Multifamily Property with Three
For Sale
$1,949,000
137 County Road 3351, Paradise, TX 76073
MULTI_FAMILY - Paradise, TX
Property Size8,180 SF
Lot Size2.82 Acres
Price / SF$238.26
Days on Market39
Property Features for 137 County Road 3351
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
12
Bathrooms
9
Full bathrooms
9
Rooms
Bathroom 6, Bedroom 11, Bedroom 12, Bathroom 2, Bathroom 5, Bedroom 10, Bathroom 9, Bedroom 4, Bedroom 6, Bathroom 7, Bedroom 3, Bedroom 2, Bathroom 4, Bedroom 7, Bathroom 3, Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 8, Bedroom 9, Bedroom 8
Parking
8
Interior features
BuiltInFeatures, DecorativeDesignerLightingFixtures, DoubleVanity, EatInKitchen, GraniteCounters, KitchenIsland, OpenFloorplan, NaturalWoodwork, WalkInClosets
Fireplace
1
Appliances
Dishwasher, ElectricOven, ElectricRange, GasCooktop, Microwave, WaterSoftener, TanklessWaterHeater
Subdivision
Gillespie Add
Elementary school
Paradise
Middle school
Paradise
High school
Paradise
Elementary school district
Paradise ISD
Middle school district
Paradise ISD
High school district
Paradise ISD
Directions
114 W, L Olde Towne Rd, L Schoolhouse Rd, R Sunflower Rd, L Sunflower Rd., L CR 3351, property on the left
Standard status
Active
APN
797710
Size
8,180 SF
Lot size
2.82 Acres
Taxes and HOA fees
Tax Description
LOT 22 GILLESPIE ADDN, UNDIVIDED INTEREST 66.
Tax Annual Amount
10398
Legal Description
LOT 22 GILLESPIE ADDN, UNDIVIDED INTEREST 66.
Utilities
Utilities
Propane
Sewer type
Septic Tank
Heating system
Central
Cooling system
Central Air
Water source
Well
Building Details
Year built
2020
Floors in Building
2
Number of units
6
Flooring type
Carpet, Vinyl, Concrete, Tile
Building materials
BoardAndBattenSiding, MetalSiding, Rock, Stone
Roof type
Metal
Listing Agency:
Compass RE Texas, LLC
(682) 226-6938
Listed By:
Brittany Allred · License #0758007
(214) 814-8100
Added: Jul 17
Changed: Aug 17
Last Checked: Aug 24 at 6:06PM
MLS# 21270049
Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This for-sale property combines a single-family residence with three duplexes on 2.82 acres in Paradise, TX. The main home features 4 bedrooms, 3 bathrooms, and a dedicated media room. In addition, the property includes three duplex structures, providing 6 total rental units.
According to the public remarks, the rental units are currently generating approximately $97,000 per year in income, with 100% occupancy and leases already in place, supporting cash flow immediately after closing. The property is located at 137 County Road 3351 in Wise County.
Overall, it presents a blended residential and rental configuration designed for an owner who wants to live in the main home while maintaining multiple income-producing units on the same parcel.
According to the public remarks, the rental units are currently generating approximately $97,000 per year in income, with 100% occupancy and leases already in place, supporting cash flow immediately after closing. The property is located at 137 County Road 3351 in Wise County.
Overall, it presents a blended residential and rental configuration designed for an owner who wants to live in the main home while maintaining multiple income-producing units on the same parcel.
Key Highlights
- Main home plus 3 duplexes with 6 total rental units, generating approximately $97,000 per year
- 100% occupancy with leases already in place for immediate rental income at closing
- 3,500 sq ft main home built in 2020 on almost 3 acres, featuring 4 bedrooms, 3 bathrooms and a dedicated media room
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$61,619
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.16%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,232,380
$1.2M
Cap Rate 7%
$880,271
$880.3K
Cap Rate 9%
$684,656
$684.7K
Market Conditions
NOI Build-Up for 8,180 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$99.1K $12.12/SF
− Vacancy
−$11.1K −$1.36/SF
EGI
$88.0K $10.76/SF
− OpEx
−$26.4K −$3.23/SF
NOI
$61.6K $7.53/SF
Area
Wise County, TX
Vacancy
11.21%
Lease Rate
$12.12 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,232,380
Cap Rate 7%
$880,271
Cap Rate 9%
$684,656
Alternative Uses
Best Use
Multifamily LT 5
$880.3K
$770.2K – $1.03M
NOI $61,619 @ 7.0% cap · market cap 3.16%
Second Best
Apartment 5plus
$765.3K
$669.6K – $892.8K
NOI $53,570 @ 7.0% cap · market cap 2.75%
Theoretical Best
Hotel Hospitality
$6.16M
$5.39M – $7.19M
NOI $431,291 @ 7.0% cap · market cap 22.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Explore this area
Business Placement
Demographics for 76073, TX
6,579
Population
2,612
Households
2.5
Avg Household Size
41
Median Age
23%
College-Educated
88%
High-School Grad
84.0 sq mi
ZIP Area
78
Density / Sq Mi
$110,224
Median Household Income
$46,993
Median Earnings
$1,165
Median Rent
$317,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Includes a single-family home plus three duplexes totaling six rental units on 2.82 acres, with income-producing occupancy in place.
Where is this multifamily property located?
The property is located at 137 County Road 3351 Paradise, TX.
What is the asking price?
The asking price for this property is $1,949,000.
What are key features of this property?
This property features: Main home plus 3 duplexes with 6 total rental units, generating approximately $97,000 per year; 100% occupancy with leases already in place for immediate rental income at closing; 3,500 sq ft main home built in 2020 on almost 3 acres, featuring 4 bedrooms, 3 bathrooms and a dedicated media room
