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    6990 9Th Ave Amarillo, TX 79106

    For Sale
    $2,250,000

    105-unit Class A apartment complex, shovel-ready.

    Property size:
    127,340 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    366
    This exceptional Class A multifamily development opportunity in Amarillo, Texas, presents a compelling investment prospect. Located at 6990 SW 9th Ave in Potter County, this 3.23-acre site is zoned for multifamily use and boasts a total of 127,340 square feet, with 100,601 square feet of net rentable space. The project encompasses a single, four-story building featuring approximately 105 units, ranging from one to three bedrooms. Amenities include a furnished clubhouse, golf simulator, tanning facility, and a 24-hour fitness center. Party and conference rooms are also available for residents. Each unit offers a private balcony. The property's prime location in the medical district offers unparalleled convenience, with proximity to Texas Tech University Health Sciences Center at Amarillo, the upcoming Texas Tech University School of Veterinary Medicine, BSA and Northwest Texas Hospitals, BSA Harrington Cancer Center, Amarillo VA Healthcare System, and numerous other healthcare facilities. Nearby amenities include restaurants, shopping centers, and access to Route 66. The asking price is $2,250,000, representing a pro-forma cap rate of 8.01% and a pro-forma NOI of $2,032,738. The land value is $14.70 per square foot. All architectural work is complete and approved, and the final permit has been obtained from the City of Amarillo. This is a shovel-ready site, perfect for 1031 exchange opportunities. The property is currently vacant.

    Property Features for 6990 9Th Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    127,340 SF
    Class
    A
    Lot Size
    140,699 SF

    Building Details

    Buildings
    1
    Stories
    4
    Units
    105

    HighLights

    • Shovel‑ready multifamily development site in Amarillo, TX.
    • 3.23‑acre site zoned for multifamily use with approved plans and permits.
    • 105‑unit, four‑story building with 100,601 square feet of net rentable space.
    • Amenities include a clubhouse, golf simulator, tanning facility, and fitness center.
    • Prime medical district location near Texas Tech University Health Sciences Center and major hospitals.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Amarillo
    County
    Potter
    State
    Texas
    Longitude
    -101.9161748
    Latitude
    35.206016

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    FAQs

    What type of property is this?
    Multifamily property - 105-unit Class A apartment complex, shovel-ready.
    Where is this multifamily property located?
    The property is located at 6990 9Th Ave Amarillo, TX.
    What is the asking price?
    The asking price for this property is $2,250,000.
    What are key features of this property?
    This property features: Shovel-ready multifamily development site in Amarillo, TX.; 3.23-acre site zoned for multifamily use with approved plans and permits.; 105-unit, four-story building with 100,601 square feet of net rentable space.
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    Realmo Value Estimation

    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.

    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.

    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
    6990 9Th Ave Amarillo, TX 79106
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