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    3221 Western St Amarillo, TX 79109

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    3221 Western St Amarillo, TX 79109

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    • Office Units
    Off-Market
    Property ID
    US82-1575593
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Units

    Property Details for 3221 Western St

    Property type
    Office Units
    Property subtype
    Medical Office Space

    Description

    31st Plaza, located at 3221 S Western St, Amarillo, TX 79109, offers a diverse range of office spaces ideal for various business needs. This Randall County property features a total of four suites, with 5,047 square feet currently vacant. The space is adaptable to multiple tenants, with a minimum leasable area of 800 square feet and a maximum contiguous space of 2,153 square feet. The building's classification includes Traditional Office, Executive Office, Coworking, Medical Office, and Creative Office spaces, providing flexibility for a wide array of businesses. Its strategic location off Western St provides high visibility and convenient access within Amarillo's bustling commercial district. The property is categorized as both retail and office space, offering a unique opportunity for businesses seeking a prominent presence in a thriving area. This prime location offers excellent visibility and accessibility, making it an attractive option for businesses seeking to establish or expand their operations in Amarillo. The building's diverse suite sizes cater to businesses of varying scales, ensuring a suitable space for both startups and established companies. Contact us today to learn more about leasing opportunities at 31st Plaza.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Amarillo
    County
    Randall
    State
    Texas
    Longitude
    -101.883625
    Latitude
    35.1803332

    Comparable in this City

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      Retail Space in High-Traffic Corridor

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      Established Amarillo Shopping Center Space

      Prime location near I-40 suitable for retail or medical.
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      Office/Retail Space in Peppertree Square

      Office/retail space in Peppertree Square, Amarillo, TX for sublease.
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      Versatile Commercial Space in Amarillo

      Commercial space for lease with offices, kitchen, and warehouse.
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      Retail, Office, and Warehouse Space

      Functional retail, office, and warehouse space near I-27.
      4525 Maverick St, Amarillo, TX 79109
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    Similar Nearby for Sale

    • $345,000
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      Refined Office Space For Sale

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      8,000 SF

      Amarillo Commercial Property For Sale

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    • $345,000
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      Refined Office Space in Amarillo

      Functional office space with fireplaces, conference area, and kitchen/break room.
      2700 S Western St, Amarillo, TX 79109
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    • Contact for pricing

      2700 S Western Street, Amarillo, TX 79109

      Office Units
      2700 S Western St, Amarillo, TX 79109
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    • $365,000

      Commercial Building with Warehouse Space

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    Similar Nearby for Lease

    • Contact for pricing

      Coworking Space in Thriving Amarillo

      Flexible coworking space with easy access to amenities and I-40.
      2766 Duniven Cir, Amarillo, TX 79109
      View Details
    • Contact for pricing

      Retail Space in High-Traffic Corridor

      Exceptional retail opportunities in a vibrant, high-traffic Amarillo location.
      7200 SW 45Th Ave, Amarillo, TX 79109
      View Details
    • $7,500 /Mo

      Versatile Commercial Space in Amarillo

      Commercial space for lease with offices, kitchen, and warehouse.
      2801 Duniven Cir, Amarillo, TX 79109
      View Details
    • Contact for pricing

      Retail, Office, and Warehouse Space

      Functional retail, office, and warehouse space near I-27.
      4525 Maverick St, Amarillo, TX 79109
      View Details
    • Contact for pricing

      Established Amarillo Shopping Center Space

      Prime location near I-40 suitable for retail or medical.
      2803 Civic Cir, Amarillo, TX 79109
      View Details
    • Contact for pricing

      Office/Retail Space in Peppertree Square

      Office/retail space in Peppertree Square, Amarillo, TX for sublease.
      2600 Paramount Blvd, Amarillo, TX 79109
      View Details
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    3221 Western St
    Amarillo, TX 79109
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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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