Remodeled Flex Building with
For Sale
$690,000
701 SE 10TH Avenue, Amarillo, TX 79101
COMMERCIAL - Amarillo, TX
Property Size10,300 SF
Price / SF$66.99
Days on Market70
Property Features for 701 SE 10TH Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
0300 - NE Amarillo in City Limits
Directions
Heading down town from I-40 turn East on 10th to address.
Subdivision
0300 - Santa Fe Station
Standard status
Active
APN
216244
Size
10,300 SF
Taxes and HOA fees
Tax Description
MIRROR'S ADDN LOTBLOCK 0401 6 LESS S 5FT ROW & S 50 FT OF 7
Legal Description
MIRROR'S ADDN LOTBLOCK 0401 6 LESS S 5FT ROW & S 50 FT OF 7
Amenities
two large showrooms
loft area
warehouse space with 2 OH doors with electric openers
3 bathrooms (2 ADA)
basement
classic barrel ceiling
hardwood flooring
wet bar
fireplace
open work spaces
showroom freight elevator
parking lot
retail glass windows
glass overhead door
awnings
Building Details
Year built
1925
Listing Agency:
Gaut Whittenburg Emerson Commercial Real Estate, LLC
(806) 373-3111
Listed By:
Miles Bonifield · License #0594133
(806) 584-7365
Added: Jun 25
Changed: Aug 4
Last Checked: Sep 2 at 6:06PM
MLS# 25-9131
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 10,300-square-foot flex property brings together retail, office, and warehouse functionality in a remodeled commercial building. The interior includes two large showrooms, a loft, open work areas, warehouse space, a basement, three bathrooms, and a freight elevator serving the showrooms. A barrel-vaulted ceiling, hardwood floors, wet bar, fireplace, and glass overhead door add distinctive architectural and functional elements. The warehouse is equipped with two overhead doors with electric openers.
Completed in 2020, the improvements included two ADA bathrooms, updated plumbing, retail glass windows across the front, HVAC in the main showroom, a TPO roof sealed with a silicone coating, new front awnings, and exterior paint. The property occupies a hard corner near Hodgetown, with parking along Johnson and an included parking lot.
Completed in 2020, the improvements included two ADA bathrooms, updated plumbing, retail glass windows across the front, HVAC in the main showroom, a TPO roof sealed with a silicone coating, new front awnings, and exterior paint. The property occupies a hard corner near Hodgetown, with parking along Johnson and an included parking lot.
Key Highlights
- 10,300‑square‑foot flex building with retail, office, and warehouse areas
- Remodeled in 2020 with updated plumbing, HVAC, roof coating, awnings, windows, and exterior paint
- Two large showrooms with a freight elevator, loft area, and open work spaces
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
$61,970
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
8.98%
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%
$1,239,400
$1.2M
Cap Rate 7%
$885,286
$885.3K
Cap Rate 9%
$688,556
$688.6K
Market Conditions
NOI Build-Up for 10,300 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
$92.7K $9.00/SF
− Vacancy
−$4.2K −$0.41/SF
EGI
$88.5K $8.59/SF
− OpEx
−$26.6K −$2.58/SF
NOI
$62.0K $6.02/SF
Area
Amarillo, TX
Vacancy
4.50%
Lease Rate
$9.00 /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%
$1,239,400
Cap Rate 7%
$885,286
Cap Rate 9%
$688,556
Alternative Uses
Best Use
Retail
$1.42M
$1.24M – $1.66M
NOI $99,498 @ 7.0% cap · market cap 14.42%
Second Best
Warehouse
$1.15M
$1.01M – $1.34M
NOI $80,686 @ 7.0% cap · market cap 11.69%
Theoretical Best
Office A
$2.30M
$2.01M – $2.68M
NOI $160,977 @ 7.0% cap · market cap 23.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,803
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 79101, TX
2,307
Population
1,309
Households
1.8
Avg Household Size
51
Median Age
15%
College-Educated
81%
High-School Grad
1.6 sq mi
ZIP Area
1,442
Density / Sq Mi
$40,313
Median Household Income
$36,409
Median Earnings
$898
Median Rent
$152,300
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 - Versatile commercial layout combines customer-facing areas, warehouse capacity, offices, and a basement.
Where is this flex space located?
The property is located at 701 SE 10TH Avenue Amarillo, TX.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: 10,300‑square‑foot flex building with retail, office, and warehouse areas; Remodeled in 2020 with updated plumbing, HVAC, roof coating, awnings, windows, and exterior paint; Two large showrooms with a freight elevator, loft area, and open work spaces
