Fully Rented
For Sale
$99,000
310 North Florida Street, Amarillo, TX 79106
Three one-bedroom residences provide a consistent unit layout.
Property Size592 SF
Price / SF$167.23
Days on Market174
Property Features for 310 North Florida Street
General Information
Standard status
Active
Size
592 SF
Property subtype
MultiFamily
Occupancy
100%
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1925
Listing Agency:
Keller Williams Realty Amarillo
(806) 443-5441
Listed By:
Zoey Shepherd · License #805981
(806) 443-5441
Source:
Compass
Added: Mar 13
Changed: Sep 2
Last Checked: Aug 31 at 10:24PM
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 1925 triplex contains three residential units, each configured with one bedroom and one bathroom. All units are currently rented, providing a fully occupied property with a uniform floor plan across the building.
The property is located at 310 North Florida Street in Amarillo, Texas 79106.
The property is located at 310 North Florida Street in Amarillo, Texas 79106.
Key Highlights
- Three‑unit residential property
- All units are currently rented
- Each residence includes 1 bedroom and 1 bathroom
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
$4,464
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
4.51%
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%
$89,280
$89.3K
Cap Rate 7%
$63,771
$63.8K
Cap Rate 9%
$49,600
$49.6K
Market Conditions
NOI Build-Up for 592 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
$6.7K $11.40/SF
− Vacancy
−$371 −$0.63/SF
EGI
$6.4K $10.77/SF
− OpEx
−$1.9K −$3.23/SF
NOI
$4.5K $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%
$89,280
Cap Rate 7%
$63,771
Cap Rate 9%
$49,600
Alternative Uses
Best Use
Multifamily LT 5
$63.8K
$55.8K – $74.4K
NOI $4,464 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$56.1K
$49.1K – $65.4K
NOI $3,926 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$132.2K
$115.7K – $154.2K
NOI $9,252 @ 7.0% cap · market cap 9.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
682
Businesses Nearby
Explore this area
Business Placement
Demographics for 79106, TX
27,692
Population
13,385
Households
2.1
Avg Household Size
37
Median Age
24%
College-Educated
87%
High-School Grad
8.6 sq mi
ZIP Area
3,220
Density / Sq Mi
$54,407
Median Household Income
$36,061
Median Earnings
$995
Median Rent
$163,100
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?
Triplex - Three one-bedroom residences provide a consistent unit layout.
Where is this triplex located?
The property is located at 310 North Florida Street Amarillo, TX.
What is the asking price?
The asking price for this property is $99,000.
What are key features of this property?
This property features: Three‑unit residential property; All units are currently rented; Each residence includes 1 bedroom and 1 bathroom
