Multifamily Property With Additional
New
For Sale
$315,000
1000 Southeast Parkway, Azle, TX 76020
Multiple residential living spaces support owner occupancy alongside potential rental use.
Property Size1,716 SF
Price / SF$183.57
Days on Market7
Property Features for 1000 Southeast Parkway
General Information
Standard status
Active
Size
1,716 SF
Property subtype
Apartment
Zoning
heavy commercial
Property Condition
Severity
Minor
Evidence
needs a little TLC
Additional Details
Multifamily Units
4
Building Details
Year Built
1960
Listing Agency:
Carl Russell, Broker
(940) 399-8186
Listed By:
Rene Jensen · License #0720823
(214) 532-6823
Source:
Lonestarluxuryrealty
Added: Aug 15
Changed: Aug 20
Last Checked: Aug 20 at 4:40AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Carl Russell, Broker
Investment Insights
Based on property information with market context.
This multifamily property at 1000 Southeast Parkway includes a primary house, a garage apartment, a separate house, and an additional living space. The configuration provides several distinct residential areas within one property and can accommodate owner occupancy while other spaces are used for rental purposes.
The property is zoned for heavy commercial use, adding a commercial land-use designation to its existing multifamily configuration. Built in 1960, the asset requires TLC and presents a combination of residential improvements and broader zoning flexibility.
The property is zoned for heavy commercial use, adding a commercial land-use designation to its existing multifamily configuration. Built in 1960, the asset requires TLC and presents a combination of residential improvements and broader zoning flexibility.
Key Highlights
- Primary house, garage apartment, separate house, and additional living space
- Owner‑occupant configuration with potential rental use of other spaces
- Zoned for heavy commercial use
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
$26,094
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
8.28%
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%
$521,880
$521.9K
Cap Rate 7%
$372,771
$372.8K
Cap Rate 9%
$289,933
$289.9K
Market Conditions
NOI Build-Up for 1,716 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
$53.1K $30.96/SF
− Vacancy
−$5.7K −$3.31/SF
EGI
$47.4K $27.65/SF
− OpEx
−$21.3K −$12.44/SF
NOI
$26.1K $15.21/SF
Area
Parker County, TX
Vacancy
10.70%
Lease Rate
$30.96 /SF/Yr
Expense Ratio
45.00%
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%
$521,880
Cap Rate 7%
$372,771
Cap Rate 9%
$289,933
Alternative Uses
Best Use
Apartment 5plus
$372.8K
$326.2K – $434.9K
NOI $26,094 @ 7.0% cap · market cap 8.28%
Second Best
—
—
no second resolved use
Theoretical Best
Industrial
$1.71M
$1.49M – $1.99M
NOI $119,359 @ 7.0% cap · market cap 37.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
239
Businesses Nearby
Explore this area
Business Placement
Demographics for 76020, TX
33,469
Population
13,355
Households
2.5
Avg Household Size
42
Median Age
20%
College-Educated
89%
High-School Grad
64.9 sq mi
ZIP Area
516
Density / Sq Mi
$91,000
Median Household Income
$48,559
Median Earnings
$1,246
Median Rent
$272,800
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 - Multiple residential living spaces support owner occupancy alongside potential rental use.
Where is this multifamily property located?
The property is located at 1000 Southeast Parkway Azle, TX.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Primary house, garage apartment, separate house, and additional living space; Owner‑occupant configuration with potential rental use of other spaces; Zoned for heavy commercial use
