL OF 2
Legal Description
HUNSLEY HILLS DEVELOPERS INC # 2ND - A, BLK 0008, 2ND SECT PART A E 26.61FT OF 3 & ALL OF 2
Utilities
Cooling system
Electric, Central Air
Building Details
Year built
1976
Building materials
Brick Veneer
Listing Agency:
Keller Williams Realty Amarillo
(806) 359-4000
Listed By:
Melanie Scott · License #0436268
(806) 359-4000
Added: Jul 16
Changed: Aug 20
Last Checked: Aug 23 at 8:06AM
MLS# 26-1564
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 duplex at 29 Southridge Drive in Canyon, Texas, contains 3,214 square feet and was built in 1976. The property features brick-veneer construction, a three-bedroom, two-bath configuration, and central air powered by electricity. Kitchen appliances include an oven, dishwasher, and cooktop.
The property is located in the Hunsley Hills area of Canyon, within Randall County and ZIP Code 79015. Its residential duplex format supports both rental and owner-occupant use, as identified in the property information.
The property is located in the Hunsley Hills area of Canyon, within Randall County and ZIP Code 79015. Its residential duplex format supports both rental and owner-occupant use, as identified in the property information.
Key Highlights
- 3,214‑square‑foot duplex
- Three bedrooms and two baths
- Built in 1976
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Brick-veneer duplex with central air, electric cooling, and a practical appliance package.
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: 3,214‑square‑foot duplex; Three bedrooms and two baths; Built in 1976
