Updated Duplex with Backyard
For Sale
$765,000
308 Towne House Lane, Richardson, TX 75081
Two updated units each offer three bedrooms and two full baths, with outdoor space and a shared rear-access carport.
Property Size3,440 SF
Days on Market52
Property Features for 308 Towne House Lane
General Information
Standard status
Active
Size
3,440 SF
Total Parking Spaces
4
Property subtype
Duplex
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,147
Building Details
Building Size
3,440 SF
Year Built
1973
Listing Agency:
Your Home Free LLC
(972) 317-5900
Listed By:
William Nelson · License #0505348
Source:
Nilesrealtygroup
Added: Jul 6
Changed: Aug 23
Last Checked: Aug 25 at 11:00AM
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 Your Home Free LLC
Investment Insights
Based on property information with market context.
This updated duplex features two separate 3-bedroom, 2-bath units. Unit 308 includes a large living area with beamed ceiling and a brick fireplace, along with a fully updated kitchen with butcher block countertops and a glass tile backsplash, stainless appliances, an electric cooktop, and an eat-in area. The primary suite offers a large bath with a granite counter vanity and a generously sized walk-in closet with built-ins. Sliding glass doors from the family room and breakfast nook open to the backyard, which includes two separate patio areas.
Unit 310 offers a similarly sized living area with beamed ceiling and fireplace. Its updated kitchen includes granite countertops and a glass tile backsplash, with an abundance of cabinetry, an electric cooktop, and an eat-in area. The primary suite includes a large bath with dual vanities and a walk-in closet with built-ins. A sliding glass door off the family room opens to a large backyard with one patio area. Both units use a shared driveway at the rear with a 4-car carport.
For investors or owner-occupants, the property provides two well-matched residential layouts with outdoor entertaining space, updated kitchens, and dedicated backyard access for each unit. A shared driveway and rear carport configuration support practical daily use, and brand new fencing was installed in April 2026.
Unit 310 offers a similarly sized living area with beamed ceiling and fireplace. Its updated kitchen includes granite countertops and a glass tile backsplash, with an abundance of cabinetry, an electric cooktop, and an eat-in area. The primary suite includes a large bath with dual vanities and a walk-in closet with built-ins. A sliding glass door off the family room opens to a large backyard with one patio area. Both units use a shared driveway at the rear with a 4-car carport.
For investors or owner-occupants, the property provides two well-matched residential layouts with outdoor entertaining space, updated kitchens, and dedicated backyard access for each unit. A shared driveway and rear carport configuration support practical daily use, and brand new fencing was installed in April 2026.
Key Highlights
- Duplex built in 1973 with 2 updated units, each offering 3 bedrooms and 2 full baths
- Each unit includes a large living area with beamed ceiling and a brick fireplace
- Updated kitchens feature granite or butcher block countertops, glass tile backsplashes, electric cooktops, and stainless appliances
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
$33,299
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
4.35%
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%
$665,980
$666.0K
Cap Rate 7%
$475,700
$475.7K
Cap Rate 9%
$369,989
$370.0K
Market Conditions
NOI Build-Up for 3,440 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
$52.8K $15.36/SF
− Vacancy
−$5.3K −$1.53/SF
EGI
$47.6K $13.83/SF
− OpEx
−$14.3K −$4.15/SF
NOI
$33.3K $9.68/SF
Area
Richardson, TX
Vacancy
9.97%
Lease Rate
$15.36 /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%
$665,980
Cap Rate 7%
$475,700
Cap Rate 9%
$369,989
Alternative Uses
Best Use
Multifamily LT 5
$475.7K
$416.2K – $555.0K
NOI $33,299 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$426.7K
$373.4K – $497.9K
NOI $29,871 @ 7.0% cap · market cap 3.90%
Theoretical Best
Office A
$1.04M
$913.9K – $1.22M
NOI $73,115 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
386
Businesses Nearby
Explore this area
Business Placement
Demographics for 75081, TX
37,766
Population
14,662
Households
2.6
Avg Household Size
37
Median Age
45%
College-Educated
90%
High-School Grad
9.0 sq mi
ZIP Area
4,196
Density / Sq Mi
$90,953
Median Household Income
$50,026
Median Earnings
$1,765
Median Rent
$340,600
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 updated units each offer three bedrooms and two full baths, with outdoor space and a shared rear-access carport.
Where is this duplex located?
The property is located at 308 Towne House Lane Richardson, TX.
What is the asking price?
The asking price for this property is $765,000.
What are key features of this property?
This property features: Duplex built in 1973 with 2 updated units, each offering 3 bedrooms and 2 full baths; Each unit includes a large living area with beamed ceiling and a brick fireplace; Updated kitchens feature granite or butcher block countertops, glass tile backsplashes, electric cooktops, and stainless appliances
