Updated Four-Plex with Outdoor
For Sale
$810,000
1230 Kings Highway, Dallas, TX 75208
For sale updated four-unit property on a large lot with foundation repairs and outdoor living space for tenants.
Property Size2,982 SF
Days on Market66
Property Features for 1230 Kings Highway
General Information
Standard status
Active
Size
2,982 SF
Property subtype
Quadruplex
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$14,629
Building Details
Building Size
2,982 SF
Year Built
1910
Tenancy
Multi
Listing Agency:
Keller Williams Legacy
(972) 599-7000
Listed By:
Terri McCoy · License #0496385
Source:
Nilesrealtygroup
Added: Jun 28
Changed: Aug 24
Last Checked: Aug 30 at 11:03PM
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 Keller Williams Legacy
Investment Insights
Based on property information with market context.
This for-sale four-plex sits on an expansive 75x150 lot and combines a classic facade with recent improvements. The exterior includes new recessed lighting, professionally designed landscaping, and a spacious front porch. Inside, each of the four units is laid out for practicality with quality finishes and ample living space. Recent work also includes a comprehensive foundation repair and the addition of an outdoor living area.
The property is located in the Kings Highway neighborhood and offers convenient access to Stevens Park Golf Course and the Bishop Arts District. With that established neighborhood draw, the building is positioned for steady residential occupancy and tenant convenience.
For buyers looking for a manageable multi-unit setup, this four-plex provides four separate units within one property, along with upgrades that support day-to-day tenant satisfaction. The foundation repair and added outdoor living space are tangible improvements that can help maintain the asset’s long-term condition.
The property is located in the Kings Highway neighborhood and offers convenient access to Stevens Park Golf Course and the Bishop Arts District. With that established neighborhood draw, the building is positioned for steady residential occupancy and tenant convenience.
For buyers looking for a manageable multi-unit setup, this four-plex provides four separate units within one property, along with upgrades that support day-to-day tenant satisfaction. The foundation repair and added outdoor living space are tangible improvements that can help maintain the asset’s long-term condition.
Key Highlights
- Updated 4‑plex built in 1910 on a 75x150 lot
- Recent foundation repair completed
- Outdoor living area added as a tenant amenity
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
$52,434
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
6.47%
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%
$1,048,680
$1.0M
Cap Rate 7%
$749,057
$749.1K
Cap Rate 9%
$582,600
$582.6K
Market Conditions
NOI Build-Up for 2,982 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
$83.4K $27.96/SF
− Vacancy
−$8.5K −$2.84/SF
EGI
$74.9K $25.12/SF
− OpEx
−$22.5K −$7.54/SF
NOI
$52.4K $17.58/SF
Area
Dallas, TX
Vacancy
10.16%
Lease Rate
$27.96 /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%
$1,048,680
Cap Rate 7%
$749,057
Cap Rate 9%
$582,600
Alternative Uses
Best Use
Multifamily LT 5
$749.1K
$655.4K – $873.9K
NOI $52,434 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$647.8K
$566.8K – $755.7K
NOI $45,344 @ 7.0% cap · market cap 5.60%
Theoretical Best
Office A
$3.58M
$3.13M – $4.17M
NOI $250,471 @ 7.0% cap · market cap 30.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
944
Businesses Nearby
Explore this area
Business Placement
Demographics for 75208, TX
29,446
Population
13,655
Households
2.2
Avg Household Size
36
Median Age
41%
College-Educated
76%
High-School Grad
6.1 sq mi
ZIP Area
4,827
Density / Sq Mi
$76,502
Median Household Income
$48,460
Median Earnings
$1,589
Median Rent
$415,200
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 - For sale updated four-unit property on a large lot with foundation repairs and outdoor living space for tenants.
Where is this quadplex located?
The property is located at 1230 Kings Highway Dallas, TX.
What is the asking price?
The asking price for this property is $810,000.
What are key features of this property?
This property features: Updated 4‑plex built in 1910 on a 75x150 lot; Recent foundation repair completed; Outdoor living area added as a tenant amenity
