Six-Home Multifamily
For Sale
$1,350,000
900 Reese Ln, Azle, TX 76020
Six occupied rental homes share well and septic infrastructure.
Property Size7,816 SF
Price / SF$172.72
Days on Market21
Property Features for 900 Reese Ln
General Information
Standard status
Active
Size
7,816 SF
Property subtype
Multi-Family
Building Details
Year Built
2005
Listing Agency:
The Michael Group Real Estate
(214) 692-6400
Listed By:
Brett Ashcraft · License #0563836
Source:
Christenberrygroup
Added: Aug 10
Changed: Aug 29
Last Checked: Aug 29 at 3:33PM
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 The Michael Group Real Estate
Investment Insights
Based on property information with market context.
This multifamily property in west Azle includes six matching houses, each with two bedrooms and one bathroom. The homes were constructed in 2005 on slab foundations and are occupied by long-term tenants, providing an established residential rental configuration. The property spans more than 2 acres and includes an active well along with two septic systems.
A mobile home is also present and is identified as having no value. It may be removed, creating a potential build site served by existing septic infrastructure. Tenant access is restricted, with showings available by appointment after an acceptable offer has been signed.
A mobile home is also present and is identified as having no value. It may be removed, creating a potential build site served by existing septic infrastructure. Tenant access is restricted, with showings available by appointment after an acceptable offer has been signed.
Key Highlights
- Six matching houses, each configured with 2 bedrooms and 1 bathroom
- All six homes are occupied by long‑term tenants
- Constructed in 2005 on slab foundations
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
$118,850
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
8.80%
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%
$2,377,000
$2.4M
Cap Rate 7%
$1,697,857
$1.7M
Cap Rate 9%
$1,320,556
$1.3M
Market Conditions
NOI Build-Up for 7,816 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
$242.0K $30.96/SF
− Vacancy
−$25.9K −$3.31/SF
EGI
$216.1K $27.65/SF
− OpEx
−$97.2K −$12.44/SF
NOI
$118.9K $15.21/SF
Area
Parker County, 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%
$2,377,000
Cap Rate 7%
$1,697,857
Cap Rate 9%
$1,320,556
Alternative Uses
Best Use
Apartment 5plus
$1.70M
$1.49M – $1.98M
NOI $118,850 @ 7.0% cap · market cap 8.80%
Second Best
—
—
no second resolved use
Theoretical Best
Industrial
$7.77M
$6.80M – $9.06M
NOI $543,652 @ 7.0% cap · market cap 40.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Explore this area
Business Placement
Demographics for 76020, TX
33,469
Population
13,355
Households
2.5
Avg Household Size
42
Median Age
20%
College-Educated
89%
High-School Grad
64.9 sq mi
ZIP Area
516
Density / Sq Mi
$91,000
Median Household Income
$48,559
Median Earnings
$1,246
Median Rent
$272,800
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?
Multifamily property - Six occupied rental homes share well and septic infrastructure.
Where is this multifamily property located?
The property is located at 900 Reese Ln Azle, TX.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Six matching houses, each configured with 2 bedrooms and 1 bathroom; All six homes are occupied by long‑term tenants; Constructed in 2005 on slab foundations
