Clear-Span Warehouse
For Sale
$695,000
3101 E FM 1151, Amarillo, TX 79118
COMMERCIAL - Amarillo, TX
Property Size1,960 SF
Lot Size1.87 Acres
Price / SF$354.59
Days on Market47
Property Features for 3101 E FM 1151
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
4000 - SE of Amarillo City Limits
Directions
Located on FM 1151 just West of Tanglewood Rd.
Subdivision
4139 - Ranch Acres South
Standard status
Active
APN
217223
Size
1,960 SF
Lot size
1.87 Acres
Taxes and HOA fees
Tax Description
SOUTHLAND ACRES # 5 LOTBLOCK 0003 TRACT 9A
Legal Description
SOUTHLAND ACRES # 5 LOTBLOCK 0003 TRACT 9A
Building Details
Year built
1998
Listing Agency:
Gaut Whittenburg Emerson Commercial Real Estate, LLC
(806) 373-3111
Listed By:
Miles Bonifield · License ##594133
(806) 373-3111
Added: Jun 22
Changed: Aug 4
Last Checked: Aug 7 at 2:06AM
MLS# 25-7286
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 industrial warehouse property includes a front office with a workroom, sink, bathroom with shower, and mini-split climate control. A secondary warehouse offers additional climate control, an 8-foot-high by 16-foot-wide overhead door, and gas heat. The principal warehouse measures 80 by 80 feet, with 16-foot sidewalls, an 18-foot center peak, and an unobstructed interior. Air lines, distributed water and power, a heater, vehicle lift, and large floor drain support operational use. Five overhead doors serve the main building, including two measuring 14 feet wide and three measuring 16 feet wide; each has an automatic opener. A separate 648-square-foot storage warehouse is also on the property.
The site encompasses 1.87 acres and includes a pipe fence with gated entry. It is located at 3101 E FM 1151 in Amarillo, west of Tanglewood Road. The building was constructed in 1998.
The site encompasses 1.87 acres and includes a pipe fence with gated entry. It is located at 3101 E FM 1151 in Amarillo, west of Tanglewood Road. The building was constructed in 1998.
Key Highlights
- 80' x 80' main warehouse with 16' sidewalls and an 18' middle peak
- Five 14' high overhead doors with automatic openers
- Two 14' wide and three 16' wide overhead doors in the main warehouse
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
$22,491
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
3.24%
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%
$449,820
$449.8K
Cap Rate 7%
$321,300
$321.3K
Cap Rate 9%
$249,900
$249.9K
Market Conditions
NOI Build-Up for 1,960 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
$35.3K $18.00/SF
− Vacancy
−$5.3K −$2.70/SF
EGI
$30.0K $15.30/SF
− OpEx
−$7.5K −$3.82/SF
NOI
$22.5K $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%
$449,820
Cap Rate 7%
$321,300
Cap Rate 9%
$249,900
Alternative Uses
Best Use
Office B
$321.3K
$281.1K – $374.9K
NOI $22,491 @ 7.0% cap · market cap 3.24%
Second Best
Warehouse
$219.3K
$191.9K – $255.9K
NOI $15,354 @ 7.0% cap · market cap 2.21%
Theoretical Best
Office A
$437.6K
$382.9K – $510.5K
NOI $30,632 @ 7.0% cap · market cap 4.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
48
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 79118, TX
27,608
Population
11,116
Households
2.5
Avg Household Size
35
Median Age
25%
College-Educated
92%
High-School Grad
159.4 sq mi
ZIP Area
173
Density / Sq Mi
$87,011
Median Household Income
$44,141
Median Earnings
$1,328
Median Rent
$224,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Industrial property with multiple warehouse areas, office support space, gated access, and specialized vehicle-service improvements.
Where is this warehouse located?
The property is located at 3101 E FM 1151 Amarillo, TX.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 80' x 80' main warehouse with 16' sidewalls and an 18' middle peak; Five 14' high overhead doors with automatic openers; Two 14' wide and three 16' wide overhead doors in the main warehouse
