Duplex with Central
For Sale
$389,900
2416 Smith Avenue, Irving, TX 75061
MULTI_FAMILY - Irving, TX
Property Size1,550 SF
Lot Size0.32 Acres
Price / SF$251.55
Days on Market98
Property Features for 2416 Smith Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 2, Bedroom 1, Bathroom 1
Parking
4
Parking features
Driveway
Appliances
ElectricRange
Subdivision
Jesse Moon Surv Abs #879
Elementary school
Gilbert
Middle school
Austin
High school
Irving
Elementary school district
Irving ISD
Middle school district
Irving ISD
High school district
Irving ISD
Directions
from Loop 12 to Grauwyler Rd east then right on Richland the left on Smith Ave
Standard status
Active
APN
65087929040010800
Size
1,550 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Description
JESSE MOON ABST 879 PG 290 TR 1.8 ACS 0.3225
Tax Annual Amount
4560
Legal Description
JESSE MOON ABST 879 PG 290 TR 1.8 ACS 0.3225
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1885
Floors in Building
1
Number of units
2
Flooring type
Hardwood, Tile, Carpet
Building materials
WoodSiding
Roof type
Composition
Listing Agency:
Randall Garrett Real Estate
(817) 475-4644
Listed By:
Randall Garrett · License #0617369
(817) 475-4644
Added: May 16
Changed: Aug 3
Last Checked: Aug 21 at 1:06PM
MLS# 21170867
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 duplex features two houses on one lot, offering flexibility for an owner-occupant setup or separate rental uses. The property includes electric range and both carpet and tile floors, along with hardwood flooring. Heating is electric with central operation, and cooling is provided by electric central air. Exterior materials include wood siding, and the roof is composition.
The duplex is served by public water and public sewer, with parking provided by a driveway. Built in 1885, the property totals 1,550 square feet and sits on a 0.322-acre lot. Address: 2416 Smith Avenue, Irving, TX 75061 (Dallas County).
Additional rooms include two bedrooms and one bathroom.
The duplex is served by public water and public sewer, with parking provided by a driveway. Built in 1885, the property totals 1,550 square feet and sits on a 0.322-acre lot. Address: 2416 Smith Avenue, Irving, TX 75061 (Dallas County).
Additional rooms include two bedrooms and one bathroom.
Key Highlights
- Two houses on one lot for owner‑occupant or separate rental use
- 1,550 SF duplex on a 0.322‑acre lot
- Central electric cooling plus electric heating
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
$27,254
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
6.99%
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%
$545,080
$545.1K
Cap Rate 7%
$389,343
$389.3K
Cap Rate 9%
$302,822
$302.8K
Market Conditions
NOI Build-Up for 1,550 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
$43.3K $27.96/SF
− Vacancy
−$4.4K −$2.84/SF
EGI
$38.9K $25.12/SF
− OpEx
−$11.7K −$7.54/SF
NOI
$27.3K $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%
$545,080
Cap Rate 7%
$389,343
Cap Rate 9%
$302,822
Alternative Uses
Best Use
Multifamily LT 5
$389.3K
$340.7K – $454.2K
NOI $27,254 @ 7.0% cap · market cap 6.99%
Second Best
Apartment 5plus
$336.7K
$294.6K – $392.8K
NOI $23,569 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$397.5K
$347.8K – $463.8K
NOI $27,826 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
469
Businesses Nearby
Explore this area
Business Placement
Demographics for 75061, TX
55,828
Population
20,187
Households
2.8
Avg Household Size
33
Median Age
17%
College-Educated
66%
High-School Grad
11.6 sq mi
ZIP Area
4,813
Density / Sq Mi
$61,260
Median Household Income
$33,388
Median Earnings
$1,292
Median Rent
$228,400
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 - Duplex on a single lot with central electric cooling, public water, and public sewer services.
Where is this duplex located?
The property is located at 2416 Smith Avenue Irving, TX.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Two houses on one lot for owner‑occupant or separate rental use; 1,550 SF duplex on a 0.322‑acre lot; Central electric cooling plus electric heating
