Three-Building Income
For Sale
$1,500,000
303 N Waddill St, McKinney, TX 75069
Single-lot property with three buildings and eight fully self-sufficient apartments.
Property Size5,960 SF
Price / SF$251.68
Days on Market50
Property Features for 303 N Waddill St
General Information
Standard status
Active
Size
5,960 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
8
Amenities
laundry facilities
office
Building Details
Year Built
1953
Listing Agency:
Acquisto Real Estate
Listed By:
Hannah Ewing · License #0716543
(972) 396-7512
Source:
1plusrealty
Added: Jul 20
Changed: Aug 31
Last Checked: Sep 6 at 11:34AM
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 Acquisto Real Estate
Investment Insights
Based on property information with market context.
This single-lot multifamily property includes three separate structures totaling eight individual apartments. The site features a historic two-story home converted into a fourplex, a five-car garage with two apartments above, and an additional duplex with on-site laundry facilities and a spacious office suitable for management or operations. On-site parking is available for residents and visitors, supporting day-to-day functionality.
The property is located near Historic Downtown McKinney Square in Collin County, placing it within walking distance of local dining, shopping, and year-round events.
With fourplex, garage-apartment, and duplex components all on one parcel, the layout supports multiple income configurations and operational flexibility under one ownership.
The property is located near Historic Downtown McKinney Square in Collin County, placing it within walking distance of local dining, shopping, and year-round events.
With fourplex, garage-apartment, and duplex components all on one parcel, the layout supports multiple income configurations and operational flexibility under one ownership.
Key Highlights
- Single‑lot multi‑family property with 3 buildings and 8 individual apartments
- Historic 2‑story home converted into a fourplex
- 5‑car garage with 2 apartments above
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
$117,185
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
7.81%
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%
$2,343,700
$2.3M
Cap Rate 7%
$1,674,071
$1.7M
Cap Rate 9%
$1,302,056
$1.3M
Market Conditions
NOI Build-Up for 5,960 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
$188.1K $31.56/SF
− Vacancy
−$20.7K −$3.47/SF
EGI
$167.4K $28.09/SF
− OpEx
−$50.2K −$8.43/SF
NOI
$117.2K $19.66/SF
Area
McKinney, TX
Vacancy
11.00%
Lease Rate
$31.56 /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%
$2,343,700
Cap Rate 7%
$1,674,071
Cap Rate 9%
$1,302,056
Alternative Uses
Best Use
Multifamily LT 5
$1.67M
$1.46M – $1.95M
NOI $117,185 @ 7.0% cap · market cap 7.81%
Second Best
Apartment 5plus
$1.48M
$1.30M – $1.73M
NOI $103,625 @ 7.0% cap · market cap 6.91%
Theoretical Best
Office A
$1.68M
$1.47M – $1.95M
NOI $117,293 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,321
Businesses Nearby
Explore this area
Business Placement
Demographics for 75069, TX
39,084
Population
16,958
Households
2.3
Avg Household Size
38
Median Age
37%
College-Educated
88%
High-School Grad
33.7 sq mi
ZIP Area
1,160
Density / Sq Mi
$82,804
Median Household Income
$42,816
Median Earnings
$1,530
Median Rent
$413,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Single-lot property with three buildings and eight fully self-sufficient apartments.
Where is this quadplex located?
The property is located at 303 N Waddill St McKinney, TX.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Single‑lot multi‑family property with 3 buildings and 8 individual apartments; Historic 2‑story home converted into a fourplex; 5‑car garage with 2 apartments above
