6990 9Th AveAmarillo, TX 79106

Property Details for 6990 9Th Ave

Lot size

3.23 AC

Property size (Sq ft)

127,340 SF

Property type

Apartment buildings

Description

This exceptional Class A multifamily development opportunity in Amarillo, Texas, presents a compelling investment prospect. Located at 6990 SW 9th Ave in Potter County, this 3.23-acre site is zoned for multifamily use and boasts a total of 127,340 square feet, with 100,601 square feet of net rentable space. The project encompasses a single, four-story building featuring approximately 105 units, ranging from one to three bedrooms. Amenities include a furnished clubhouse, golf simulator, tanning facility, and a 24-hour fitness center. Party and conference rooms are also available for residents. Each unit offers a private balcony. The property's prime location in the medical district offers unparalleled convenience, with proximity to Texas Tech University Health Sciences Center at Amarillo, the upcoming Texas Tech University School of Veterinary Medicine, BSA and Northwest Texas Hospitals, BSA Harrington Cancer Center, Amarillo VA Healthcare System, and numerous other healthcare facilities. Nearby amenities include restaurants, shopping centers, and access to Route 66. The asking price is $2,250,000, representing a pro-forma cap rate of 8.01% and a pro-forma NOI of $2,032,738. The land value is $14.70 per square foot. All architectural work is complete and approved, and the final permit has been obtained from the City of Amarillo. This is a shovel-ready site, perfect for 1031 exchange opportunities. The property is currently vacant.

Location Insight

City

Amarillo

County

Potter

State

Texas

Latitude

35.206

Longitude

-101.916

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