Triplex with Separate
For Sale
$225,000
2215 Brook Avenue, Wichita Falls, TX 76301
Three-unit property with central heating and cooling plus individually metered gas and electric service.
Property Size2,100 SF
Days on Market62
Property Features for 2215 Brook Avenue
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Multi Family Home
Additional Details
Multifamily Units
3
Amenities
central heat and air
Building Details
Building Size
2,100 SF
Buildings
1
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
Team Legacy Realty
(940) 923-7951
Listed By:
David Bowles · License #0760319
(940) 923-7951
Source:
Hirschirealtors
Added: Jul 1
Changed: Aug 30
Last Checked: Aug 30 at 5:47PM
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 Team Legacy Realty
Investment Insights
Based on property information with market context.
This triplex contains three residential units, with central heat and air serving each unit. Gas and electric service are separately metered, providing distinct utility accounts for the units. Two units are occupied, while one is currently vacant.
The property is offered as part of a package that includes 2141 Avenue J, 2003 Joline, and 2224 Princeton Ave. The package comprises 12 units in total and also includes a single-family residence with 2 bedrooms and 1 bathroom.
The property is offered as part of a package that includes 2141 Avenue J, 2003 Joline, and 2224 Princeton Ave. The package comprises 12 units in total and also includes a single-family residence with 2 bedrooms and 1 bathroom.
Key Highlights
- Three‑unit residential property with 2 occupied units and 1 vacant unit
- Central heat and air in all units
- Separate gas and electric meters for each 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
$18,967
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
8.43%
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%
$379,340
$379.3K
Cap Rate 7%
$270,957
$271.0K
Cap Rate 9%
$210,744
$210.7K
Market Conditions
NOI Build-Up for 2,100 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
$29.0K $13.80/SF
− Vacancy
−$1.9K −$0.90/SF
EGI
$27.1K $12.90/SF
− OpEx
−$8.1K −$3.87/SF
NOI
$19.0K $9.03/SF
Area
Wichita Falls, TX
Vacancy
6.50%
Lease Rate
$13.80 /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%
$379,340
Cap Rate 7%
$270,957
Cap Rate 9%
$210,744
Alternative Uses
Best Use
Multifamily LT 5
$271.0K
$237.1K – $316.1K
NOI $18,967 @ 7.0% cap · market cap 8.43%
Second Best
Apartment 5plus
$251.8K
$220.3K – $293.8K
NOI $17,626 @ 7.0% cap · market cap 7.83%
Theoretical Best
Warehouse
$2.51M
$2.19M – $2.92M
NOI $175,435 @ 7.0% cap · market cap 77.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
308
Businesses Nearby
Explore this area
Business Placement
Demographics for 76301, TX
15,320
Population
7,762
Households
2
Avg Household Size
38
Median Age
13%
College-Educated
80%
High-School Grad
11.4 sq mi
ZIP Area
1,344
Density / Sq Mi
$41,828
Median Household Income
$29,532
Median Earnings
$790
Median Rent
$71,900
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?
Triplex - Three-unit property with central heating and cooling plus individually metered gas and electric service.
Where is this triplex located?
The property is located at 2215 Brook Avenue Wichita Falls, TX.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Three‑unit residential property with 2 occupied units and 1 vacant unit; Central heat and air in all units; Separate gas and electric meters for each unit
