Unrestricted Land with Heated
For Sale
$350,000
3501 E Hastings Avenue, Amarillo, TX 79108
Unrestricted property includes a 4-bedroom home and attached drive-through heated shop, plus outbuildings and a mobile home.
Property Size2,110 SF
Lot Size5.60 Acres
Price / SF$165.88
Days on Market34
Property Features for 3501 E Hastings Avenue
General Information
Standard status
Active
Size
2,110 SF
Lot size
5.60 Acres
Property subtype
Commercial
Building Details
Year Built
1985
Listing Agency:
Heartland Realty
(806) 282-4440
Listed By:
Carrie Ives · License #0621624
Source:
Shopamarillohomes
Added: Jul 12
Changed: Aug 13
Last Checked: Aug 12 at 4:03AM
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 Heartland Realty
Investment Insights
Based on property information with market context.
Unrestricted land offering 5.6 acres with a spacious home featuring 4 bedrooms, 2 baths, a second living room, and a basement. The interior has new flooring and paint, with a large kitchen that includes stained wood cabinets and a dining area, plus a utility room with a sink. There is also a two-car garage and an attached drive-through heated shop with a 1/4 bath. Several outbuildings are included, and a 1995 Meadow Ridge mobile home is also on-site and could be used as an office or living quarters.
The property is located just outside the Amarillo city limits and is described as being handy to the North Loop. Tax IDs are 202045 and 202357. Public remarks also note that a fireworks stand lease generates extra income, and the property is offered for sale as is, where is.
The property is located just outside the Amarillo city limits and is described as being handy to the North Loop. Tax IDs are 202045 and 202357. Public remarks also note that a fireworks stand lease generates extra income, and the property is offered for sale as is, where is.
Key Highlights
- Unrestricted 5.6 acres outside Amarillo city limits, convenient to the North Loop
- 1985‑built home with 4 bedrooms, 2 baths, a second living room, and a basement
- New flooring and paint throughout the home
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
$15,141
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
4.33%
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%
$302,820
$302.8K
Cap Rate 7%
$216,300
$216.3K
Cap Rate 9%
$168,233
$168.2K
Market Conditions
NOI Build-Up for 2,110 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
$25.3K $12.00/SF
− Vacancy
−$2.0K −$0.96/SF
EGI
$23.3K $11.04/SF
− OpEx
−$8.2K −$3.86/SF
NOI
$15.1K $7.18/SF
Area
Amarillo, TX
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
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%
$302,820
Cap Rate 7%
$216,300
Cap Rate 9%
$168,233
Alternative Uses
Best Use
Flex RnD
$216.3K
$189.3K – $252.4K
NOI $15,141 @ 7.0% cap · market cap 4.33%
Second Best
Industrial
$181.4K
$158.7K – $211.6K
NOI $12,695 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$471.1K
$412.2K – $549.6K
NOI $32,977 @ 7.0% cap · market cap 9.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
60
Businesses Nearby
Explore this area
Business Placement
Demographics for 79108, TX
12,117
Population
5,079
Households
2.4
Avg Household Size
41
Median Age
14%
College-Educated
85%
High-School Grad
183.5 sq mi
ZIP Area
66
Density / Sq Mi
$63,383
Median Household Income
$35,746
Median Earnings
$1,035
Median Rent
$150,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - Unrestricted property includes a 4-bedroom home and attached drive-through heated shop, plus outbuildings and a mobile home.
Where is this residential land & home lot located?
The property is located at 3501 E Hastings Avenue Amarillo, TX.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Unrestricted 5.6 acres outside Amarillo city limits, convenient to the North Loop; 1985‑built home with 4 bedrooms, 2 baths, a second living room, and a basement; New flooring and paint throughout the home
