Office Building with Excess
For Sale
Contact for pricing
6500 W Amarillo Blvd, Amarillo, TX 79106
Versatile office building with classrooms, auditorium, and excess land.
Property Size26,410 SF
Lot Size7.65 Acres
Price / SF$170.20
Days on Market1497
Property Features for 6500 W Amarillo Blvd
General Information
Standard status
Active
Size
26,410 SF
Class
B
Lot size
7.65 Acres
Property subtype
Office
Zoning
PD for Office/Medical Office
Occupancy
100%
Lease Type
NNN
Building Details
Tenancy
Single
Listing Agency:
Gaut Whittenburg Emerson CRE
(806) 373-3111
Listed By:
Ben Whittenburg · License #TX SA664767000
Source:
Crexi
Added: Jul 28, 2022
Changed: Aug 27
Last Checked: Aug 28 at 2:15PM
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 Gaut Whittenburg Emerson CRE
Investment Insights
Based on property information with market context.
The property, currently operating as the Texas A&M Agrilife Research & Extension Center at Amarillo, offers adaptability for various uses. The building is in good condition and features office spaces, classrooms, a large kitchen/break room, a shop area with a grade-level door, and a 300-person auditorium. Situated on 7.65 acres, the main facility includes 13.34 acres of excess land. The land and buildings can be sold separately and can be purchased with the property to the southwest. Located at the intersection of W. Amarillo Blvd. and Killgore Dr. in the Harrington Regional Medical Center, the property benefits from its proximity to BSA Hospital, Northwest Texas Hospital, Texas Tech University Health Sciences Center at Amarillo, and the Texas Tech University School of Veterinary Medicine. Access and visibility are ideal. Amarillo, Texas, situated in the heart of the Texas Panhandle, serves as the hub of economic activity for the Texas Panhandle and surrounding counties. Key industries in the area include oil and gas, beef processing, dairy, agriculture, aviation and aerospace, and bioscience. The property size is 26410 square feet.
Key Highlights
- Prime location in the Harrington Regional Medical Center, near major hospitals and Texas Tech University Health Sciences Center and School of Veterinary Medicine.
- Significant excess land (13.34 acres) offers considerable development potential or separate sale opportunity.
- Versatile building suitable for various uses beyond its current operation as an Agrilife Research & Extension Center, including office, classrooms, auditorium, and shop space.
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
$303,055
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
6.74%
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%
$6,061,100
$6.1M
Cap Rate 7%
$4,329,357
$4.3M
Cap Rate 9%
$3,367,278
$3.4M
Market Conditions
NOI Build-Up for 26,410 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
$475.4K $18.00/SF
− Vacancy
−$71.3K −$2.70/SF
EGI
$404.1K $15.30/SF
− OpEx
−$101.0K −$3.82/SF
NOI
$303.1K $11.48/SF
Area
Amarillo, TX
Vacancy
15.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$6,061,100
Cap Rate 7%
$4,329,357
Cap Rate 9%
$3,367,278
Alternative Uses
Best Use
Office B
$4.33M
$3.79M – $5.05M
NOI $303,055 @ 7.0% cap · market cap 6.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.90M
$5.16M – $6.88M
NOI $412,757 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,364
Businesses Nearby
Explore this area
Business Placement
Demographics for 79106, TX
27,692
Population
13,385
Households
2.1
Avg Household Size
37
Median Age
24%
College-Educated
87%
High-School Grad
8.6 sq mi
ZIP Area
3,220
Density / Sq Mi
$54,407
Median Household Income
$36,061
Median Earnings
$995
Median Rent
$163,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Versatile office building with classrooms, auditorium, and excess land.
Where is this office building located?
The property is located at 6500 W Amarillo Blvd Amarillo, TX.
What is the asking price?
The asking price for this property is $4,495,000.
What are key features of this property?
This property features: Prime location in the Harrington Regional Medical Center, near major hospitals and Texas Tech University Health Sciences Center and School of Veterinary Medicine.; Significant excess land (13.34 acres) offers considerable development potential or separate sale opportunity.; Versatile building suitable for various uses beyond its current operation as an Agrilife Research & Extension Center, including office, classrooms, auditorium, and shop space.
