Turn-Key Cash Flow
For Sale
$380,000
3124 Cherry Lane, Fort Worth, TX 76116
2007-built duplex with two 3 bed, 2 bath units, each with attached garage and privacy-fenced yard.
Property Size2,236 SF
Price / SF$169.95
Days on Market18
Property Features for 3124 Cherry Lane
General Information
Standard status
Active
Size
2,236 SF
Property subtype
Duplex
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Building Details
Year Built
2007
Tenancy
Multi
Listing Agency:
Turn Key Real Estate Mgmt LLC
(877) 727-4767
Listed By:
Rene Jensen · License #0720823
(214) 532-6823
Source:
Lonestarluxuryrealty
Added: Jul 26
Changed: Aug 11
Last Checked: Aug 12 at 6:06AM
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 Turn Key Real Estate Mgmt LLC
Investment Insights
Based on property information with market context.
This turn-key duplex was built in 2007 and includes two spacious 3-bedroom, 2-bath units, each with an attached garage and a privacy-fenced yard. The property totals 2,236 square feet and features updated luxury vinyl plank flooring throughout the living areas of both units, with tile in the bathrooms and kitchens. Electricity and water are separately metered, with resident responsibility for utilities.
One unit, 3124 Cherry Lane, has a lease expiration in March 2027 with rent below market listed at $1,395. The other unit, 3126 Cherry Lane, is vacant for showings and is listed for lease at $1,595. The roof was replaced in 2023. The 2025 property taxes are listed at $7,068.50 and 2025 annual insurance is listed at $1,194.33. No HOA is noted.
Professionally managed by Turn Key Real Estate Management, LLC, the property is described as in very good overall condition and presented as a performer rather than a renovation project.
One unit, 3124 Cherry Lane, has a lease expiration in March 2027 with rent below market listed at $1,395. The other unit, 3126 Cherry Lane, is vacant for showings and is listed for lease at $1,595. The roof was replaced in 2023. The 2025 property taxes are listed at $7,068.50 and 2025 annual insurance is listed at $1,194.33. No HOA is noted.
Professionally managed by Turn Key Real Estate Management, LLC, the property is described as in very good overall condition and presented as a performer rather than a renovation project.
Key Highlights
- 2007‑built duplex with two 3 bed, 2 bath units and a total of 2,236 SF
- Each unit has an attached garage and a privacy‑fenced yard
- 3124 Cherry Lane lease expires March 2027 with rent at $1,395
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
$34,001
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
8.95%
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%
$680,020
$680.0K
Cap Rate 7%
$485,729
$485.7K
Cap Rate 9%
$377,789
$377.8K
Market Conditions
NOI Build-Up for 2,236 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
$69.2K $30.96/SF
− Vacancy
−$7.4K −$3.31/SF
EGI
$61.8K $27.65/SF
− OpEx
−$27.8K −$12.44/SF
NOI
$34.0K $15.21/SF
Area
Fort Worth, 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%
$680,020
Cap Rate 7%
$485,729
Cap Rate 9%
$377,789
Alternative Uses
Best Use
Multifamily LT 5
$559.3K
$489.4K – $652.5K
NOI $39,148 @ 7.0% cap · market cap 10.30%
Second Best
Apartment 5plus
$485.7K
$425.0K – $566.7K
NOI $34,001 @ 7.0% cap · market cap 8.95%
Theoretical Best
Office A
$812.2K
$710.7K – $947.6K
NOI $56,857 @ 7.0% cap · market cap 14.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
946
Businesses Nearby
Explore this area
Business Placement
Demographics for 76116, TX
51,639
Population
25,808
Households
2
Avg Household Size
35
Median Age
33%
College-Educated
88%
High-School Grad
12.3 sq mi
ZIP Area
4,198
Density / Sq Mi
$54,738
Median Household Income
$39,040
Median Earnings
$1,205
Median Rent
$286,500
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 - 2007-built duplex with two 3 bed, 2 bath units, each with attached garage and privacy-fenced yard.
Where is this duplex located?
The property is located at 3124 Cherry Lane Fort Worth, TX.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: 2007‑built duplex with two 3 bed, 2 bath units and a total of 2,236 SF; Each unit has an attached garage and a privacy‑fenced yard; 3124 Cherry Lane lease expires March 2027 with rent at $1,395
