Quadplex with
For Sale
$425,000
701 SW 15TH Avenue, Amarillo, TX 79101
MULTI_FAMILY - Amarillo, TX
Property Size3,696 SF
Price / SF$114.99
Days on Market87
Property Features for 701 SW 15TH Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
0100 - NW Amarillo in City Limits
Exterior features
Balcony
Directions
West on I-40 to Washington, then right on 15th Ave. The apartment is on the right at the corner of 15th and Madison.
Subdivision
0100 - Plemons
Standard status
Active
APN
214170
Size
3,696 SF
Taxes and HOA fees
Tax Description
PLEMONS, BLK 0218, E 70 OF N 75 OF LOT 1, 0.1200 ACRES
Legal Description
PLEMONS, BLK 0218, E 70 OF N 75 OF LOT 1, 0.1200 ACRES
Building Details
Year built
1926
Listing Agency:
Wieck Realty, Inc.
(806) 236-4003
Listed By:
Kathryn Tow · License #709172
(806) 236-4003
Added: May 29
Changed: Aug 1
Last Checked: Aug 23 at 10:06PM
MLS# 26-4365
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 quadplex offers four income-producing units in a well-maintained fourplex configuration. Unit 1 is a two-bedroom, one-bath layout. Units 2, 3, and 4 each provide a one-bedroom, one-bath layout. Three of the units have been fully remodeled and updated, with refreshed finishes intended to improve day-to-day livability and tenant appeal.
Built in 1926, the property includes balcony exterior features. The total property size is 3,696 SF. The address is 701 SW 15TH Avenue in Amarillo, Texas, in Potter County.
For showings, 24-hour notice is required for all appointments, and tenants must not be disturbed. The unit mix and recent updates to three units may be of interest to buyers seeking a residential income property with some interior improvements already completed.
Built in 1926, the property includes balcony exterior features. The total property size is 3,696 SF. The address is 701 SW 15TH Avenue in Amarillo, Texas, in Potter County.
For showings, 24-hour notice is required for all appointments, and tenants must not be disturbed. The unit mix and recent updates to three units may be of interest to buyers seeking a residential income property with some interior improvements already completed.
Key Highlights
- Four income‑producing units in a quadplex configuration
- Three units fully remodeled and updated
- Unit 1: 2 bedrooms and 1 bathroom
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
$27,872
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
6.56%
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%
$557,440
$557.4K
Cap Rate 7%
$398,171
$398.2K
Cap Rate 9%
$309,689
$309.7K
Market Conditions
NOI Build-Up for 3,696 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
$42.1K $11.40/SF
− Vacancy
−$2.3K −$0.63/SF
EGI
$39.8K $10.77/SF
− OpEx
−$11.9K −$3.23/SF
NOI
$27.9K $7.54/SF
Area
Amarillo, TX
Vacancy
5.50%
Lease Rate
$11.40 /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%
$557,440
Cap Rate 7%
$398,171
Cap Rate 9%
$309,689
Alternative Uses
Best Use
Multifamily LT 5
$398.2K
$348.4K – $464.5K
NOI $27,872 @ 7.0% cap · market cap 6.56%
Second Best
Apartment 5plus
$350.2K
$306.4K – $408.6K
NOI $24,513 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$825.2K
$722.1K – $962.7K
NOI $57,764 @ 7.0% cap · market cap 13.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,453
Businesses Nearby
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained fourplex with three remodeled units, offering a mix of one- and two-bedroom layouts and balcony exterior features.
Where is this quadplex located?
The property is located at 701 SW 15TH Avenue Amarillo, TX.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Four income‑producing units in a quadplex configuration; Three units fully remodeled and updated; Unit 1: 2 bedrooms and 1 bathroom
