Full Duplex
For Sale
$750,000
621-623 Melba St, Dallas, TX 75208
Two-unit residential property completed in 2024 with rental and owner-occupant use potential.
Property Size3,530 SF
Price / SF$212.46
Days on Market34
Property Features for 621-623 Melba St
General Information
Standard status
Active
Size
3,530 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2024
Buildings
1
Listing Agency:
DHS Realty
Listed By:
Maria Figueroa · License #0804710
(888) 565-1855
Source:
Teamrobbins
Added: Aug 12
Changed: Sep 10
Last Checked: Sep 13 at 2:22PM
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 DHS Realty
Investment Insights
Based on property information with market context.
Completed in 2024, this full duplex at 621-623 Melba Street provides a two-unit residential configuration suited to rental occupancy or an owner-occupant arrangement. The property is located in Dallas, Texas, within the Bishop Arts District.
Boutique shops, dining venues, and nightlife are located nearby, placing the duplex within an established mixed-use district. Its address and two-unit format support both residential income and flexible occupancy considerations.
Boutique shops, dining venues, and nightlife are located nearby, placing the duplex within an established mixed-use district. Its address and two-unit format support both residential income and flexible occupancy considerations.
Key Highlights
- Full duplex with two residential units
- Built in 2024
- 621‑623 Melba Street, Dallas, TX 75208
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
$62,070
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
8.28%
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%
$1,241,400
$1.2M
Cap Rate 7%
$886,714
$886.7K
Cap Rate 9%
$689,667
$689.7K
Market Conditions
NOI Build-Up for 3,530 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
$98.7K $27.96/SF
− Vacancy
−$10.0K −$2.84/SF
EGI
$88.7K $25.12/SF
− OpEx
−$26.6K −$7.54/SF
NOI
$62.1K $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%
$1,241,400
Cap Rate 7%
$886,714
Cap Rate 9%
$689,667
Alternative Uses
Best Use
Multifamily LT 5
$886.7K
$775.9K – $1.03M
NOI $62,070 @ 7.0% cap · market cap 8.28%
Second Best
Apartment 5plus
$766.8K
$671.0K – $894.6K
NOI $53,677 @ 7.0% cap · market cap 7.16%
Theoretical Best
Office A
$4.24M
$3.71M – $4.94M
NOI $296,500 @ 7.0% cap · market cap 39.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,533
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?
Duplex - Two-unit residential property completed in 2024 with rental and owner-occupant use potential.
Where is this duplex located?
The property is located at 621-623 Melba St Dallas, TX.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Full duplex with two residential units; Built in 2024; 621‑623 Melba Street, Dallas, TX 75208
