New Construction Three-Suite
For Sale
$720,000
Pending
1902 & 1904 Warren Avenue, Dallas, TX 75215
Each residence offers private full baths, walk-in closets, and a two-car garage.
Property Size3,442 SF
Days on Market37
Property Features for 1902 & 1904 Warren Avenue
General Information
Standard status
Pending
Size
3,442 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Building Details
Building Size
3,442 SF
Year Built
2026
Buildings
1
Listing Agency:
Monument Realty
Listed By:
Malia Leslie · License #0812842
(214) 705-7827
Source:
Nilesrealtygroup
Added: Aug 3
Changed: Aug 8
Last Checked: Aug 7 at 1:32AM
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 Monument Realty
Investment Insights
Based on property information with market context.
Completed in 2026, this duplex contains two residences measuring 1,721 sq ft per side. Each unit is arranged with three private bedroom suites, giving every bedroom its own full bathroom and walk-in closet. Additional interior features include a powder room, fluted cabinetry, quartz slab backsplash, pot filler, linear LED fireplace, freestanding soaking tub, rain shower, under-stair built-ins, and a doggie den nook. Stainless steel oven, microwave, and dishwasher are included in each residence, along with a 2-car garage per side.
The property is located at 1902 & 1904 Warren Avenue in Dallas, TX 75215. Fair Park is under a mile away, while Deep Ellum, Downtown, and Baylor are each just under two miles from the duplex. The property has no HOA and no rental restrictions.
The property is located at 1902 & 1904 Warren Avenue in Dallas, TX 75215. Fair Park is under a mile away, while Deep Ellum, Downtown, and Baylor are each just under two miles from the duplex. The property has no HOA and no rental restrictions.
Key Highlights
- Two‑unit duplex with 1,721 sq ft per side
- Three private bedroom suites in each unit
- Every bedroom includes a full bath and walk‑in closet
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
$60,522
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
8.41%
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%
$1,210,440
$1.2M
Cap Rate 7%
$864,600
$864.6K
Cap Rate 9%
$672,467
$672.5K
Market Conditions
NOI Build-Up for 3,442 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
$96.2K $27.96/SF
− Vacancy
−$9.8K −$2.84/SF
EGI
$86.5K $25.12/SF
− OpEx
−$25.9K −$7.54/SF
NOI
$60.5K $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%
$1,210,440
Cap Rate 7%
$864,600
Cap Rate 9%
$672,467
Alternative Uses
Best Use
Multifamily LT 5
$864.6K
$756.5K – $1.01M
NOI $60,522 @ 7.0% cap · market cap 8.41%
Second Best
Apartment 5plus
$747.7K
$654.2K – $872.3K
NOI $52,339 @ 7.0% cap · market cap 7.27%
Theoretical Best
Office A
$4.13M
$3.61M – $4.82M
NOI $289,108 @ 7.0% cap · market cap 40.15%
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
776
Businesses Nearby
Explore this area
Business Placement
Demographics for 75215, TX
18,806
Population
8,481
Households
2.2
Avg Household Size
37
Median Age
17%
College-Educated
73%
High-School Grad
7.7 sq mi
ZIP Area
2,442
Density / Sq Mi
$41,388
Median Household Income
$34,114
Median Earnings
$1,209
Median Rent
$137,700
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 - Each residence offers private full baths, walk-in closets, and a two-car garage.
Where is this duplex located?
The property is located at 1902 & 1904 Warren Avenue Dallas, TX.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,721 sq ft per side; Three private bedroom suites in each unit; Every bedroom includes a full bath and walk‑in closet
