Single-Story Full
New
For Sale
$494,500
345-347 Schirra Court, Lavon, TX 75166
ResidentialIncome, Lavon, TX
Property Size2,414 SF
Lot Size0.08 Acres
Price / SF$204.85
Days on Market2
Property Features for 345-347 Schirra Court
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 3, Bedroom 6, Bedroom 3, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 2, Bathroom 1
Parking
4
Parking features
Garage
Interior features
OpenFloorplan, Pantry, TileCounters, CableTv, VaultedCeilings, WalkInClosets
Fencing
Fenced
Appliances
Dishwasher, ElectricCooktop, Disposal, Microwave
Subdivision
Grand Heritage - West C
Lot features
Cul De Sac
Elementary school
Mcclendon
Middle school
Community Trails
High school
Community
Elementary school district
Community ISD
Middle school district
Community ISD
High school district
Community ISD
Directions
HWY 205 to Lavon Grand Heritage West C on the left before HWY 78
Standard status
Active
APN
R959100E024A1
Size
2,414 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
GRAND HERITAGE - WEST C (CLA), BLK E, LOT 24A
Tax Annual Amount
4164
HOA Fee
$1,382 Annually
Legal Description
GRAND HERITAGE - WEST C (CLA), BLK E, LOT 24A
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
2009
Floors in Building
1
Number of units
2
Flooring type
Carpet, Laminate, Tile
Building materials
Brick
Roof type
Composition
Listing Agency:
Citywide Real Estate and Prope
(972) 772-4999
Listed By:
JoAnn Campbell · License #0463948
(972) 772-4999
Added: Aug 21
Last Checked: Aug 22 at 6:06PM
MLS# 21357961
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 single-story duplex contains 2,414 square feet, with each residence offering three bedrooms, two full bathrooms, an open living area, walk-in closets, a dedicated utility room, and a private fenced backyard with a sprinkler system. The property includes separate attached two-car garages, providing four garage spaces in total. Interior features include vaulted ceilings, tile counters, pantry space, and a mix of carpet, laminate, and tile flooring. Central electric heating and cooling serve both units, and public water and sewer are available.
Both sides are currently tenant-occupied, with 100% occupancy reported. Residents have access to the Grand Heritage Club, including a pool, splash pad, fitness center, clubhouse, and business center, along with community parks, jogging trails, and fishing ponds. The property is near Highways 78 and 205, with access to Wylie, Rockwall, and Plano, and Lake Lavon is nearby.
Both sides are currently tenant-occupied, with 100% occupancy reported. Residents have access to the Grand Heritage Club, including a pool, splash pad, fitness center, clubhouse, and business center, along with community parks, jogging trails, and fishing ponds. The property is near Highways 78 and 205, with access to Wylie, Rockwall, and Plano, and Lake Lavon is nearby.
Key Highlights
- 2,414‑square‑foot duplex on a 0.08‑acre lot
- Each unit has 3 bedrooms and 2 full bathrooms
- Separate attached 2‑car garages provide 4 total garage spaces
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
$42,447
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
8.58%
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%
$848,940
$848.9K
Cap Rate 7%
$606,386
$606.4K
Cap Rate 9%
$471,633
$471.6K
Market Conditions
NOI Build-Up for 2,414 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
$67.5K $27.96/SF
− Vacancy
−$6.9K −$2.84/SF
EGI
$60.6K $25.12/SF
− OpEx
−$18.2K −$7.54/SF
NOI
$42.4K $17.58/SF
Area
Collin County, TX
Vacancy
10.16%
Lease Rate
$27.96 /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%
$848,940
Cap Rate 7%
$606,386
Cap Rate 9%
$471,633
Alternative Uses
Best Use
Multifamily LT 5
$606.4K
$530.6K – $707.5K
NOI $42,447 @ 7.0% cap · market cap 8.58%
Second Best
Apartment 5plus
$524.4K
$458.8K – $611.8K
NOI $36,707 @ 7.0% cap · market cap 7.42%
Theoretical Best
Industrial
$2.40M
$2.10M – $2.80M
NOI $167,909 @ 7.0% cap · market cap 33.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
76
Businesses Nearby
Explore this area
Business Placement
Demographics for 75166, TX
5,457
Population
2,186
Households
2.5
Avg Household Size
35
Median Age
36%
College-Educated
96%
High-School Grad
12.9 sq mi
ZIP Area
423
Density / Sq Mi
$129,130
Median Household Income
$60,916
Median Earnings
$1,780
Median Rent
$385,000
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?
Duplex - Tenant-occupied duplex with separate garages, fenced yards, and community amenities in Lavon.
Where is this duplex located?
The property is located at 345-347 Schirra Court Lavon, TX.
What is the asking price?
The asking price for this property is $494,500.
What are key features of this property?
This property features: 2,414‑square‑foot duplex on a 0.08‑acre lot; Each unit has 3 bedrooms and 2 full bathrooms; Separate attached 2‑car garages provide 4 total garage spaces
