Airport Flex Space with Taxiway
For Sale
$1,865,000
3601 Airway Boulevard, Amarillo, TX 79118
Commercial Sale, Amarillo, TX
Property Size10,947 SF
Price / SF$170.37
Days on Market47
Property Features for 3601 Airway Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
0400 - SE Amarillo in City Limits
Parking features
Garage
Directions
From 34th Turn South on Airway Blvd down to 3601 Airway Blvd.
Subdivision
0413 - Tradewinds
Standard status
Active
APN
218048
Size
10,947 SF
Taxes and HOA fees
Tax Description
SECT 153 A B & M BLK 0002, IMPROVEMENT ONLYTR BEG 3845.8FT W & 657FT SOF NE COR OF SECT
Legal Description
SECT 153 A B & M BLK 0002, IMPROVEMENT ONLYTR BEG 3845.8FT W & 657FT SOF NE COR OF SECT
Utilities
Cooling system
Electric, Central Air
Building Details
Year built
2005
Building materials
Brick Veneer, Metal Fab
Roof type
Metal
Listing Agency:
Hagan Hudson Realty, LLC
(806) 236-3365
Listed By:
Hagan R Hudson · License #472766
(806) 359-4000
Added: Jul 23
Changed: Aug 28
Last Checked: Sep 7 at 12:06PM
MLS# 26-5921
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 10,947-square-foot flex property, built in 2005, combines warehouse space with a partially framed office buildout. The interior plan includes space for 8+ offices, a conference room, break room, reception area, and separate men's and women's restrooms. A large overhang, oversized garage door, private garage, and abundant storage support varied commercial operations. The second floor and basement are framed for future expansion, while the layout may support conversion to an aircraft hangar.
Located at Tradewinds Airport in Tradewinds Business Park, the property has taxiway frontage along the rear and south property lines for access to the airport runway. The private garage includes two overhead doors, and the building uses brick veneer and metal fabrication with a metal roof and central electric air conditioning.
Located at Tradewinds Airport in Tradewinds Business Park, the property has taxiway frontage along the rear and south property lines for access to the airport runway. The private garage includes two overhead doors, and the building uses brick veneer and metal fabrication with a metal roof and central electric air conditioning.
Key Highlights
- 10,947 square feet of flex and warehouse space
- Taxiway frontage along the rear and south property lines
- Interior plan allows for 8+ offices, conference room, break room, reception, and restrooms
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
$85,754
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
4.60%
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%
$1,715,080
$1.7M
Cap Rate 7%
$1,225,057
$1.2M
Cap Rate 9%
$952,822
$952.8K
Market Conditions
NOI Build-Up for 10,947 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
$105.1K $9.60/SF
− Vacancy
−$4.2K −$0.38/SF
EGI
$100.9K $9.22/SF
− OpEx
−$15.1K −$1.38/SF
NOI
$85.8K $7.83/SF
Area
Amarillo, TX
Vacancy
4.00%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
15.00%
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%
$1,715,080
Cap Rate 7%
$1,225,057
Cap Rate 9%
$952,822
Alternative Uses
Best Use
Warehouse
$1.23M
$1.07M – $1.43M
NOI $85,754 @ 7.0% cap · market cap 4.60%
Second Best
Flex RnD
$1.12M
$982.0K – $1.31M
NOI $78,556 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$2.44M
$2.14M – $2.85M
NOI $171,088 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
Location Intelligence
Trade Area within ½ mile
194
Businesses Nearby
Under-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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Warehouse improvements include office, meeting, break, restroom, and storage areas.
Where is this flex space located?
The property is located at 3601 Airway Boulevard Amarillo, TX.
What is the asking price?
The asking price for this property is $1,865,000.
What are key features of this property?
This property features: 10,947 square feet of flex and warehouse space; Taxiway frontage along the rear and south property lines; Interior plan allows for 8+ offices, conference room, break room, reception, and restrooms
