Quadplex with Rear
For Sale
Under Contract
$444,000
3407 JANET Drive, Amarillo, TX 79109
MultiFamily, Amarillo, TX
Property Size3,002 SF
Price / SF$147.90
Days on Market54
Property Features for 3407 JANET Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
0200 - SW Amarillo in City Limits
Directions
From 34th and Western - Go East on 34th at light ( turns into Janet). Property is on the right side of the street.
Subdivision
0210 - Paramount/Mays
Standard status
Active Under Contract
Size
3,002 SF
Taxes and HOA fees
Tax Description
PARAMOUNT TERRACE # 4 LOT 015 BLOCK 0017
Legal Description
PARAMOUNT TERRACE # 4 LOT 015 BLOCK 0017
Utilities
Cooling system
Central Air
Building Details
Year built
1963
Building materials
Brick Veneer
Roof type
Composition
Listing Agency:
Keller Williams Realty Amarillo
(806) 359-4000
Listed By:
Tim Soto
(806) 359-4000
Added: Jul 1
Changed: Aug 19
Last Checked: Aug 23 at 3:06PM
MLS# 26-1028
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 Amarillo multifamily property contains a quadplex with 3,002 square feet of building area, along with a one-bedroom house positioned at the rear. The improvements feature brick veneer construction, central air, and a composition roof. Built in 1963, the property includes very small yards serving two of the units. Located on Janet Drive in Amarillo’s 79109 ZIP code, the asset offers a compact residential income configuration with multiple existing structures.
Key Highlights
- Quadplex with an additional one‑bedroom house at the rear
- 3,002 square feet of property size
- Brick veneer construction
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
$22,638
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
5.10%
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%
$452,760
$452.8K
Cap Rate 7%
$323,400
$323.4K
Cap Rate 9%
$251,533
$251.5K
Market Conditions
NOI Build-Up for 3,002 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
$34.2K $11.40/SF
− Vacancy
−$1.9K −$0.63/SF
EGI
$32.3K $10.77/SF
− OpEx
−$9.7K −$3.23/SF
NOI
$22.6K $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%
$452,760
Cap Rate 7%
$323,400
Cap Rate 9%
$251,533
Alternative Uses
Best Use
Multifamily LT 5
$323.4K
$283.0K – $377.3K
NOI $22,638 @ 7.0% cap · market cap 5.10%
Second Best
Apartment 5plus
$284.4K
$248.9K – $331.8K
NOI $19,910 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$670.3K
$586.5K – $782.0K
NOI $46,918 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
613
Businesses Nearby
Explore this area
Business Placement
Demographics for 79109, TX
42,509
Population
20,308
Households
2.1
Avg Household Size
39
Median Age
33%
College-Educated
93%
High-School Grad
10.3 sq mi
ZIP Area
4,127
Density / Sq Mi
$68,579
Median Household Income
$41,410
Median Earnings
$945
Median Rent
$217,600
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?
Quadplex - Brick veneer construction, central air, and a one-bedroom house at the rear provide a defined multifamily configuration.
Where is this quadplex located?
The property is located at 3407 JANET Drive Amarillo, TX.
What is the asking price?
The asking price for this property is $444,000.
What are key features of this property?
This property features: Quadplex with an additional one‑bedroom house at the rear; 3,002 square feet of property size; Brick veneer construction
