Unique Duplex with Two-Car
For Sale
$409,000
3215 Las Vegas Trail, Fort Worth, TX 76116
Duplex featuring garages, fenced yards, and recent upgrades.
Property Size2,394 SF
Price / SF$170.84
Days on Market283
Property Features for 3215 Las Vegas Trail
General Information
Standard status
Active
Size
2,394 SF
Total Parking Spaces
8
Property subtype
Multi-Family / Full Duplex
Amenities
Central Air
Central
No
Luxury Vinyl Plank, Tile
Dishwasher, Disposal, Electric Range, Microwave, Refrigerator
Window Coverings
1
Built-in Features, Cable TV Available, Decorative Lighting, High Speed Internet Available, Wainscoting, Walk-In Closet(s)
Gas, Gas Logs
Composition
One
Wood
Covered Patio/Porch
Slab
Public Records
2
Brick, Wood
Covered
Building Details
Year Built
1961
Buildings
1
Listing Agency:
Franks Realty International
Listed By:
Kris Franks · License #0586589
(817) 805-2400
Source:
Compass
Added: Nov 23, 2025
Changed: Sep 2
Last Checked: Aug 8 at 12:11PM
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 Franks Realty International
Investment Insights
Based on property information with market context.
This unique duplex features two units, each with a full two-car garage and a large, privacy-fenced backyard. One unit has three bedrooms and the other has two bedrooms, with each unit containing two full bathrooms. Both units include an over-sized gas fireplace. The mid-century units feature cabinet built-ins. The three-bedroom side includes a covered patio and two primary suites sharing a Jack and Jill bathroom. The three-bedroom unit, with a potential rent of $1795 per month, is currently vacant. The two-bedroom unit is leased to tenants of two years for $1595. Recent improvements include new vinyl plank flooring, professional restoration of the gas fireplaces, complete new interior painting, and significant plumbing upgrades, including a new sewer line for much of the property. The property size is 2394 square feet.
Key Highlights
- Duplex with strong income potential: one unit vacant at $1795/month, one leased at $1595/month.
- Each unit has a full two‑car garage and a large, privacy‑fenced backyard.
- Recent upgrades include new vinyl plank flooring, restored gas fireplaces, new interior painting, and significant plumbing improvements including a new sewer line.
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
$36,403
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
8.90%
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%
$728,060
$728.1K
Cap Rate 7%
$520,043
$520.0K
Cap Rate 9%
$404,478
$404.5K
Market Conditions
NOI Build-Up for 2,394 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
$74.1K $30.96/SF
− Vacancy
−$7.9K −$3.31/SF
EGI
$66.2K $27.65/SF
− OpEx
−$29.8K −$12.44/SF
NOI
$36.4K $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%
$728,060
Cap Rate 7%
$520,043
Cap Rate 9%
$404,478
Alternative Uses
Best Use
Multifamily LT 5
$598.8K
$523.9K – $698.6K
NOI $41,914 @ 7.0% cap · market cap 10.25%
Second Best
Apartment 5plus
$520.0K
$455.0K – $606.7K
NOI $36,403 @ 7.0% cap · market cap 8.90%
Theoretical Best
Office A
$869.6K
$760.9K – $1.01M
NOI $60,875 @ 7.0% cap · market cap 14.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
762
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 - Duplex featuring garages, fenced yards, and recent upgrades.
Where is this duplex located?
The property is located at 3215 Las Vegas Trail Fort Worth, TX.
What is the asking price?
The asking price for this property is $409,000.
What are key features of this property?
This property features: Duplex with strong income potential: one unit vacant at $1795/month, one leased at $1595/month.; Each unit has a full two‑car garage and a large, privacy‑fenced backyard.; Recent upgrades include new vinyl plank flooring, restored gas fireplaces, new interior painting, and significant plumbing improvements including a new sewer line.
