Two-Unit Duplex with Attached
For Sale
$380,000
3124 Cherry Lane, Fort Worth, TX 76116
ResidentialIncome, Fort Worth, TX
Property Size2,236 SF
Lot Size0.18 Acres
Price / SF$169.95
Days on Market44
Property Features for 3124 Cherry Lane
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 3, Bathroom 4, Bedroom 5, Bedroom 6, Bedroom 2, Bathroom 1, Bathroom 3, Bedroom 1, Bathroom 2
Parking
2
Parking features
Garage
Patio and Porch features
Patio
Interior features
GraniteCounters, OpenFloorplan
Appliances
Dishwasher, ElectricRange, ElectricWaterHeater, Refrigerator
Subdivision
Broadmoor Add
Elementary school
Westn Hill
Middle school
Leonard
High school
Westn Hill
Elementary school district
Fort Worth ISD
Middle school district
Fort Worth ISD
High school district
Fort Worth ISD
Directions
GPS
Standard status
Active
APN
41493060
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
BROADMOOR ADDITION-FORT WORTH BLOCK 16 LOT 8
Tax Annual Amount
7069
Legal Description
BROADMOOR ADDITION-FORT WORTH BLOCK 16 LOT 8
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Ceiling Fan(s), Electric
Water source
Public
Amenities
privacy fenced yard
Building Details
Year built
2007
Floors in Building
1
Number of units
2
Flooring type
Tile, Vinyl
Building materials
Brick
Roof type
Composition
Listing Agency:
Turn Key Real Estate Mgmt LLC
(877) 727-4767
Listed By:
Scott Richardson · License #0568809
(877) 727-4767
Added: Jul 17
Changed: Aug 25
Last Checked: Aug 29 at 11:06PM
MLS# 21329758
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 two-unit duplex offers 2,236 total sq ft, with each residence providing three bedrooms, two bathrooms, an attached garage, and a privacy-fenced yard. The brick exterior was completed in 2007, while interior finishes include updated luxury vinyl plank in the living areas and tile in the kitchens and bathrooms. Granite counters and open floorplans add to the unit layouts, with appliances including refrigerators, dishwashers, and electric ranges. Central heating and cooling serve both residences.
Located at 3124 Cherry Lane in Fort Worth, the property occupies 0.179 acres and is connected to public water and public sewer. Electricity and water are separately metered, and each residence includes patio space. A composition roof was installed in 2023. The property is managed by Turn Key Real Estate Management, LLC, a DFW Metroplex residential property management company serving the area since 2008.
Located at 3124 Cherry Lane in Fort Worth, the property occupies 0.179 acres and is connected to public water and public sewer. Electricity and water are separately metered, and each residence includes patio space. A composition roof was installed in 2023. The property is managed by Turn Key Real Estate Management, LLC, a DFW Metroplex residential property management company serving the area since 2008.
Key Highlights
- Two‑unit duplex with 2,236 total sq ft
- Each unit includes 3 bedrooms, 2 bathrooms, and an attached garage
- Built in 2007 on a 0.179‑acre lot
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
$34,001
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
8.95%
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%
$680,020
$680.0K
Cap Rate 7%
$485,729
$485.7K
Cap Rate 9%
$377,789
$377.8K
Market Conditions
NOI Build-Up for 2,236 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
$69.2K $30.96/SF
− Vacancy
−$7.4K −$3.31/SF
EGI
$61.8K $27.65/SF
− OpEx
−$27.8K −$12.44/SF
NOI
$34.0K $15.21/SF
Area
Fort Worth, TX
Vacancy
10.70%
Lease Rate
$30.96 /SF/Yr
Expense Ratio
45.00%
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%
$680,020
Cap Rate 7%
$485,729
Cap Rate 9%
$377,789
Alternative Uses
Best Use
Multifamily LT 5
$559.3K
$489.4K – $652.5K
NOI $39,148 @ 7.0% cap · market cap 10.30%
Second Best
Apartment 5plus
$485.7K
$425.0K – $566.7K
NOI $34,001 @ 7.0% cap · market cap 8.95%
Theoretical Best
Office A
$812.2K
$710.7K – $947.6K
NOI $56,857 @ 7.0% cap · market cap 14.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
946
Businesses Nearby
Explore this area
Business Placement
Demographics for 76116, TX
51,639
Population
25,808
Households
2
Avg Household Size
35
Median Age
33%
College-Educated
88%
High-School Grad
12.3 sq mi
ZIP Area
4,198
Density / Sq Mi
$54,738
Median Household Income
$39,040
Median Earnings
$1,205
Median Rent
$286,500
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 - Brick duplex with separately metered utilities, fenced outdoor areas, and updated flooring across both residences.
Where is this duplex located?
The property is located at 3124 Cherry Lane Fort Worth, TX.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,236 total sq ft; Each unit includes 3 bedrooms, 2 bathrooms, and an attached garage; Built in 2007 on a 0.179‑acre lot
