Duplex With Attached
For Sale
$950,000
2315 S Vernon Avenue, Dallas, TX 75224
ResidentialIncome, Dallas, TX
Property Size4,000 SF
Lot Size0.16 Acres
Price / SF$237.50
Days on Market46
Property Features for 2315 S Vernon Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
6
Bathrooms
8
Full bathrooms
6
Half bathrooms
2
Rooms
Bedroom 6, Bedroom 4, Bathroom 5, Bathroom 6, Bathroom 8, Bathroom 1, Bedroom 3, Bedroom 5, Bathroom 2, Bathroom 4, Bathroom 7, Bedroom 2, Bathroom 3, Bedroom 1
Parking
1
Parking features
Garage, Open
Interior features
DecorativeDesignerLightingFixtures, KitchenIsland, OpenFloorplan, WalkInClosets
Exterior features
Balcony, OutdoorGrill, OutdoorKitchen
Fireplace
1
Appliances
Dishwasher, Disposal, GasRange, Microwave
Subdivision
Elmdale
Elementary school
Henderson
Middle school
Zan Wesley Holmes
High school
Kimball
Elementary school district
Dallas ISD
Middle school district
Dallas ISD
High school district
Dallas ISD
Directions
From Illinois, left on Vernon and property is on the left hand side. Property overlooks Vernon but parking is located off of the alley in the back.
Standard status
Active
APN
00000468313000000
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
ELMDALE BLK C/5974 LT 18
Tax Annual Amount
2672
Legal Description
ELMDALE BLK C/5974 LT 18
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Amenities
covered patios
built-in grills
private fenced yards
attached garages
dedicated office nooks
tankless water heaters
foam insulation
fireplaces
Building Details
Year built
2025
Floors in Building
2
Number of units
2
Flooring type
Wood
Roof type
Composition
Listing Agency:
Compass RE Texas, LLC
(214) 814-8100
Listed By:
Emily Ruth Cannon
(214) 814-8100
Added: Jul 17
Changed: Aug 23
Last Checked: Aug 31 at 12:06AM
MLS# 21267420
Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This under-construction duplex contains two matching residences, each with three ensuite bedrooms, a first-floor primary suite, open-concept living areas, and dedicated office nooks. Interior finishes include white oak flooring, custom cabinetry, quartz kitchen counters, oversized islands, gas ranges, walk-in closets, natural-light-filled living spaces, and fireplaces. Each residence also includes a covered patio, built-in grill, private fenced yard, and attached garage.
The property occupies 0.163 acres at 2315 S Vernon Avenue in Dallas, with public water and public sewer service. Additional building features include foam insulation and tankless water heaters. Wynnewood Village, Halperin Park, and Downtown Dallas are identified in the surrounding context.
The property occupies 0.163 acres at 2315 S Vernon Avenue in Dallas, with public water and public sewer service. Additional building features include foam insulation and tankless water heaters. Wynnewood Village, Halperin Park, and Downtown Dallas are identified in the surrounding context.
Key Highlights
- Two matching residences, each with 3 ensuite bedrooms and a first‑floor primary suite
- 6 bedrooms, 6 full bathrooms, and 2 half baths
- 0.163 acres at 2315 S Vernon Avenue, Dallas, TX 75224
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
$70,334
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
7.40%
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%
$1,406,680
$1.4M
Cap Rate 7%
$1,004,771
$1.0M
Cap Rate 9%
$781,489
$781.5K
Market Conditions
NOI Build-Up for 4,000 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
$111.8K $27.96/SF
− Vacancy
−$11.4K −$2.84/SF
EGI
$100.5K $25.12/SF
− OpEx
−$30.1K −$7.54/SF
NOI
$70.3K $17.58/SF
Area
Dallas, 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%
$1,406,680
Cap Rate 7%
$1,004,771
Cap Rate 9%
$781,489
Alternative Uses
Best Use
Multifamily LT 5
$1.00M
$879.2K – $1.17M
NOI $70,334 @ 7.0% cap · market cap 7.40%
Second Best
Apartment 5plus
$868.9K
$760.3K – $1.01M
NOI $60,824 @ 7.0% cap · market cap 6.40%
Theoretical Best
Office A
$4.80M
$4.20M – $5.60M
NOI $335,977 @ 7.0% cap · market cap 35.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
516
Businesses Nearby
Explore this area
Business Placement
Demographics for 75224, TX
33,766
Population
12,438
Households
2.7
Avg Household Size
32
Median Age
15%
College-Educated
69%
High-School Grad
5.7 sq mi
ZIP Area
5,924
Density / Sq Mi
$53,606
Median Household Income
$32,507
Median Earnings
$1,177
Median Rent
$213,100
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 - Two mirrored residences feature ensuite bedrooms, open living areas, private yards, and covered patios.
Where is this duplex located?
The property is located at 2315 S Vernon Avenue Dallas, TX.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Two matching residences, each with 3 ensuite bedrooms and a first‑floor primary suite; 6 bedrooms, 6 full bathrooms, and 2 half baths; 0.163 acres at 2315 S Vernon Avenue, Dallas, TX 75224
