Fully Leased
New
For Sale
$329,000
3405 & 3407 Orchard Street, Forest Hill, TX 76119
Two matching residential units offer three bedrooms, two bathrooms, private outdoor space, and existing tenants.
Property Size2,600 SF
Days on Market4
Property Features for 3405 & 3407 Orchard Street
General Information
Standard status
Active
Size
2,600 SF
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,412
Amenities
covered front porch
ceiling fan
washer and dryer hookups
fenced backyard
assigned driveway parking
Building Details
Building Size
2,600 SF
Year Built
1984
Tenancy
Multi
Listing Agency:
Keller Williams Lonestar DFW
Listed By:
Ray Bobo · License #0357213
(817) 795-2500
Source:
Nilesrealtygroup
Added: Sep 2
Changed: Sep 4
Last Checked: Sep 4 at 9:46AM
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 Keller Williams Lonestar DFW
Investment Insights
Based on property information with market context.
Built in 1984, this duplex contains two matching three-bedroom, two-bath residences. Each side has a covered entry porch, a living room with a ceiling fan, and a kitchen with storage connected to a dining area. The primary bedroom includes its own bathroom, while two additional bedrooms share a second bath. Washer and dryer connections are provided in a hallway closet.
Both residences are leased, and each includes a fenced backyard and assigned driveway parking. The property is situated near major freeways, shopping, dining, and surrounding areas, providing convenient access for residents. Its mirrored layouts and tenant occupancy create a straightforward configuration for a residential income property.
Both residences are leased, and each includes a fenced backyard and assigned driveway parking. The property is situated near major freeways, shopping, dining, and surrounding areas, providing convenient access for residents. Its mirrored layouts and tenant occupancy create a straightforward configuration for a residential income property.
Key Highlights
- Two matching units, each with 3 bedrooms and 2 bathrooms
- Both units are fully leased
- Built in 1984
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
$19,586
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
5.95%
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%
$391,720
$391.7K
Cap Rate 7%
$279,800
$279.8K
Cap Rate 9%
$217,622
$217.6K
Market Conditions
NOI Build-Up for 2,600 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
$31.5K $12.12/SF
− Vacancy
−$3.5K −$1.36/SF
EGI
$28.0K $10.76/SF
− OpEx
−$8.4K −$3.23/SF
NOI
$19.6K $7.53/SF
Area
Tarrant County, TX
Vacancy
11.21%
Lease Rate
$12.12 /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%
$391,720
Cap Rate 7%
$279,800
Cap Rate 9%
$217,622
Alternative Uses
Best Use
Multifamily LT 5
$279.8K
$244.8K – $326.4K
NOI $19,586 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$243.2K
$212.8K – $283.8K
NOI $17,027 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$914.6K
$800.3K – $1.07M
NOI $64,022 @ 7.0% cap · market cap 19.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
241
Businesses Nearby
Explore this area
Business Placement
Demographics for 76119, TX
50,850
Population
16,697
Households
3
Avg Household Size
32
Median Age
8%
College-Educated
66%
High-School Grad
15.9 sq mi
ZIP Area
3,198
Density / Sq Mi
$46,537
Median Household Income
$29,387
Median Earnings
$1,234
Median Rent
$146,100
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 matching residential units offer three bedrooms, two bathrooms, private outdoor space, and existing tenants.
Where is this duplex located?
The property is located at 3405 & 3407 Orchard Street Forest Hill, TX.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Two matching units, each with 3 bedrooms and 2 bathrooms; Both units are fully leased; Built in 1984
