Side-by-Side
For Sale
$462,500
113 & 115 E Heritage Drive, Tyler, TX 75703
Residential Income, Tyler, TX
Property Size3,676 SF
Lot Size0.34 Acres
Price / SF$125.82
Days on Market152
Property Features for 113 & 115 E Heritage Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Garage
Pets allowed
Yes
Fireplace
1
Subdivision
City of Tyler
Elementary school
Rice
Middle school
Hubbard
High school
Tyler Legacy
Directions
From the intersection of E. Heritage Drive and S. Broadway Ave. go east on E. Heritage Drive approximately 500 feet, 113 & 115 E. Heritage Drive is on the right.
Standard status
Active
Size
3,676 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 16, BLOCK 1449, Robert Tombs Survey
Tax Annual Amount
7357
Legal Description
LOT 16, BLOCK 1449, Robert Tombs Survey
Utilities
Heating system
Central
Cooling system
Electric, Central Air
Building Details
Year built
1971
Number of units
2
Building materials
Brick, Frame
Listing Agency:
Drake Real Estate & Investments
(903) 581-3737
Listed By:
Brent Bradberry · License #0715170
(903) 571-8014
Added: Mar 25
Changed: Aug 21
Last Checked: Aug 23 at 4:06PM
MLS# 26004160
Copyright © 2026 Greater Tyler Association of Realtors. 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 side-by-side duplex contains two approximately 1,838-square-foot residences, each with three bedrooms, two bathrooms, a two-car garage, and front and back yards. The brick-and-frame property was built in 1971 and includes central heating, central air, electric cooling, and fireplaces. A new roof was installed in 2022; the HVAC system serving 113 was replaced in 2024, and unit 115 received a full remodel in 2022.
Both units are fully occupied under one-year leases that expire on 12/31/26. Additional common parking is available along E. Heritage Drive. The property is in the Heritage South Subdivision of South Tyler, near shopping and dining with access to S. Broadway Ave.
Both units are fully occupied under one-year leases that expire on 12/31/26. Additional common parking is available along E. Heritage Drive. The property is in the Heritage South Subdivision of South Tyler, near shopping and dining with access to S. Broadway Ave.
Key Highlights
- Two‑unit side‑by‑side duplex totaling 3,676 square feet
- Each residence offers 3 bedrooms, 2 baths, and a 2‑car garage
- Both units are leased through 12/31/26
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
$33,202
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
7.18%
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%
$664,040
$664.0K
Cap Rate 7%
$474,314
$474.3K
Cap Rate 9%
$368,911
$368.9K
Market Conditions
NOI Build-Up for 3,676 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
$50.7K $13.80/SF
− Vacancy
−$3.3K −$0.90/SF
EGI
$47.4K $12.90/SF
− OpEx
−$14.2K −$3.87/SF
NOI
$33.2K $9.03/SF
Area
Tyler, TX
Vacancy
6.50%
Lease Rate
$13.80 /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%
$664,040
Cap Rate 7%
$474,314
Cap Rate 9%
$368,911
Alternative Uses
Best Use
Multifamily LT 5
$474.3K
$415.0K – $553.4K
NOI $33,202 @ 7.0% cap · market cap 7.18%
Second Best
Apartment 5plus
$444.5K
$389.0K – $518.6K
NOI $31,116 @ 7.0% cap · market cap 6.73%
Theoretical Best
Office A
$820.5K
$717.9K – $957.2K
NOI $57,433 @ 7.0% cap · market cap 12.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
426
Businesses Nearby
Explore this area
Business Placement
Demographics for 75703, TX
44,428
Population
20,045
Households
2.2
Avg Household Size
39
Median Age
43%
College-Educated
96%
High-School Grad
55.1 sq mi
ZIP Area
806
Density / Sq Mi
$76,347
Median Household Income
$45,301
Median Earnings
$1,262
Median Rent
$310,500
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?
Duplex - Fully leased duplex with separate garages, private yards, and recent updates to the roof, HVAC, and one unit.
Where is this duplex located?
The property is located at 113 & 115 E Heritage Drive Tyler, TX.
What is the asking price?
The asking price for this property is $462,500.
What are key features of this property?
This property features: Two‑unit side‑by‑side duplex totaling 3,676 square feet; Each residence offers 3 bedrooms, 2 baths, and a 2‑car garage; Both units are leased through 12/31/26
