Two-Unit Duplex with
For Sale
$480,000
1185 Greywood Dr, Van Alstyne, TX 75495
Van Alstyne duplex with flexible unit layouts, private fenced yards, and attached garage space for each residence.
Property Size2,200 SF
Price / SF$218.18
Days on Market203
Property Features for 1185 Greywood Dr
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/2BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
private fenced backyard
attached garage
dedicated utility space
Building Details
Year Built
2004
Listing Agency:
Real Broker, LLC
(512) 960-3253
Listed By:
K.C. McKeown 509-551-4884 · License #0690463
Source:
Granburyhomefinder
Added: Feb 8
Changed: Aug 29
Last Checked: Aug 29 at 7:06PM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
Built in 2004, this 2,200-square-foot duplex includes two separate residences with practical open-concept living areas and tile flooring across the main spaces. One unit provides three bedrooms and two full bathrooms, while the other offers two bedrooms and two full bathrooms. Each residence also includes an attached garage, a private fenced backyard, and dedicated utility space sized for a full-size washer and dryer.
The property is located near Sanford Elementary School in Van Alstyne, with access to US-75 for travel toward McKinney, Sherman, and nearby communities. The two-unit configuration supports separate occupancy, while the distinct layouts provide flexibility for residential income use or owner occupancy.
The property is located near Sanford Elementary School in Van Alstyne, with access to US-75 for travel toward McKinney, Sherman, and nearby communities. The two-unit configuration supports separate occupancy, while the distinct layouts provide flexibility for residential income use or owner occupancy.
Key Highlights
- 2,200‑square‑foot duplex built in 2004
- Unit mix includes 3 bedrooms and 2 full bathrooms in one residence, plus 2 bedrooms and 2 full bathrooms in the other
- Each unit includes an attached garage and private fenced backyard
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
$16,864
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
3.51%
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%
$337,280
$337.3K
Cap Rate 7%
$240,914
$240.9K
Cap Rate 9%
$187,378
$187.4K
Market Conditions
NOI Build-Up for 2,200 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
$27.2K $12.36/SF
− Vacancy
−$3.1K −$1.41/SF
EGI
$24.1K $10.95/SF
− OpEx
−$7.2K −$3.29/SF
NOI
$16.9K $7.67/SF
Area
Grayson County, TX
Vacancy
11.40%
Lease Rate
$12.36 /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%
$337,280
Cap Rate 7%
$240,914
Cap Rate 9%
$187,378
Alternative Uses
Best Use
Multifamily LT 5
$240.9K
$210.8K – $281.1K
NOI $16,864 @ 7.0% cap · market cap 3.51%
Second Best
Apartment 5plus
$213.6K
$186.9K – $249.2K
NOI $14,950 @ 7.0% cap · market cap 3.11%
Theoretical Best
Hotel Hospitality
$1.13M
$987.5K – $1.32M
NOI $79,002 @ 7.0% cap · market cap 16.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
118
Businesses Nearby
Explore this area
Business Placement
Demographics for 75495, TX
9,061
Population
4,082
Households
2.2
Avg Household Size
40
Median Age
39%
College-Educated
94%
High-School Grad
67.7 sq mi
ZIP Area
134
Density / Sq Mi
$105,520
Median Household Income
$49,603
Median Earnings
$1,239
Median Rent
$353,500
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 - Van Alstyne duplex with flexible unit layouts, private fenced yards, and attached garage space for each residence.
Where is this duplex located?
The property is located at 1185 Greywood Dr Van Alstyne, TX.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: 2,200‑square‑foot duplex built in 2004; Unit mix includes 3 bedrooms and 2 full bathrooms in one residence, plus 2 bedrooms and 2 full bathrooms in the other; Each unit includes an attached garage and private fenced backyard
