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    Property profile & analytics

    7308 Fleming Ave Amarillo, TX 79106-1829

    • Medical offices
    • 11,362 SF
    • 0.84 lot acres
    OFF-MARKET
    Last Sale
    Dec 05, 2023
    Value Estimations
    $615,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-4052880
    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

    • Dr. Robert E. Gerald, MD / Ophthalmologist
    • Rush J Avery MD / Physician
    • Rush Lasik: Rush Sloan W MD / Physician / Ophthalmologist
    • Mark Gage / Physician
    • Dr. Gina Matteson / Physician

    Property Details for 7308 Fleming Ave

    Year built
    1983
    Lot size
    0.84 lot acres
    Property size
    11,362 SF
    Zone code
    O1
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    R-065-3050-1100
    APU
    R06530501100

    Description

    This exceptional 6,485 square foot medical office building, situated on a spacious 36,590 square foot lot, presents a unique investment opportunity. Constructed in 1983 and extensively renovated in 2003, the property boasts excellent curb appeal and ample parking, catering to both patients and staff. Located just one block west of Coulter Street in Amarillo's thriving medical district, this single-tenant building offers unparalleled convenience and accessibility. The building's strategic position provides easy access from both West Amarillo Boulevard and Coulter Street, ensuring high visibility and convenient access for patients and employees. The total building size is 11,362 square feet, with the 6,485 square foot space currently available for lease. This property is situated in Potter County. A tenant improvement allowance is available, providing flexibility for customizing the space to meet specific needs. This is an ideal location for medical professionals seeking a well-maintained, conveniently located, and easily accessible office space within a vibrant medical community. The property's substantial lot size offers significant potential for future expansion or development. This presents a rare opportunity to acquire a prime medical office building in a high-demand area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $450,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $782,000
      Market price range: $434k - $1.25M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $830,000
      Current use
      WAREHOUSE, STORAGE
      $905,000
      Change: +9% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Amarillo
    County
    Potter
    State
    Texas
    Longitude
    -101.923
    Latitude
    35.1937
    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
    $10,337
    $164,657
    $839,535
    $1,004,192
    -
    $164,657
    $839,535
    $1,004,192

    Comparable in this City

    • Value Estimation
      $4,875,000
      49,709 SF

      1751 Wallace Blvd

      MEDICAL BUILDING • 49,709 SF
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      View Details
    • Value Estimation by Request
      7,666 SF

      7310 Fleming Ave

      MEDICAL BUILDING • 7,666 SF
      7310 Fleming Ave, Amarillo, TX 79106-1807
      View Details
    • Value Estimation by Request
      7,666 SF

      7310 Fleming Ave

      MEDICAL BUILDING • 7,666 SF
      7310 Fleming Ave, Amarillo, TX 79106-1807
      View Details
    • Value Estimation
      $1,275,000
      32,316 SF

      1901 Medi Park Drd

      MEDICAL BUILDING • 32,316 SF
      1901 Medi Park Drd, Amarillo, TX 79106-2110
      View Details
    • Value Estimation
      $690,000
      13,030 SF

      411 Austin St

      MEDICAL BUILDING • 13,030 SF
      411 Austin St, Amarillo, TX 79106-6750
      View Details
    • Value Estimation
      $905,000
      7,636 SF

      Coulter St

      MEDICAL BUILDING • 7,636 SF
      Coulter St, Amarillo, TX 79106
      View Details

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    Amarillo, TX 79106-1829
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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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