Five-Unit Rental Property with
For Sale
Contact for pricing
1032 Greg Street, Azle, TX 76020
Five rental units include updated interiors, private well with individual meters, and each unit having garage parking.
Property Size5,349 SF
Lot Size1.00 Acre
Price / SF$214.81
Days on Market141
Property Features for 1032 Greg Street
General Information
Standard status
Active
Size
5,349 SF
Lot size
1.00 Acre
Property subtype
Retail, Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$75,343
Additional Details
Business Included
Yes
Water Rights
Yes
Multifamily Units
5
Building Details
Year Built
1991
Stories
1
Units
5
Tenancy
Multi
Listing Agency:
Trinity Group Realty
Listed By:
Chris Reeves · License #9013743
(817) 941-6454
Source:
Crexi
Added: Apr 18
Changed: Aug 22
Last Checked: Sep 2 at 1:48AM
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 Trinity Group Realty
Investment Insights
Based on property information with market context.
This five-unit rental property offers a mix of three single-family homes and one duplex, providing a total of five separate units. Four of the five units have been updated, supporting a largely turnkey ownership experience, with one remaining unit offering future value potential. The property also includes its own private well with individual meters for each unit, which can help streamline utility management.
Additional infrastructure improvements include a recently reworked septic system with updated equipment. Garage parking is included with each unit, adding practical convenience for tenants.
The property is offered for sale at 1020, 1024, 1026, 1028, and 1032 Greg Street in Azle, Texas, and is situated on a full acre. Showings are available every Wednesday from 10:00 AM to 11:00 AM.
Additional infrastructure improvements include a recently reworked septic system with updated equipment. Garage parking is included with each unit, adding practical convenience for tenants.
The property is offered for sale at 1020, 1024, 1026, 1028, and 1032 Greg Street in Azle, Texas, and is situated on a full acre. Showings are available every Wednesday from 10:00 AM to 11:00 AM.
Key Highlights
- Five‑unit rental property on a full acre, built in 1991
- Unit mix includes three single‑family homes and one duplex (5 total units)
- Private well on site with individual meters for each unit to streamline utility management
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
$81,337
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
7.08%
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%
$1,626,740
$1.6M
Cap Rate 7%
$1,161,957
$1.2M
Cap Rate 9%
$903,744
$903.7K
Market Conditions
NOI Build-Up for 5,349 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
$165.6K $30.96/SF
− Vacancy
−$17.7K −$3.31/SF
EGI
$147.9K $27.65/SF
− OpEx
−$66.5K −$12.44/SF
NOI
$81.3K $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%
$1,626,740
Cap Rate 7%
$1,161,957
Cap Rate 9%
$903,744
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.02M – $1.36M
NOI $81,337 @ 7.0% cap · market cap 7.08%
Second Best
—
—
no second resolved use
Theoretical Best
Industrial
$5.32M
$4.65M – $6.20M
NOI $372,057 @ 7.0% cap · market cap 32.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Turnkey business
Opportunity
Yes
Water rights
Location Intelligence
Trade Area within ½ mile
120
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?
Apartment building - Five rental units include updated interiors, private well with individual meters, and each unit having garage parking.
Where is this apartment building located?
The property is located at 1032 Greg Street Azle, TX.
What is the asking price?
The asking price for this property is $1,149,000.
What are key features of this property?
This property features: Five‑unit rental property on a full acre, built in 1991; Unit mix includes three single‑family homes and one duplex (5 total units); Private well on site with individual meters for each unit to streamline utility management
