Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    408 15Th St Canyon, TX 79015
    Back to Search
    Property profile & analytics

    408 15Th St, Canyon, TX 79015

    View on Map
    • Retail properties & Spaces
    • 7,800 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 408 15Th St

    Year built
    1924
    Property type
    Retail properties & Spaces
    Property subtype
    Office Spaces

    Description

    This 7,800 square foot storefront, located at 408 15th St in Canyon, Texas (79015), presents a unique investment opportunity. The property, formerly a hardware store for 48 years, boasts a prime location on the historic Canyon Square, a thriving retail destination in the Texas Panhandle. The building, constructed in 1924 and renovated in 1980, features a versatile layout suitable for various retail concepts. Recent improvements include new electrical systems, HVAC, and a TPO roof. The property is zoned for retail use and offers excellent visibility and foot traffic on 15th Street. With ample parking and proximity to other businesses, including six restaurants, a coffee shop, and a cake company, this single-unit, fee-simple property offers strong lease income potential or an ideal location for a new or relocating business. The 7,800 square foot lot offers a land value of $8 per square foot. The asking price is $1,170,000, translating to $150 per square foot. This Class C building is currently vacant and presents a chance to capitalize on the bustling Canyon area's growth. The property's strong street presence and opportunities for prominent signage further enhance its investment appeal.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Canyon
    County
    Randall
    State
    Texas
    Longitude
    -101.929
    Latitude
    34.9794

    Comparable in this City

    • Value Estimation by Request
      10,000 SF

      315 15Th St

      Individual retail properties
      315 15Th St, Canyon, TX 79015
      View Details
    • Value Estimation by Request
      1.10 Acres

      15250 Soncy Rd

      Automotive properties
      15250 Soncy Rd, Canyon, TX 79015
      View Details
    • Value Estimation by Request

      2808 4Th Ave

      Medical Office Space
      2808 4Th Ave, Canyon, TX 79015
      View Details
    • Value Estimation
      $2,025,000
      11,021 SF

      205 23rd St

      RETAIL STORES (PERSONAL SERVICES)
      205 23rd St, Canyon, TX 79015-2505
      View Details
    • Value Estimation by Request
      2,340 SF

      1408 4th Ave

      RETAIL STORES (PERSONAL SERVICES)
      1408 4th Ave, Canyon, TX 79015-3740
      View Details
    • Value Estimation by Request
      2,400 SF

      1609 4th Ave

      RETAIL STORES (PERSONAL SERVICES)
      1609 4th Ave, Canyon, TX 79015-3824
      View Details

    Similar Nearby for Sale

    • $425,000
      2,767 SF

      Canyon, TX Commercial Property

      Commercial property near downtown square, suitable for office or retail.
      1610 5Th Ave, Canyon, TX 79015
      View Details
    • Contact for pricing
      7,784 SF

      Downtown Canyon Commercial Space Available

      Flexible commercial space in a high-traffic, growing downtown area.
      408 15Th St, Canyon, TX 79015
      View Details
    • New
      $4,900,000
      20.00 Acres

      Prime Canyon Commercial Land Available

      Highly visible 20-acre tract ideal for various commercial developments.
      8691 W Country Club Rd, Canyon, TX 79015
      View Details
    • $963,547
      6.32 Acres

      Canyon, TX Commercial Development Tract

      6.32 acres in prime retail location, zoned commercial.
      Pd Crk Business Park, Canyon, TX 79015
      View Details
    • Contact for pricing

      Palo Duro Creek Development Tracts

      6.32 acres in prime retail location with development potential.
      Pd Crk Business Park, Canyon, TX 79015
      View Details
    • Contact for pricing
      10,000 SF

      Dollar Tree in Canyon, TX

      Dollar Tree property in Canyon, TX, with seller financing.
      315 N 15Th St, Canyon, TX 79015
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,358 SF

      New Construction Retail/Office Space

      New construction retail or office space for lease.
      2 Glorieta Dr, Canyon, TX 79015
      View Details
    • $5,400 /Mo

      Prime Retail Space Near University

      High-traffic location ideal for retail, restaurant, or service businesses.
      3404 4Th Ave, Amarillo, TX 79015
      View Details
    • $19 SF/Yr

      Restaurant Space Near WTAMU Campus

      Second-generation restaurant space adjacent to West Texas A&M University.
      2811 4Th Ave, Canyon, TX 79015
      View Details
    • Contact for pricing

      3404 4th Ave, Canyon, TX 79015

      Retail space
      3404 4Th Ave, Canyon, TX 79015
      View Details
    • Contact for pricing
      2,304 SF

      Canyon Office Space For Lease

      Office space in Canyon suitable for various business uses.
      2100 Soncy Rd, Canyon, TX 79015
      View Details
    • Contact for pricing
      3,600 SF

      New Warehouse with Overhead Doors

      Adaptable warehouse space featuring multiple overhead doors.
      18700 S Us Highway 87, Canyon, TX 79015
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    408 15Th St
    Canyon, TX 79015
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    408 15Th St, Canyon, TX, 79015
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!