Updated Duplex with New
For Sale
$449,000
1500 Blackwell Dr, Irving, TX 75061
Two-bedroom units combine refreshed interiors with flexible occupancy and no HOA obligations.
Property Size2,070 SF
Price / SF$216.91
Days on Market40
Property Features for 1500 Blackwell Dr
General Information
Standard status
Active
Size
2,070 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Building Details
Year Built
1979
Listing Agency:
Walzel Properties
(469) 369-6311
Listed By:
Ali Alibhai · License #0509870
Source:
Christenberrygroup
Added: Jul 24
Changed: Aug 30
Last Checked: Aug 31 at 7:02PM
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 Walzel Properties
Investment Insights
Based on property information with market context.
This 2,070-square-foot duplex, built in 1979, contains two residential units with matching layouts of 2 bedrooms and 1.5 bathrooms. Interior improvements include updated finishes and recently installed flooring. The property is located at 1500 Blackwell Dr in Irving, Texas, within Irving Heights, and carries no HOA requirement.
Unit 1500 is tenant-ready, allowing the next owner to determine its leasing or occupancy strategy. Unit 1502 is leased and currently contributes rental income. Together, the unit configuration and recent interior work provide a straightforward residential income property with one occupied unit and one available for placement or repositioning.
Unit 1500 is tenant-ready, allowing the next owner to determine its leasing or occupancy strategy. Unit 1502 is leased and currently contributes rental income. Together, the unit configuration and recent interior work provide a straightforward residential income property with one occupied unit and one available for placement or repositioning.
Key Highlights
- 2,070‑square‑foot duplex built in 1979
- Two units, each with 2 bedrooms and 1.5 bathrooms
- Updated interiors with new flooring
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
$36,398
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
8.11%
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%
$727,960
$728.0K
Cap Rate 7%
$519,971
$520.0K
Cap Rate 9%
$404,422
$404.4K
Market Conditions
NOI Build-Up for 2,070 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
$57.9K $27.96/SF
− Vacancy
−$5.9K −$2.84/SF
EGI
$52.0K $25.12/SF
− OpEx
−$15.6K −$7.54/SF
NOI
$36.4K $17.58/SF
Area
Irving, 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%
$727,960
Cap Rate 7%
$519,971
Cap Rate 9%
$404,422
Alternative Uses
Best Use
Multifamily LT 5
$520.0K
$455.0K – $606.6K
NOI $36,398 @ 7.0% cap · market cap 8.11%
Second Best
Apartment 5plus
$449.7K
$393.5K – $524.6K
NOI $31,476 @ 7.0% cap · market cap 7.01%
Theoretical Best
Office A
$530.9K
$464.5K – $619.4K
NOI $37,161 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
350
Businesses Nearby
Explore this area
Business Placement
Demographics for 75061, TX
55,828
Population
20,187
Households
2.8
Avg Household Size
33
Median Age
17%
College-Educated
66%
High-School Grad
11.6 sq mi
ZIP Area
4,813
Density / Sq Mi
$61,260
Median Household Income
$33,388
Median Earnings
$1,292
Median Rent
$228,400
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-bedroom units combine refreshed interiors with flexible occupancy and no HOA obligations.
Where is this duplex located?
The property is located at 1500 Blackwell Dr Irving, TX.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 2,070‑square‑foot duplex built in 1979; Two units, each with 2 bedrooms and 1.5 bathrooms; Updated interiors with new flooring
