4300 Prairie AveAmarillo, TX 79109

Property Details for 4300 Prairie Ave

Year built

1968

Property size (Sq ft)

24,000 SF

Property type

Apartment buildings

Description

This exceptional 48-unit apartment building, located at 4300 Prairie Ave in Amarillo, Texas, presents a compelling value-add investment opportunity. The property, built in 1968 and extensively renovated in 2023, boasts 24,000 square feet of net rentable space, currently operating at 96% occupancy. Each of the 48 units features modern, updated interiors, reflecting the over $593,000 in recent capital improvements. The property's current NOI is $234,284, yielding a 7.82% cap rate, with a pro-forma NOI of $262,404 and a pro-forma cap rate of 8.76%. Further upside potential exists through the implementation of RUBS (renters utility billing system) for gas, water, trash, and sewer. The asking price is $2,995,000, translating to $62,395.83 per unit and $124.79 per square foot. Situated in Randall County, Amarillo offers a strong Texas market, benefiting from major employers like Tyson Foods and Bell Helicopter Textron. This two-story Class C building represents a rare chance to acquire a well-maintained, high-performing multifamily asset with significant growth potential in a thriving economic region. The property's current below-market rents offer additional avenues for increasing profitability.

Location Insight

City

Amarillo

County

Randall

State

Texas

Latitude

35.1615

Longitude

-101.886

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