1501 9Th Ave Amarillo, TX 79101
- Apartment buildings
- 17,100 SF
Current Use by Public Records
- Broadstone Apartments in Amarillo / Apartment Complex
- Board apts / Apartment Complex
Property Details for 1501 9Th Ave
- Year built
- 1963
- Property size
- 17,100 SF
- Property type
- Apartment buildings
Description
This exceptional 33-unit apartment building, located at 1501 SW 9th Ave in Amarillo, Texas, presents a compelling value-add opportunity. The property boasts 17,100 square feet and sits on a desirable lot just west of a major Amarillo thoroughfare, conveniently located off Interstate 40. Built in 1963, this two-story Class C building has undergone significant renovations since 2021, totaling over $645,000 in capital improvements. These upgrades include a new roof (2021), HVAC replacements, updated water heaters, electrical and plumbing systems, and complete unit renovations featuring new appliances, countertops, flooring, fixtures, paint, toilets, and doors. Currently operating at 97% occupancy, the property generates a Net Operating Income (NOI) of $120,000, with a pro-forma NOI of $131,916 achievable through the implementation of RUBS (renters utility billing system) for gas, water, trash, and sewer. The asking price is $1,975,000, representing $59,848 per unit and a current cap rate of 6.08%, with a pro-forma cap rate of 6.68%. The property is surrounded by single-family rentals and commercial businesses, making it an ideal investment in a strong Texas market with potential for increased rental income. This is a rare opportunity to acquire a well-maintained, updated multifamily property with significant upside potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Amarillo
- County
- Potter
- State
- Texas
- Longitude
- -101.855
- Latitude
- 35.2061
