New Construction
For Sale
$490,000
406 E Bonham Street, Tom Bean, TX 75491
Two fully leased units offer spacious interiors, private outdoor areas, and dedicated parking.
Property Size3,311 SF
Price / SF$147.99
Days on Market48
Property Features for 406 E Bonham Street
General Information
Standard status
Active
Size
3,311 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Building Details
Year Built
2025
Buildings
1
Listing Agency:
RE/MAX DFW Associates
(469) 789-6769
Listed By:
Fritz Realty Group
(469) 789-6769
Source:
Fritzrealtygroup
Added: Jul 13
Changed: Aug 27
Last Checked: Aug 28 at 10:16AM
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 RE/MAX DFW Associates
Investment Insights
Based on property information with market context.
Completed in 2025, this duplex contains two fully tenant-occupied residences, each measuring 1,655 SF. Both units feature an open kitchen, granite countertops, custom tile backsplash, abundant natural light, interior storage, and a walk-in laundry room with custom cabinetry. The bedrooms are positioned upstairs and include walk-in closets, additional storage closets, and two full bathrooms with tiled showers. Each residence also has a downstairs half bath.
Exterior improvements include a privacy-fenced backyard and a broad concrete driveway divided for separate unit parking. The property is located at 406 E Bonham Street in Tom Bean, within walking distance of a community playground park and the elementary school with parent assistance. Executed tenant leases are in place for both units and must be honored upon sale. Showings require advance coordination and approval from each tenant.
Exterior improvements include a privacy-fenced backyard and a broad concrete driveway divided for separate unit parking. The property is located at 406 E Bonham Street in Tom Bean, within walking distance of a community playground park and the elementary school with parent assistance. Executed tenant leases are in place for both units and must be honored upon sale. Showings require advance coordination and approval from each tenant.
Key Highlights
- Two‑unit duplex completed in 2025
- Each residence measures 1,655 SF and includes 3 bedrooms and 2.5 bathrooms
- Both units are fully tenant occupied with executed leases in place
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
$25,381
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
5.18%
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%
$507,620
$507.6K
Cap Rate 7%
$362,586
$362.6K
Cap Rate 9%
$282,011
$282.0K
Market Conditions
NOI Build-Up for 3,311 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
$40.9K $12.36/SF
− Vacancy
−$4.7K −$1.41/SF
EGI
$36.3K $10.95/SF
− OpEx
−$10.9K −$3.29/SF
NOI
$25.4K $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%
$507,620
Cap Rate 7%
$362,586
Cap Rate 9%
$282,011
Alternative Uses
Best Use
Multifamily LT 5
$362.6K
$317.3K – $423.0K
NOI $25,381 @ 7.0% cap · market cap 5.18%
Second Best
Apartment 5plus
$321.4K
$281.2K – $375.0K
NOI $22,499 @ 7.0% cap · market cap 4.59%
Theoretical Best
Hotel Hospitality
$1.70M
$1.49M – $1.98M
NOI $118,898 @ 7.0% cap · market cap 24.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
73
Businesses Nearby
Explore this area
Business Placement
Demographics for 75491, TX
5,148
Population
2,353
Households
2.2
Avg Household Size
43
Median Age
26%
College-Educated
91%
High-School Grad
98.6 sq mi
ZIP Area
52
Density / Sq Mi
$71,774
Median Household Income
$48,813
Median Earnings
$881
Median Rent
$239,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two fully leased units offer spacious interiors, private outdoor areas, and dedicated parking.
Where is this duplex located?
The property is located at 406 E Bonham Street Tom Bean, TX.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: Two‑unit duplex completed in 2025; Each residence measures 1,655 SF and includes 3 bedrooms and 2.5 bathrooms; Both units are fully tenant occupied with executed leases in place
