Tenant-Occupied
For Sale
$300,000
2023 N Willis St, Abilene, TX 79603
Triplex with two occupied units and one vacant unit, built in 1963, offering flexible leasing or value-add possibilities.
Property Size3,312 SF
Price / SF$90.58
Days on Market49
Property Features for 2023 N Willis St
General Information
Standard status
Active
Size
3,312 SF
Property subtype
Multi-Family
Building Details
Year Built
1963
Tenancy
Multi
Listing Agency:
Barnett & Hill
Listed By:
Chelsea Stroud · License #0830963
(325) 677-3500
Source:
Tonyaharbin
Added: Jul 28
Changed: Sep 11
Last Checked: Sep 14 at 4:52PM
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 Barnett & Hill
Investment Insights
Based on property information with market context.
This tenant-occupied triplex offers immediate rental income with two occupied units, plus an additional unit currently vacant. The vacant unit provides flexibility for a new lease or renovation to support value enhancement. The property is positioned for buyers looking for residential income with both current cash flow and a clear path to activate the remaining unit.
The triplex is located at 2023 N Willis Street in Abilene, TX 79603. Showings are available by appointment only, and tenants are not to be disturbed.
Built in 1963, the property consists of three residential units and is being offered for sale with the current occupancy configuration in place.
The triplex is located at 2023 N Willis Street in Abilene, TX 79603. Showings are available by appointment only, and tenants are not to be disturbed.
Built in 1963, the property consists of three residential units and is being offered for sale with the current occupancy configuration in place.
Key Highlights
- Triplex with two occupied units and one vacant unit
- Tenant‑occupied property with immediate rental income from two units
- Vacant unit offers flexibility to lease or renovate and add value
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
$27,459
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
9.15%
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%
$549,180
$549.2K
Cap Rate 7%
$392,271
$392.3K
Cap Rate 9%
$305,100
$305.1K
Market Conditions
NOI Build-Up for 3,312 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
$41.7K $12.60/SF
− Vacancy
−$2.5K −$0.76/SF
EGI
$39.2K $11.84/SF
− OpEx
−$11.8K −$3.55/SF
NOI
$27.5K $8.29/SF
Area
Abilene, TX
Vacancy
6.00%
Lease Rate
$12.60 /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%
$549,180
Cap Rate 7%
$392,271
Cap Rate 9%
$305,100
Alternative Uses
Best Use
Multifamily LT 5
$392.3K
$343.2K – $457.7K
NOI $27,459 @ 7.0% cap · market cap 9.15%
Second Best
Apartment 5plus
$363.0K
$317.6K – $423.5K
NOI $25,408 @ 7.0% cap · market cap 8.47%
Theoretical Best
Office A
$739.5K
$647.0K – $862.7K
NOI $51,763 @ 7.0% cap · market cap 17.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
181
Businesses Nearby
Explore this area
Business Placement
Demographics for 79603, TX
23,746
Population
9,960
Households
2.4
Avg Household Size
35
Median Age
17%
College-Educated
83%
High-School Grad
59.2 sq mi
ZIP Area
401
Density / Sq Mi
$53,579
Median Household Income
$32,339
Median Earnings
$1,022
Median Rent
$114,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Triplex with two occupied units and one vacant unit, built in 1963, offering flexible leasing or value-add possibilities.
Where is this triplex located?
The property is located at 2023 N Willis St Abilene, TX.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Triplex with two occupied units and one vacant unit; Tenant‑occupied property with immediate rental income from two units; Vacant unit offers flexibility to lease or renovate and add value
