601 S Nelson St Amarillo, TX 79104
- Commercial real estate
Current Use by Public Records
- Nelson Street Apartments / Apartment Building / Apartment Complex
Property Details for 601 S Nelson St
- Year built
- 1964
- Property type
- Commercial real estate
Description
This exceptional 48-unit apartment building, located at 601 S Nelson St, Amarillo, TX 79104, presents a compelling value-add investment opportunity. The property boasts 25,636 net rentable square feet spread across seven, two-story buildings, offering a strong foundation for growth. Built in 1964 and 1977, with significant renovations completed in 2022 and 2023, including new roofs, the property currently enjoys a 98% occupancy rate. The 48 units average $62,395 per unit, with 47 of the units featuring updated interiors. Significant capital expenditures totaling $743,000 have been invested since 2022. The property's current Net Operating Income (NOI) stands at $244,389, yielding an attractive 8.16% cap rate. Situated in Potter County, Amarillo, this property benefits from its location near major thoroughfares and a surrounding area of single-family homes. Amarillo's diverse economy, including strong sectors in food processing, agriculture, and healthcare, provides a stable and growing market for rental properties. The property's Class C designation and value-add investment type offer potential for increased NOI through further improvements, such as implementing RUBS (rent-based utility billing). This is a rare opportunity to acquire a well-maintained, high-occupancy multifamily property in a thriving Texas market. The asking price is $2,995,000.
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
- -101.8055945
- Latitude
- 35.2038824
