Ponderosa

Canyon, TX

Info For Buyers

Overview

Summary

Price $1,125,000
Address 1410 Ponderosa St, Canyon, TX 79015
# of Units 24
Rentable SF 29,621 SF
Year Built 1978

Ponderosa Apartments is a 24-unit, partially renovated multifamily community located in Canyon in Randall County, Texas. Built in 1978 and situated on .68 acres, the property is improved with a single two-story apartment building with brick siding and flat roofs.

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

Key Facts

Prime location near WTAMU campus. WTAMU has an enrollment of over 10,000 and has recently added a state of the art football stadium with capacity for 12,000 and a 150,000 sqft Agricultural Sciences Center.

There is an opportunity to add immediate scale by purchasing one or more of the other properties in the portfolio. E.g., Park View and Pepper Tree & Four Seasons are within blocks from the property.

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

Competing properties have waitlists and similar units rent at higher amounts. 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%.

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 workers.