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    3506 Spade Dr Amarillo, TX 79104

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    3506 Spade Dr Amarillo, TX 79104

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    • Outlet malls
    • 15,976 SF
    • 1.48 lot acres
    For Sale
    $850,000
    View Listing →
    Large Commercial Building on Spade Drive For Sale
    $850,000
    15,976 SF

    Large Commercial Building on Spade Drive

    Versatile commercial building suitable for retail, event center, gym, church.

    3506 SPADE Drive, Amarillo, TX 79104
    View Listing
    Property ID
    US82-4752509
    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

    • Gold Star Bingo / Bingo Hall / Amusement Center
    • Dr. Justin M. Juelz, DDS / Physician

    Property Details for 3506 Spade Dr

    Year built
    1957
    Lot size
    1.48 lot acres
    Property size
    15,976 SF
    Zone code
    LC
    Property type
    Outlet malls
    Property subtype
    Shopping centers
    APN
    R-022-0700-1450
    APU
    R02207001450

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $395,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $615,000
      Market price range: $615k - $1.57M

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

    Location Insight

    • Map
    • Local Demand
    City
    Amarillo
    County
    Potter
    State
    Texas
    Longitude
    -101.797
    Latitude
    35.1996
    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
    2023
    $4,954
    $45,128
    $191,510
    $236,638
    -
    $45,128
    $191,510
    $236,638

    Comparable in this City

    • Value Estimation by Request
      10,559 SF

      3300 10th Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 10,559 SF
      3300 10th Ave, Amarillo, TX 79104-2604
      View Details
    • Value Estimation by Request
      13,680 SF

      3510 10th Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 13,680 SF
      3510 10th Ave, Amarillo, TX 79104-2748
      View Details
    • Value Estimation
      $535,000
      14,552 SF

      303 Pittsburg St

      WHOLESALE OUTLET, DISCOUNT STORE • 14,552 SF
      303 Pittsburg St, Amarillo, TX 79104
      View Details
    • Value Estimation by Request
      1,354 SF

      4009 10th Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,354 SF
      4009 10th Ave, Amarillo, TX 79104-3001
      View Details
    • Value Estimation by Request
      1,536 SF

      3404 10th Ave

      AUTO REPAIR, GARAGE • 1,536 SF
      3404 10th Ave, Amarillo, TX 79104-2636
      View Details
    • Value Estimation by Request
      3,650 SF

      3001 12th Ave

      GYM, HEALTH SPA • 3,650 SF
      3001 12th Ave, Amarillo, TX 79104-2521
      View Details

    Similar Nearby for Sale

    • $850,000
      Pending

      Large Commercial Building on Spade Drive

      Versatile commercial building suitable for retail, event center, gym, church.
      3506 Spade Dr, Amarillo, TX 79104
      View Details
    • Contact for pricing
      10,559 SF

      Event Venue with Expansion Potential

      Value-add commercial opportunity with expansion and redevelopment potential.
      3300 SE 10Th Ave, Amarillo, TX 79104
      View Details
    • Contact for pricing

      Commercial Pad Site on I-40

      Commercial land for sale with high visibility and utilities.
      1703 Pryor St, Amarillo, TX 79104
      View Details
    • Contact for pricing

      Retail Lot on Osage Street

      Retail lot with frontage, ideal for fuel or convenience store.
      4600 S Osage St, Amarillo, TX 79104
      View Details
    • $550,000
      10,559 SF

      Event Venue with Expansion Potential

      Commercial event venue with unfinished expansion space in Amarillo, TX.
      3300 SE 10Th Ave, Amarillo, TX 79104
      View Details

    Similar Nearby for Lease

    • $7,200 /Mo

      Commercial Land For Lease

      Commercial land available for ground lease with I-40 visibility.
      3500-3502 16Th Ave SE, Amarillo, TX 79104
      View Details
    • Contact for pricing

      Distribution Center with Temperature Control

      Large distribution center featuring temperature control and secure yard.
      3333 SE 3Rd Ave, Amarillo, TX 79104
      View Details
    • $600 /Mo

      I-40 Frontage Ground Lease

      High-visibility ground lease along I-40 in East Amarillo.
      3500 SE 16Th Ave, Amarillo, TX 79104
      View Details
    View Listing
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    Amarillo, TX 79104
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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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