1501 9Th AveAmarillo, TX 79101

Property Details for 1501 9Th Ave

Year built

1963

Property size (Sq ft)

17,100 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 33-unit apartment building, located at 1501 SW 9th Ave in Amarillo, Texas, presents a compelling value-add opportunity. The property boasts 17,100 square feet and sits on a desirable lot just west of a major Amarillo thoroughfare, conveniently located off Interstate 40. Built in 1963, this two-story Class C building has undergone significant renovations since 2021, totaling over $645,000 in capital improvements. These upgrades include a new roof (2021), HVAC replacements, updated water heaters, electrical and plumbing systems, and complete unit renovations featuring new appliances, countertops, flooring, fixtures, paint, toilets, and doors. Currently operating at 97% occupancy, the property generates a Net Operating Income (NOI) of $120,000, with a pro-forma NOI of $131,916 achievable through the implementation of RUBS (renters utility billing system) for gas, water, trash, and sewer. The asking price is $1,975,000, representing $59,848 per unit and a current cap rate of 6.08%, with a pro-forma cap rate of 6.68%. The property is surrounded by single-family rentals and commercial businesses, making it an ideal investment in a strong Texas market with potential for increased rental income. This is a rare opportunity to acquire a well-maintained, updated multifamily property with significant upside potential.

Location Insight

City

Amarillo

County

Potter

State

Texas

Latitude

35.2061

Longitude

-101.855

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