Quadplex with Four Two-Bedroom
For Sale
$1,158,900
577 Richlands Way, Fate, TX 75087
MULTI_FAMILY - Fate, TX
Property Size4,100 SF
Lot Size0.13 Acres
Price / SF$282.66
Days on Market39
Property Features for 577 Richlands Way
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 6, Bedroom 6, Bathroom 4, Bathroom 7, Bedroom 4, Bathroom 1, Bathroom 2, Bathroom 8, Bathroom 5, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 7, Bedroom 2, Bedroom 8, Bathroom 3
Parking
10
Parking features
Assigned, On Street
Interior features
HighSpeedInternet, MultipleStaircases, SmartHome, CableTv, WiredForSound
Appliances
Dishwasher, ElectricCooktop, ElectricRange, Microwave, Refrigerator
Subdivision
Richlands Plaza
Elementary school
Vernon
Middle school
Royse City
High school
Royse City
Elementary school district
Royse City ISD
Middle school district
Royse City ISD
High school district
Royse City ISD
Directions
GPS
Standard status
Active
APN
000000336209
Size
4,100 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
RICHLANDS PLAZA BLK A LOT 1
Tax Annual Amount
10916
HOA Fee
$1,385 Quarterly
Legal Description
RICHLANDS PLAZA BLK A LOT 1
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Ceiling Fan(s), Electric
Water source
Public
Building Details
Year built
2024
Floors in Building
2
Number of units
4
Flooring type
Vinyl
Building materials
Brick, Stucco
Roof type
Asphalt
Listing Agency:
Monument Realty
(214) 705-7827
Listed By:
Chaz Cameli · License #0774669
(214) 705-7827
Added: Jul 17
Changed: Aug 12
Last Checked: Aug 24 at 6:06PM
MLS# 21274734
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 four-plex quadplex includes four two-bedroom, two-bath units with open floor plans. Built in 2024, the residences feature modern interior finishes such as quartz countertops, Euro-style cabinetry, tiled backsplashes, and ensuite bedrooms. Bathrooms include walk-in showers with tiled surrounds. Design and building features include Low-E windows, spray foam insulation, and fire-rated walls between units. Each unit is equipped with electric appliances, and the home includes smart home capabilities and wired entertainment infrastructure such as high-speed internet, cable TV, and wiring for sound. Heating and cooling are supported by central electric systems and ceiling fans, and the property has vinyl flooring, an asphalt roof, and brick and stucco construction.
The property is located at 577 Richlands Way in Fate, TX, on a 0.13-acre lot, with public water and public sewer. Parking includes on-street and assigned spaces. The location provides access to major regional routes including I-30 and George Bush Turnpike, and the area is supported by nearby shopping and dining as well as the planned Fate Yards development at Memorial Parkway and I-30.
The building is offered as fully leased with stabilized occupancy.
The property is located at 577 Richlands Way in Fate, TX, on a 0.13-acre lot, with public water and public sewer. Parking includes on-street and assigned spaces. The location provides access to major regional routes including I-30 and George Bush Turnpike, and the area is supported by nearby shopping and dining as well as the planned Fate Yards development at Memorial Parkway and I-30.
The building is offered as fully leased with stabilized occupancy.
Key Highlights
- Built in 2024 quadplex with four fully leased two‑bedroom, two‑bath units
- Low‑E windows, spray foam insulation, and fire‑rated walls between units
- Quartz countertops and Euro‑style cabinetry with tiled backsplashes
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
$34,249
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
2.96%
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%
$684,980
$685.0K
Cap Rate 7%
$489,271
$489.3K
Cap Rate 9%
$380,544
$380.5K
Market Conditions
NOI Build-Up for 4,100 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
$55.1K $13.44/SF
− Vacancy
−$6.2K −$1.51/SF
EGI
$48.9K $11.93/SF
− OpEx
−$14.7K −$3.58/SF
NOI
$34.2K $8.35/SF
Area
Rockwall County, TX
Vacancy
11.21%
Lease Rate
$13.44 /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%
$684,980
Cap Rate 7%
$489,271
Cap Rate 9%
$380,544
Alternative Uses
Best Use
Multifamily LT 5
$489.3K
$428.1K – $570.8K
NOI $34,249 @ 7.0% cap · market cap 2.96%
Second Best
Apartment 5plus
$426.2K
$372.9K – $497.2K
NOI $29,834 @ 7.0% cap · market cap 2.57%
Theoretical Best
Hotel Hospitality
$3.09M
$2.70M – $3.60M
NOI $216,173 @ 7.0% cap · market cap 18.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
153
Businesses Nearby
Explore this area
Business Placement
Demographics for 75087, TX
40,460
Population
15,103
Households
2.7
Avg Household Size
38
Median Age
50%
College-Educated
96%
High-School Grad
29.4 sq mi
ZIP Area
1,376
Density / Sq Mi
$128,590
Median Household Income
$61,467
Median Earnings
$1,727
Median Rent
$399,500
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?
Quadplex - Built in 2024 four-plex, fully leased, with four two-bedroom two-bath units featuring open floor plans.
Where is this quadplex located?
The property is located at 577 Richlands Way Fate, TX.
What is the asking price?
The asking price for this property is $1,158,900.
What are key features of this property?
This property features: Built in 2024 quadplex with four fully leased two‑bedroom, two‑bath units; Low‑E windows, spray foam insulation, and fire‑rated walls between units; Quartz countertops and Euro‑style cabinetry with tiled backsplashes
