Two-Unit Duplex with Attached
For Sale
$595,000
2205-2207 Heritage Circle #2205, Carrollton, TX 75006
Tenant-occupied duplex with updated kitchens and flexible two-level bedroom layouts.
Property Size3,540 SF
Days on Market111
Property Features for 2205-2207 Heritage Circle #2205
General Information
Standard status
Active
Size
3,540 SF
Total Parking Spaces
2
Property subtype
Residential Income
Building Details
Building Size
3,540 SF
Year Built
1978
Buildings
1
Stories
2
Units
2
Listing Agency:
Better Homes & Gardens, Winans
(972) 740-2495
Listed By:
Mark Rhoton · License #0482270
(972) 740-2495
Source:
Signaturere
Added: May 14
Changed: Aug 30
Last Checked: Aug 31 at 5:10PM
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 Better Homes & Gardens, Winans
Investment Insights
Based on property information with market context.
Built in 1978, this duplex contains two tenant-occupied units, each offering 1,770 square feet across two levels. Both residences feature three bedrooms, including a first-floor primary suite, two upstairs bedrooms, and a full bathroom serving the upper level. Each side also includes an attached two-car garage and a long driveway that provides additional parking. Recent improvements include interior paint, dishwashers, and updated kitchen countertops.
The property is located in Carrollton at 2205-2207 Heritage Circle, with access to George Bush Turnpike, I-35, and the Dallas N Tollway. Both units carry two-year lease obligations ending 3-31-2028. Interior layouts include a kitchen with space for a table, a large formal dining room with vaulted ceilings, and a spacious living room with multiple windows. The primary bedroom is positioned at the rear for added separation from the main living areas.
The property is located in Carrollton at 2205-2207 Heritage Circle, with access to George Bush Turnpike, I-35, and the Dallas N Tollway. Both units carry two-year lease obligations ending 3-31-2028. Interior layouts include a kitchen with space for a table, a large formal dining room with vaulted ceilings, and a spacious living room with multiple windows. The primary bedroom is positioned at the rear for added separation from the main living areas.
Key Highlights
- Two tenant‑occupied duplex units, each measuring 1,770 sq. ft.
- Two‑year lease obligations for both units ending 3‑31‑2028
- Three‑bedroom layouts with primary suite downstairs and two bedrooms upstairs
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
$45,148
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
7.59%
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%
$902,960
$903.0K
Cap Rate 7%
$644,971
$645.0K
Cap Rate 9%
$501,644
$501.6K
Market Conditions
NOI Build-Up for 3,540 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
$71.8K $20.28/SF
− Vacancy
−$7.3K −$2.06/SF
EGI
$64.5K $18.22/SF
− OpEx
−$19.3K −$5.47/SF
NOI
$45.1K $12.75/SF
Area
Carrollton, TX
Vacancy
10.16%
Lease Rate
$20.28 /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%
$902,960
Cap Rate 7%
$644,971
Cap Rate 9%
$501,644
Alternative Uses
Best Use
Multifamily LT 5
$645.0K
$564.4K – $752.5K
NOI $45,148 @ 7.0% cap · market cap 7.59%
Second Best
Apartment 5plus
$593.1K
$519.0K – $692.0K
NOI $41,519 @ 7.0% cap · market cap 6.98%
Theoretical Best
Specialty Retail
$870.9K
$762.1K – $1.02M
NOI $60,965 @ 7.0% cap · market cap 10.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
714
Businesses Nearby
Explore this area
Business Placement
Demographics for 75006, TX
47,811
Population
19,549
Households
2.4
Avg Household Size
37
Median Age
33%
College-Educated
83%
High-School Grad
17.1 sq mi
ZIP Area
2,796
Density / Sq Mi
$79,466
Median Household Income
$43,403
Median Earnings
$1,528
Median Rent
$296,500
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 - Tenant-occupied duplex with updated kitchens and flexible two-level bedroom layouts.
Where is this duplex located?
The property is located at 2205-2207 Heritage Circle #2205 Carrollton, TX.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Two tenant‑occupied duplex units, each measuring 1,770 sq. ft.; Two‑year lease obligations for both units ending 3‑31‑2028; Three‑bedroom layouts with primary suite downstairs and two bedrooms upstairs
