IN PROGRESS CONVERSION TO MULTIFAMILY. BUY AS IS FOR $850,000 or BUY AS APARTMENTS FOR $1,350,000. Sold as multifamily price: $1,350,000 or best offer (In 6 Months) Sold as motel price: $850,000 or best offer (Now) This 24-unit motel is currently operating as a long-term stay studio/apartment complex, offering stable, consistent rental income with full occupancy. Property Financial Overview (As a Motel): Address: 3602 E Amarillo Blvd, Amarillo, TX 79107 Price: $850,000 Current As-Is Market Value: $1,411,896 at $112,951.68 current annual NOI (8% cap rate) Rehab: $135,000 ARV 1: $1,600,000 Value-Add Potential – Kitchenette Addition, Planned Unit Development Conversion Partnership with Bureau of Prisons. Current Rent Make Up (As Motel): 95% Occupied - Every unit is leased on a 1-year agreement with long-term tenants. Main owners residence can be rented to new buyer as owner currently lives here. Diverse Unit Mix: • 18 standard units – each functioning as an efficiency-style studio with bathrooms. • 2 stand-alone cabins – each a spacious 2-bedroom, 1-bathroom home in the back of the property. • 1 separate housekeeping unit that can be converted for tenancy. • 1 Main Owner’s Residence: A 2-bedroom, 1-bathroom home located on-site, perfect for an owner/operator or property manager. • 2 units for storage, laundry Ample Parking: • Plenty of parking spaces for all tenants with additional room to spare! Turnkey Investment: • Property is already set up for consistent, passive income. *******We've attached a .csv file of the current P&L and Rent Roll to this listing******* This is an unbeatable opportunity for anyone looking to own a high-yielding property in a growing area! SERIOUS INQUIRIES ONLY! This property presents an attractive investment opportunity by adding kitchenettes to the remaining 14 units. We've received a quote of $70,000 for the necessary materials and labor to complete this project. We've also met with Amarillo's zoning department and community development team to discuss rezoning the property to a "Planned Unit Development" (PUD). This rezoning will require installing fire sprinklers and one fire hydrant, with a total estimated cost of $65,000. These upgrades would allow us to increase the rents to the Fair Market Rent (FMR) rate of $872 per month. With a total investment of about $135,000, these improvements will substantially raise the property's value, potentially turning it into an asset that pays itself generating consistent passive income for many years. Estimated Financial Impact of Kitchenette Addition (Proforma): Revenue: (18) Studio Units x $872 a month = $14,634 per month (1) Studio (Housekeeping unit converted) = $872 per month (2) 1 Bed 1 Bath Houses (2 standalone cabins) = $1,904 per month (1) 2 Bed 1 Bath Unit (Main Owner’s Residence) = $1,158 per month Gross Sum: $18,935 (95% occupancy) Adjusted NOI (Less Total Operating Expense of $3,788.36 per month): $15,146.64 per month Annual NOI: $15,146.64 x 12 months = $181,759.68 As complete income: $181,759.68 NOI