Four-Unit Quadplex
For Sale
$600,000
319 Ware Drive, Grand Prairie, TX 75051
Quadplex with four units, including three currently rented homes and one vacant unit for showing.
Property Size3,748 SF
Price / SF$160.09
Days on Market154
Property Features for 319 Ware Drive
General Information
Standard status
Active
Size
3,748 SF
Total Parking Spaces
8
Property subtype
Multi-Family / Fourplex
Occupancy
75%
Additional Details
Multifamily Units
4
Amenities
Central Air, Electric
Central, Electric
No
Laminate
Dishwasher, Electric Range
High Speed Internet Available
Composition
Two
Balcony
2
Slab
Public Records
4
Siding
Front Porch
Building Details
Year Built
1983
Buildings
2
Tenancy
Multi
Listing Agency:
RE/MAX Trinity
(817) 919-2298
Listed By:
Kelly Christenson · License #0531627
(817) 919-2298
Source:
Compass
Added: Mar 12
Changed: Aug 8
Last Checked: Jul 21 at 3:49AM
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 RE/MAX Trinity
Investment Insights
Based on property information with market context.
Four-unit quadplex at 319 Ware Drive in Grand Prairie, Texas, comprised of units 317, 319, 321, and 323 Ware. Three units are configured as 2-bedroom, 2-bath homes, while one unit offers 3 bedrooms and 2 bathrooms. At the time of listing, three units are currently rented and one unit is vacant for showing.
The roof was replaced in March 2026. The property is described as being close to a youth sports complex and a park, and within the broader area near shopping and local recreation options. The remarks also note a short drive to stadiums in Arlington and convenient access to both downtown Fort Worth and downtown Dallas.
Additional details, including dimensions, taxes, and schools, are to be verified by buyers.
The roof was replaced in March 2026. The property is described as being close to a youth sports complex and a park, and within the broader area near shopping and local recreation options. The remarks also note a short drive to stadiums in Arlington and convenient access to both downtown Fort Worth and downtown Dallas.
Additional details, including dimensions, taxes, and schools, are to be verified by buyers.
Key Highlights
- 4‑unit quadplex built in 1983 in Grand Prairie
- Unit mix: three 2 bed/2 bath units and one 3 bed/2 bath unit
- Three units are currently rented; one unit is vacant for showing
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
$37,190
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
6.20%
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%
$743,800
$743.8K
Cap Rate 7%
$531,286
$531.3K
Cap Rate 9%
$413,222
$413.2K
Market Conditions
NOI Build-Up for 3,748 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
$56.2K $15.00/SF
− Vacancy
−$3.1K −$0.83/SF
EGI
$53.1K $14.17/SF
− OpEx
−$15.9K −$4.25/SF
NOI
$37.2K $9.92/SF
Area
Grand Prairie, TX
Vacancy
5.50%
Lease Rate
$15.00 /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%
$743,800
Cap Rate 7%
$531,286
Cap Rate 9%
$413,222
Alternative Uses
Best Use
Multifamily LT 5
$531.3K
$464.9K – $619.8K
NOI $37,190 @ 7.0% cap · market cap 6.20%
Second Best
Apartment 5plus
$494.5K
$432.7K – $577.0K
NOI $34,618 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$1.05M
$922.0K – $1.23M
NOI $73,761 @ 7.0% cap · market cap 12.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
326
Businesses Nearby
Explore this area
Business Placement
Demographics for 75051, TX
40,243
Population
14,139
Households
2.8
Avg Household Size
32
Median Age
15%
College-Educated
68%
High-School Grad
12.6 sq mi
ZIP Area
3,194
Density / Sq Mi
$53,124
Median Household Income
$34,029
Median Earnings
$1,183
Median Rent
$196,700
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?
Quadplex - Quadplex with four units, including three currently rented homes and one vacant unit for showing.
Where is this quadplex located?
The property is located at 319 Ware Drive Grand Prairie, TX.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 4‑unit quadplex built in 1983 in Grand Prairie; Unit mix: three 2 bed/2 bath units and one 3 bed/2 bath unit; Three units are currently rented; one unit is vacant for showing
