Carmel

Amarillo, TX

Info For Buyers

Overview

Summary

Price $950,000
Address 1002 SW 11th Ave, Amarillo, TX 79101
# of Units 20
Rentable SF 13,382 SF
Year Built 1964

Carmel Apartments is a 20-unit, partially renovated multifamily community located in Amarillo in Potter County, Texas. Built in 1964 and situated on .39 acres, the property is improved with a single two-story apartment building with brick siding and flat roofs.

Carmel Apartments offers open and spacious studio, one-, and two-bedroom units featuring full kitchens equipped with white appliances, formica countertops, faux hardwood and carpet flooring, spacious bedrooms, and new paint. Ample open surface parking is provided.

Key Facts

There are numerous major economic projects slated to add over 4,500 jobs to the local economy in the next few years, including Producer Owned Beef building a $670M facility, as well as a new Amazon Fulfillment Center which will employ 500 people.

There is an opportunity to add immediate scale by purchasing one or more of the other properties in the portfolio. E.g., West Oaks and Deville and Wolflin are within a short drive from the property.

Amarillo is the second fastest growing mid-sized city in the nation.

The property sits below direct competitors in rent and occupancy. New ownership can take a hands-on approach to increase income.

Amarillo performs exceptionally well during economic slowdowns. The local economy increased 3.8% over Covid while the national economy shrank 2.8%.