4-Unit Renovated
New
For Sale
$755,000
2232 Riverview Dr, Irving, TX 75060
Four residences feature central heating and cooling, updated interiors, and modern kitchen appliances.
Property Size3,248 SF
Price / SF$232.45
Days on Market7
Property Features for 2232 Riverview Dr
General Information
Standard status
Active
Size
3,248 SF
Property subtype
Multi-Family
Occupancy
50%
Additional Details
Multifamily Units
4
Building Details
Year Built
1955
Listing Agency:
Abacus Realty Group, LLC
Listed By:
Kayed Sinnukrot · License #0596143
(469) 939-2097
Source:
Findtexashomesforsale
Added: Sep 18
Changed: Sep 24
Last Checked: Sep 24 at 2:36PM
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 Abacus Realty Group, LLC
Investment Insights
Based on property information with market context.
This 3,248-square-foot quadplex contains four residential units and was built in 1955. A comprehensive renovation replaced the former window units with central air conditioning and heating, and included a new roof, electrical and plumbing updates, and new water heaters. Interiors have wood-look laminate flooring, refreshed bathrooms, and ceiling fans. Each kitchen includes a refrigerator, stove-oven, and built-in microwave.
The property is currently 50% occupied, with applications being processed for the two remaining units.
The property is currently 50% occupied, with applications being processed for the two remaining units.
Key Highlights
- Four residential units in a 3,248‑square‑foot building
- Built in 1955
- Central AC and heating replaced the former window units
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
$57,111
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
7.56%
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%
$1,142,220
$1.1M
Cap Rate 7%
$815,871
$815.9K
Cap Rate 9%
$634,567
$634.6K
Market Conditions
NOI Build-Up for 3,248 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
$90.8K $27.96/SF
− Vacancy
−$9.2K −$2.84/SF
EGI
$81.6K $25.12/SF
− OpEx
−$24.5K −$7.54/SF
NOI
$57.1K $17.58/SF
Area
Irving, 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%
$1,142,220
Cap Rate 7%
$815,871
Cap Rate 9%
$634,567
Alternative Uses
Best Use
Multifamily LT 5
$815.9K
$713.9K – $951.9K
NOI $57,111 @ 7.0% cap · market cap 7.56%
Second Best
Apartment 5plus
$705.6K
$617.4K – $823.2K
NOI $49,389 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$833.0K
$728.9K – $971.8K
NOI $58,308 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
281
Businesses Nearby
Explore this area
Business Placement
Demographics for 75060, TX
47,955
Population
15,538
Households
3.1
Avg Household Size
34
Median Age
18%
College-Educated
64%
High-School Grad
12.1 sq mi
ZIP Area
3,963
Density / Sq Mi
$69,708
Median Household Income
$35,508
Median Earnings
$1,367
Median Rent
$224,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residences feature central heating and cooling, updated interiors, and modern kitchen appliances.
Where is this quadplex located?
The property is located at 2232 Riverview Dr Irving, TX.
What is the asking price?
The asking price for this property is $755,000.
What are key features of this property?
This property features: Four residential units in a 3,248‑square‑foot building; Built in 1955; Central AC and heating replaced the former window units
