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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1007 23rd St Canyon, TX 79015-5315

    • Drive through restaurants
    • 1,406 SF
    • 0.51 lot acres
    OFF-MARKET
    Last Sale
    Jan 22, 2021
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US83-4107032
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Sonic Drive-In / Fast Food Restaurant

    Property Details for 1007 23rd St

    Year built
    2000
    Lot size
    0.51 lot acres
    Property size
    1,406 SF
    Zone code
    C
    Property type
    Drive through restaurants
    APN
    R-044-1800-0205
    APU
    R04418000205

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Canyon
    County
    Randall
    State
    Texas
    Longitude
    -101.919
    Latitude
    34.9729
    CBSA code
    11100
    CBSA name
    AMARILLO, TX METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2018
    $5,985
    $111,078
    $238,709
    $349,787
    -
    $111,078
    $238,709
    $349,787

    Comparable in this City

    • Value Estimation by Request
      1,146 SF

      700 23rd St

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,146 SF
      700 23rd St, Canyon, TX 79015-4642
      View Details
    • Value Estimation by Request
      1,866 SF

      1202 23rd St

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,866 SF
      1202 23rd St, Canyon, TX 79015-5320
      View Details
    • Value Estimation by Request
      3,102 SF

      407 23rd St

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,102 SF
      407 23rd St, Canyon, TX 79015-4041
      View Details
    • Value Estimation by Request
      2,236 SF

      611 23rd St

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,236 SF
      611 23rd St, Canyon, TX 79015-4045
      View Details
    • Value Estimation
      $535,000
      4,728 SF

      200 23rd St

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,728 SF
      200 23rd St, Canyon, TX 79015-3027
      View Details
    • Value Estimation by Request
      1,512 SF

      2201 4th Ave

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,512 SF
      2201 4th Ave, Canyon, TX 79015-4029
      View Details

    Similar Nearby for Sale

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      Commercial Shop Near Highway 60

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      Canyon, TX Ranch Land - 20 Acres

      Prime 20-acre tract, owner financing available.
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      Canyon Commercial Land Opportunity

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    Similar Nearby for Lease

    • $775,000
      7,784 SF

      Downtown Canyon Commercial Space Available

      Flexible commercial space in a high-traffic, growing downtown area.
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    • $18 SF/Yr

      Prime Retail Space Near University

      High-traffic location ideal for retail, restaurant, or service businesses.
      3404 4Th Ave, Amarillo, TX 79015
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    • New
      $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
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    • $18 SF/Yr
      14,400 SF

      Canyon Retail Space - 3600 SF Available

      Prime Canyon retail space near WTAMU
      3404 4Th Ave, Canyon, TX 79015
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    • $22 SF/Yr
      6,700 SF

      Canyon Retail Space Available

      Prime Canyon storefront, 1,250-2,588 sq ft.
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    • $20 SF/Yr
      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
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    1007 23rd St
    Canyon, TX 79015-5315
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    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
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