Three-Unit Property with Separate
New
For Sale
$425,000
1938 El Paso Street, Grand Prairie, TX 75051
Three-unit property with a three-bedroom main residence and two separate two-bedroom apartments.
Property Size3,303 SF
Price / SF$128.67
Days on Market7
Property Features for 1938 El Paso Street
General Information
Standard status
Active
Size
3,303 SF
Property subtype
Triplex
Building Details
Year Built
1964
Listing Agency:
OnTrack Realty LLC
(214) 293-4325
Listed By:
Rene Jensen · License #0720823
(214) 532-6823
Source:
Lonestarluxuryrealty
Added: Aug 17
Changed: Aug 22
Last Checked: Aug 22 at 4:33AM
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 OnTrack Realty LLC
Investment Insights
Based on property information with market context.
Located at 1938 El Paso Street in Grand Prairie, Texas, this three-unit property combines a main residence with two separate apartments. The 1,295-square-foot house includes three bedrooms, three bathrooms, a dining area, and a kitchen. Each 1,004-square-foot apartment offers two private bedrooms, one bathroom, and a kitchenette.
The two apartment units are rented on a month-to-month basis, while the overall property contains 3,303 square feet. Its layout also supports separate household use, with independent apartment spaces alongside the larger main residence. Parks, schools, shopping centers, and major highways are identified as nearby amenities and access points.
The two apartment units are rented on a month-to-month basis, while the overall property contains 3,303 square feet. Its layout also supports separate household use, with independent apartment spaces alongside the larger main residence. Parks, schools, shopping centers, and major highways are identified as nearby amenities and access points.
Key Highlights
- 3,303sqft property with three total residential units
- 1,295sqft main house with 3 bedrooms and 3 bathrooms
- Two separate 1,004 sqft apartments, each with 2 bedrooms and 1 bathroom
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
$32,774
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
7.71%
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%
$655,480
$655.5K
Cap Rate 7%
$468,200
$468.2K
Cap Rate 9%
$364,156
$364.2K
Market Conditions
NOI Build-Up for 3,303 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
$49.5K $15.00/SF
− Vacancy
−$2.7K −$0.83/SF
EGI
$46.8K $14.17/SF
− OpEx
−$14.0K −$4.25/SF
NOI
$32.8K $9.92/SF
Area
Grand Prairie, TX
Vacancy
5.50%
Lease Rate
$15.00 /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%
$655,480
Cap Rate 7%
$468,200
Cap Rate 9%
$364,156
Alternative Uses
Best Use
Multifamily LT 5
$468.2K
$409.7K – $546.2K
NOI $32,774 @ 7.0% cap · market cap 7.71%
Second Best
Apartment 5plus
$435.8K
$381.4K – $508.5K
NOI $30,508 @ 7.0% cap · market cap 7.18%
Theoretical Best
Office A
$928.6K
$812.5K – $1.08M
NOI $65,003 @ 7.0% cap · market cap 15.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
523
Businesses Nearby
Explore this area
Business Placement
Demographics for 75051, TX
40,243
Population
14,139
Households
2.8
Avg Household Size
32
Median Age
15%
College-Educated
68%
High-School Grad
12.6 sq mi
ZIP Area
3,194
Density / Sq Mi
$53,124
Median Household Income
$34,029
Median Earnings
$1,183
Median Rent
$196,700
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?
Triplex - Three-unit property with a three-bedroom main residence and two separate two-bedroom apartments.
Where is this triplex located?
The property is located at 1938 El Paso Street Grand Prairie, TX.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 3,303sqft property with three total residential units; 1,295sqft main house with 3 bedrooms and 3 bathrooms; Two separate 1,004 sqft apartments, each with 2 bedrooms and 1 bathroom
