Duplex with Remodeled
For Sale
$462,500
113 & 115 E Heritage Drive, Tyler, TX 75703
Duplex featuring remodeled unit and new roof in Tyler, TX.
Property Size3,676 SF
Price / SF$125.82
Days on Market154
Property Features for 113 & 115 E Heritage Drive
General Information
Standard status
Active
Size
3,676 SF
Property subtype
Duplex
Listing Agency:
Drake Real Estate & Investments
(903) 571-8014
Listed By:
Brent Bradberry · License #0715170
Source:
Draketexas
Added: Apr 1
Changed: Aug 26
Last Checked: Aug 31 at 2:47PM
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 Drake Real Estate & Investments
Investment Insights
Based on property information with market context.
This duplex property features two units, each approximately 1,838 square feet, and includes three bedrooms, two bathrooms, and a two-car garage per unit. The property includes front and back yards, as well as additional parking on E. Heritage Drive. A new roof was installed in 2022. Unit 113 has a new HVAC system installed in 2024. Unit 115 was fully remodeled and includes new appliances as of 2022. Both units are currently under 1-year leases expiring on December 31, 2026.
Key Highlights
- Spacious units, approximately 1,838 sq ft, each with 3 beds and 2 baths.
- Benefit from a 2‑car garage and extra parking on E. Heritage Drive.
- Unit 115 is fully remodeled with new appliances (2022).
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
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 - Duplex featuring remodeled unit and new roof in Tyler, TX.
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: Spacious units, approximately 1,838 sq ft, each with 3 beds and 2 baths.; Benefit from a 2‑car garage and extra parking on E. Heritage Drive.; Unit 115 is fully remodeled with new appliances (2022).
