Historic Two-Residence
New
For Sale
$1,250,000
2602 Kings, Dallas, TX 75219
MULTI_FAMILY - Dallas, TX
Property Size6,300 SF
Lot Size0.34 Acres
Price / SF$198.41
Days on Market2
Property Features for 2602 Kings
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 2, Bathroom 4, Bedroom 2, Bathroom 1, Bedroom 1, Bedroom 6, Bedroom 5, Bedroom 4, Bedroom 7, Bathroom 3, Bathroom 5, Bedroom 3
Parking
8
Parking features
Driveway, Gated, Parking Lot
Patio and Porch features
Porch
Interior features
Chandelier, CathedralCeilings, DecorativeDesignerLightingFixtures, KitchenIsland, OpenFloorplan, NaturalWoodwork
Exterior features
PrivateEntrance, PrivateYard
Appliances
DoubleOven, Dishwasher, Disposal, GasRange, Refrigerator, VentedExhaustFan
Subdivision
A K LUCAS Homestead
Lot features
Interior Lot, Landscaped, Few Trees
Elementary school
Bonham
Middle school
Rusk
High school
North Dallas
Elementary school district
Dallas ISD
Middle school district
Dallas ISD
High school district
Dallas ISD
Directions
On kings Between Maple and Cedar Springs
Standard status
Active
APN
00000211099000000
Lot size
0.34 Acres
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air, Electric
Water source
Public
Amenities
gated entrance
pet-friendly backyard
intercom-controlled guest entry system
Building Details
Year built
1927
Floors in Building
1
Number of units
2
Flooring type
Wood, Concrete
Building materials
Brick
Roof type
Composition
Listing Agency:
Allie Beth Allman & Assoc. · Berkshire Hathaway HomeServices
(214) 521-7355
Listed By:
Clifton Kessler · License #0649355
(214) 528-2500
Added: Aug 7
Last Checked: Aug 8 at 5:06AM
MLS# 21352860
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 distinctive duplex occupies a former church building originally constructed in 1927 and converted to residential use in 2003. Approximately 6,300 square feet is arranged as two separate residences, each with its own architectural identity and contemporary finishes. Interior features include cathedral ceilings, natural woodwork, designer lighting, kitchen islands, wood and concrete flooring, and updated central heating and cooling. The property also includes a porch, private yard, automatic gated access, and secure on-site parking.
Located at 2602 Kings in Dallas’s Medical District, the property combines historic brick construction with updated structural, mechanical, and energy-efficient systems. Public water and sewer serve the site, while the enclosed backyard and intercom-controlled guest entry add practical functionality. The two-residence configuration supports a range of residential and live-work arrangements without sacrificing the character of the original structure.
Located at 2602 Kings in Dallas’s Medical District, the property combines historic brick construction with updated structural, mechanical, and energy-efficient systems. Public water and sewer serve the site, while the enclosed backyard and intercom-controlled guest entry add practical functionality. The two-residence configuration supports a range of residential and live-work arrangements without sacrificing the character of the original structure.
Key Highlights
- Approximately 6,300 SF configured as two separate residences
- Former Mary King Memorial Church converted to residential use in 2003
- Original 1927 construction with historic brick architecture
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
$110,776
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
8.86%
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%
$2,215,520
$2.2M
Cap Rate 7%
$1,582,514
$1.6M
Cap Rate 9%
$1,230,844
$1.2M
Market Conditions
NOI Build-Up for 6,300 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
$176.1K $27.96/SF
− Vacancy
−$17.9K −$2.84/SF
EGI
$158.3K $25.12/SF
− OpEx
−$47.5K −$7.54/SF
NOI
$110.8K $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%
$2,215,520
Cap Rate 7%
$1,582,514
Cap Rate 9%
$1,230,844
Alternative Uses
Best Use
Office B
$5.17M
$4.53M – $6.04M
NOI $362,195 @ 7.0% cap · market cap 28.98%
Second Best
Multifamily LT 5
$1.58M
$1.38M – $1.85M
NOI $110,776 @ 7.0% cap · market cap 8.86%
Theoretical Best
Office A
$7.56M
$6.61M – $8.82M
NOI $529,164 @ 7.0% cap · market cap 42.33%
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
1,313
Businesses Nearby
Explore this area
Business Placement
Demographics for 75219, TX
27,885
Population
19,190
Households
1.5
Avg Household Size
36
Median Age
71%
College-Educated
94%
High-School Grad
2.3 sq mi
ZIP Area
12,124
Density / Sq Mi
$92,541
Median Household Income
$70,549
Median Earnings
$1,751
Median Rent
$377,900
Median Home Value
Market
Vacancy Rate% for Office in Dallas, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Converted landmark property with gated parking, private outdoor space, and separate residential interiors.
Where is this duplex located?
The property is located at 2602 Kings Dallas, TX.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Approximately 6,300 SF configured as two separate residences; Former Mary King Memorial Church converted to residential use in 2003; Original 1927 construction with historic brick architecture
