Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Turn-Key Restaurant Opportunity in Canyon Title is generated by Realmo AI

    408 23RD Street, Canyon, TX 79015

    View on Map
    Claim this Listing
    For Sale
    $1,500,000

    COMMERCIAL - Canyon, TX

    Property size:
    2,240 SF
    Price / SF:
    $669/SF
    Added:
    Nov 22, 2025
    Days on Market:
    173
    Last Refresh:
    May 14 at 6:06 pm

    Property Features for 408 23RD Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Parking Lot
    Standard status
    Active
    APN
    215768
    Size
    2,240 SF

    Taxes and HOA fees

    Tax Description
    NORMAL LOTBLOCK 0003 8 LESS E 15FT ROW & ALL OF 7

    Building Details

    Year built
    1980

    We can help!

    Listing Contact
    Tia Van Ryn

    Listing agent Tia Van Ryn

    Listing office Regal, REALTORS 209 E Rusk, Rockwall, TX

    Listing date Nov 22, 2025

    MLS# 25-9705

    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.

    HighLights

    • Fully operational restaurant with all equipment included, a turn‑key opportunity.
    • Prime location on Canyon's busiest commercial street.
    • High visibility and high‑traffic corridor.
    • Includes all interior contents: restaurant equipment, tables, chairs, decor, kitchen appliances, prep stations, refrigeration units, bar setup.
    • Opportunity for a new concept, expansion, or investment.
    • Parking lot available.

    Overview

    Located in the heart of Canyon, Texas, on its busiest commercial street, this fully operational restaurant property is available for sale. The real estate and all interior contents convey, including all restaurant equipment, tables, chairs, decor, kitchen appliances, prep stations, refrigeration units, and bar setup. This 2,240 square-foot property is a complete turn-key opportunity for new owners. Located on a highly visible, high-traffic corridor, this location offers exceptional exposure and strong potential for continued growth. It is ideal for a new concept, expansion, or investment acquisition. The property is located at 408 23RD Street, Canyon, TX 79015-4042.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Pepito's Mexican Restaurante Restaurant

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Canyon
    County
    Randall
    State
    Texas
    Longitude
    -101.9196739
    Latitude
    34.9790959

    Nearby Similar for Sale

    • $425,000
      2,767 SF

      Canyon, TX Commercial Property

      Commercial property near downtown square, suitable for office or retail.
      1610 5TH Avenue, Canyon, TX 79015-3833
      View Details
    • $324,999
      3,214 SF

      Canyon, TX Duplex Investment

      Three-bedroom, two-bath duplex with strong rental potential in Canyon, TX.
      29 Southridge Drive, Canyon, TX 79015
      View Details
    • $775,000
      7,784 SF

      Downtown Canyon Commercial Space Available

      Flexible commercial space in a high-traffic, growing downtown area.
      408 15th St, Canyon, TX
      View Details
    • $7,440,000

      Hunter's Canyon Estate For Sale

      Magnificent 340-acre estate with lodge, horse facilities, and guest housing.
      21401 Hope Road, Canyon, TX 79015
      View Details
    • $325,000

      Equestrian Property Near Canyon, TX

      10-acre property equipped for livestock and ready for your dream home.
      26351 ROSIE Lane, Canyon, TX 79015-4454
      View Details
    • $150,000
      1,800 SF

      Commercial Shop Near Highway 60

      1,800 SF commercial shop with fenced yard near Highway 60.
      903 C 1ST Avenue, Canyon, TX 79015-2644
      View Details
    • $820,000
      5,451 SF

      Spacious Canyon Quad-Plex on Acre

      Quad-plex with open floor plan, ideal for investors.
      9601 ELITE Street, Canyon, TX 79015-4482
      View Details
    • $199,950
      1,734 SF

      Canyon, TX Multi-Unit Property

      Multi-unit property on a corner lot, investment opportunity.
      500 9th Avenue, Canyon, TX 79015
      View Details
    • $2,145,985
      10,000 SF

      Dollar Tree in Canyon, TX

      Dollar Tree property in Canyon, TX, with seller financing.
      315 N 15th St, Canyon, TX 79015
      View Details
    • $640,000

      80 Acres Near Canyon, TX

      80-acre property suitable for horses and livestock near Canyon.
      FM 1062 - 80 Acres, Canyon, TX 79015
      View Details
    • $820,000

      Spacious Quad-Plex on One Acre

      Quad-plex with open floor plan, ideal for investors.
      9651 ELITE Street, Canyon, TX 79015-4482
      View Details
    • $2,435,000
      10,432 SF

      Retail Property with Diverse Tenants

      NNN leases and scheduled rental increases for investors.
      1512 5th Ave, Canyon, TX
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Fully operational restaurant for sale in high-traffic Canyon location.
    Where is this conventional restaurant located?
    The property is located at 408 23RD Street Canyon, TX.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: Fully operational restaurant with all equipment included, a turn‑key opportunity.; Prime location on Canyon's busiest commercial street.; High visibility and high‑traffic corridor.
    (972) 771-6970
    We can help!
    Listing Contact
    Tia Van Ryn
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    408 23RD Street, Canyon, TX 79015-4042
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!