One-Story Apartment
For Sale
$1,999,999
1516 West Seventh Street, Irving, TX 75060
Ten rental units feature private yards, dedicated parking, and central electric air conditioning.
Property Size10,088 SF
Price / SF$198.26
Days on Market426
Property Features for 1516 West Seventh Street
General Information
Standard status
Active
Size
10,088 SF
Property subtype
Multi-Family / Multiple Single Units
Additional Details
Cap Rate
4.9%
Multifamily Units
10
Amenities
Ceiling Fan(s), Central Air, Electric
Central, Electric
Other
Dishwasher, Disposal, Vented Exhaust Fan
Built-in Features, Cable TV Available, Decorative Lighting
No
Asphalt
Two
2
Slab
Assessor
10
Brick
Building Details
Year Built
1972
Buildings
5
Stories
1
Listing Agency:
24fifteen Realty
(469) 364-2338
Listed By:
Diane Carpenter · License #0789408
(469) 364-2338
Source:
Compass
Added: Jul 3, 2025
Changed: Aug 30
Last Checked: Aug 31 at 9:45PM
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 24fifteen Realty
Investment Insights
Based on property information with market context.
This multifamily property comprises five one-story buildings containing 10 rental units. The community was built in 1972, and each residence includes a private yard and dedicated parking ranging from one to three spaces. Interior features include central electric air conditioning, ceiling fans, dishwashers, disposals, vented exhaust fans, built-in features, and decorative lighting. Brick exteriors and slab foundations serve the buildings.
Roof work on Units 1–6 along West Seventh Street was completed in June 2025, with two additional replacements in the planning phase. The property is identified by the City of Irving as Elm Road Apartments and is maintained under a single tax filing. A 4.9% cap rate is also provided for the offering.
Roof work on Units 1–6 along West Seventh Street was completed in June 2025, with two additional replacements in the planning phase. The property is identified by the City of Irving as Elm Road Apartments and is maintained under a single tax filing. A 4.9% cap rate is also provided for the offering.
Key Highlights
- 10 rental units across five one‑story buildings
- Private yard included with every unit
- Dedicated parking provides one to three spaces per unit
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
$153,398
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
7.67%
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%
$3,067,960
$3.1M
Cap Rate 7%
$2,191,400
$2.2M
Cap Rate 9%
$1,704,422
$1.7M
Market Conditions
NOI Build-Up for 10,088 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
$312.3K $30.96/SF
− Vacancy
−$33.4K −$3.31/SF
EGI
$278.9K $27.65/SF
− OpEx
−$125.5K −$12.44/SF
NOI
$153.4K $15.21/SF
Area
Irving, 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%
$3,067,960
Cap Rate 7%
$2,191,400
Cap Rate 9%
$1,704,422
Alternative Uses
Best Use
Apartment 5plus
$2.19M
$1.92M – $2.56M
NOI $153,398 @ 7.0% cap · market cap 7.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.59M
$2.26M – $3.02M
NOI $181,100 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
567
Businesses Nearby
Explore this area
Business Placement
Demographics for 75060, TX
47,955
Population
15,538
Households
3.1
Avg Household Size
34
Median Age
18%
College-Educated
64%
High-School Grad
12.1 sq mi
ZIP Area
3,963
Density / Sq Mi
$69,708
Median Household Income
$35,508
Median Earnings
$1,367
Median Rent
$224,100
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?
Apartment building - Ten rental units feature private yards, dedicated parking, and central electric air conditioning.
Where is this apartment building located?
The property is located at 1516 West Seventh Street Irving, TX.
What is the asking price?
The asking price for this property is $1,999,999.
What are key features of this property?
This property features: 10 rental units across five one‑story buildings; Private yard included with every unit; Dedicated parking provides one to three spaces per unit
