20-Unit Apartment Complex with
701 North Mirror Street, Amarillo, TX 79107
For Sale
Contact for pricing
Five residential buildings accompany a detached commercial laundry facility under MF-1 zoning.
Property Size14,000 SF
Price / SF$89.29
Days on Market106
Property Features for 701 North Mirror Street
General Information
Standard status
Size
Class
Property subtype
Zoning
Occupancy
Investment Type
Net Operating Income
Additional Details
Multifamily Units
Building Details
Year Built
Year Renovated
Buildings
Stories
Units
Tenancy
Listing Agency:
Lifestyles Unlimited Realty, Inc
Listed By:
Steve Guzek · License TX #533667
Source:
Crexi
Added: Jul 30
Changed: Nov 6
Last Checked: Nov 12 at 8:05AM
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 Lifestyles Unlimited Realty, Inc
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Investment Insights
Based on property information with market context.
This apartment property contains 20 residential units arranged across five fourplex buildings, along with a separate commercial laundry structure. Four of the residential buildings have received substantial renovations, while the remaining building offers an additional renovation project. The property was built in 1962 and is zoned MF-1.
The detached laundry building measures approximately 1,600 square feet. Ownership reports that it can accommodate approximately 20 commercial washers and 10 commercial dryers, creating a dedicated facility serving the apartment community and potentially nearby users. The combination of residential units, completed improvements, and separate laundry infrastructure gives the property a distinct operating configuration.
The detached laundry building measures approximately 1,600 square feet. Ownership reports that it can accommodate approximately 20 commercial washers and 10 commercial dryers, creating a dedicated facility serving the apartment community and potentially nearby users. The combination of residential units, completed improvements, and separate laundry infrastructure gives the property a distinct operating configuration.
Key Highlights
- 20‑unit multifamily property across five fourplex buildings
- Four apartment buildings have undergone substantial renovations
- One residential building remains available for renovation
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$92,851
Cap Rate
7.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,857,020
$1.9M
Cap Rate 7%
$1,326,443
$1.3M
Cap Rate 9%
$1,031,678
$1.0M
Market Conditions
NOI Build-Up for 14,000 SF
Gross rent
$178.1K $12.72/SF
− Vacancy
−$9.3K −$0.66/SF
EGI
$168.8K $12.06/SF
− OpEx
−$76.0K −$5.43/SF
NOI
$92.9K $6.63/SF
Area
Amarillo, TX
Vacancy
5.20%
Lease Rate
$12.72 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,857,020
Cap Rate 7%
$1,326,443
Cap Rate 9%
$1,031,678
Alternative Uses
Best Use
Mixed Use
$2.16M
$1.89M – $2.52M
NOI $151,200 @ 7.0% cap · market cap 12.10%
Second Best
Apartment 5plus
$1.33M
$1.16M – $1.55M
NOI $92,851 @ 7.0% cap · market cap 7.43%
Theoretical Best
Office A
$3.13M
$2.74M – $3.65M
NOI $218,803 @ 7.0% cap · market cap 17.50%
Zoning and permitted uses should be independently verified with authorities.
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Who owns this building?
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Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
597
Businesses Nearby
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Business Placement
Demographics for 79107, TX
37,480
Population
12,346
Households
3
Avg Household Size
34
Median Age
6%
College-Educated
61%
High-School Grad
19.6 sq mi
ZIP Area
1,912
Density / Sq Mi
$39,474
Median Household Income
$28,084
Median Earnings
$1,016
Median Rent
$88,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Five residential buildings accompany a detached commercial laundry facility under MF-1 zoning.
Where is this apartment building located?
The property is located at 701 North Mirror Street Amarillo, TX.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 20‑unit multifamily property across five fourplex buildings; Four apartment buildings have undergone substantial renovations; One residential building remains available for renovation
