| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Poor |
| Demographics | 28th | Poor |
| Amenities | 42nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 601 S Nelson St, Amarillo, TX, 79104, US |
| Region / Metro | Amarillo |
| Year of Construction | 1977 |
| Units | 28 |
| Transaction Date | 2021-07-22 |
| Transaction Price | $2,540,000 |
| Buyer | RUMBLEBEE LLC |
| Seller | PALO DURO VISTA APARTMENTS LLC |
601 S Nelson St Amarillo Multifamily Investment
Neighborhood occupancy sits above the metro median and renter concentration is strong, supporting stable leasing, according to WDSuite s CRE market data. This location offers workforce-oriented demand at attainable rents, balancing steady absorption with potential value-add upside.
Located in an Inner Suburb of Amarillo rated C+, the neighborhood shows resilient renter demand with an occupancy level above the metro median (rank 41 of 87 neighborhoods). Renter-occupied housing accounts for a high share of units locally (rank 8 of 87), indicating a deep tenant base that can support leasing continuity for multifamily assets.
Amenity access is mixed: groceries and restaurants rank competitively among Amarillo neighborhoods (grocery density rank 8 of 87; restaurant density rank 18 of 87), while childcare, parks, and pharmacies are limited within the immediate neighborhood (each ranked 87 of 87). For investors, this mix suggests convenience for daily needs but fewer family-focused services, which may shape unit-mix and marketing strategies.
Within a 3-mile radius, household counts have inched up even as population was essentially flat, and forecasts point to population growth and a notable increase in households over the next five years. That trajectory implies a larger tenant base and potential renter pool expansion, which can underpin occupancy stability and measured rent growth through the cycle.
Median contract rents in the neighborhood sit in the lower half of the metro (rank 63 of 87), and rent-to-income levels are relatively manageable. This affordability positioning can aid retention and reduce turnover risk, though it may temper near-term pricing power. Home values are comparatively accessible versus national benchmarks, which can introduce some competition from ownership; however, it also broadens the market for value-oriented renters and supports steady lease-up for well-managed properties.
Safety trends are mixed but improving. The neighborhood s crime rank sits on the higher-incident side within the Amarillo metro (rank 14 of 87), yet national positioning is comparatively favorable, with overall and violent offense measures tracking in stronger percentiles versus neighborhoods nationwide. Importantly, both property and violent offense rates have declined year over year, and those improvement rates are in the top quartile nationally, indicating momentum in the right direction.
For investors, this suggests risk management remains important, but recent trendlines support stable operations with appropriate on-site security practices and resident screening protocols relative to the submarket context.
Nearby employment includes utility and corporate office roles that help support workforce housing demand and commuter convenience for renters.
- Xcel Energy corporate offices (6.4 miles)
Built in 1977, this 28-unit property offers a practical value-add profile against an older neighborhood stock, positioning it competitively versus 1960s-era assets while still benefiting from targeted modernization to drive rents and retention. Neighborhood occupancy trends are above the metro median and the renter concentration is high, signaling depth in the tenant base and support for stable collections. Based on CRE market data from WDSuite, rent levels remain attainable relative to incomes, which can bolster lease renewals and mitigate vacancy volatility.
Forward-looking demographics within a 3-mile radius point to growth in households and a larger renter pool, aligning with a workforce housing thesis. Amenity access favors daily conveniences like groceries and restaurants, while limited childcare and parks may influence resident profile and marketing. Ownership remains relatively accessible in this part of Amarillo, which can introduce competition for some households; disciplined renovations and service levels can help sustain pricing power and differentiation versus older comparables.
- Above-metro-median neighborhood occupancy and high renter concentration support leasing stability
- 1977 vintage offers renovation upside versus older nearby stock
- Household growth within 3 miles suggests a larger tenant base and sustained demand
- Attainable rent levels relative to incomes can aid renewals and reduce turnover
- Risks: limited childcare/park access and accessible homeownership may add competitive pressure