Single-Story Duplex with
For Sale
$494,500
345-347 Schirra Court, Lavon, TX 75166
Fully occupied duplex with two residential units, private fenced yards, and separate attached garages.
Property Size2,414 SF
Price / SF$204.85
Days on Market9
Property Features for 345-347 Schirra Court
General Information
Standard status
Active
Size
2,414 SF
Total Parking Spaces
4
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
2009
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Citywide Real Estate and Prope
(972) 772-4999
Listed By:
Rene Jensen · License #0720823
(214) 532-6823
Source:
Lonestarluxuryrealty
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 30 at 6:16PM
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 Citywide Real Estate and Prope
Investment Insights
Based on property information with market context.
This single-story duplex at 345-347 Schirra Court contains two residential units totaling 2,414 square feet. Each side offers 3 bedrooms, 2 full bathrooms, an open-concept living area, upgraded fixtures, walk-in closets, and a dedicated utility room. Private fenced backyards include full sprinkler systems, while separate attached garages provide 4 total parking spaces. Built in 2009, the property is currently tenant-occupied and has 100% occupancy.
Residents have access to the Grand Heritage Club, including a resort-style pool, splash pad, 24-hour fitness center, clubhouse, and business center. The community also includes parks, jogging trails, and fishing ponds, with recreational access near Lake Lavon. Highways 78 and 205 provide connections to Wylie, Rockwall, and Plano.
Residents have access to the Grand Heritage Club, including a resort-style pool, splash pad, 24-hour fitness center, clubhouse, and business center. The community also includes parks, jogging trails, and fishing ponds, with recreational access near Lake Lavon. Highways 78 and 205 provide connections to Wylie, Rockwall, and Plano.
Key Highlights
- Two‑unit duplex totaling 2,414 square feet
- Each unit includes 3 bedrooms and 2 full bathrooms
- 100% occupancy with both units currently tenant‑occupied
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
$42,447
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
8.58%
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%
$848,940
$848.9K
Cap Rate 7%
$606,386
$606.4K
Cap Rate 9%
$471,633
$471.6K
Market Conditions
NOI Build-Up for 2,414 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
$67.5K $27.96/SF
− Vacancy
−$6.9K −$2.84/SF
EGI
$60.6K $25.12/SF
− OpEx
−$18.2K −$7.54/SF
NOI
$42.4K $17.58/SF
Area
Collin County, TX
Vacancy
10.16%
Lease Rate
$27.96 /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%
$848,940
Cap Rate 7%
$606,386
Cap Rate 9%
$471,633
Alternative Uses
Best Use
Multifamily LT 5
$606.4K
$530.6K – $707.5K
NOI $42,447 @ 7.0% cap · market cap 8.58%
Second Best
Apartment 5plus
$524.4K
$458.8K – $611.8K
NOI $36,707 @ 7.0% cap · market cap 7.42%
Theoretical Best
Industrial
$2.40M
$2.10M – $2.80M
NOI $167,909 @ 7.0% cap · market cap 33.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
76
Businesses Nearby
Explore this area
Business Placement
Demographics for 75166, TX
5,457
Population
2,186
Households
2.5
Avg Household Size
35
Median Age
36%
College-Educated
96%
High-School Grad
12.9 sq mi
ZIP Area
423
Density / Sq Mi
$129,130
Median Household Income
$60,916
Median Earnings
$1,780
Median Rent
$385,000
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 - Fully occupied duplex with two residential units, private fenced yards, and separate attached garages.
Where is this duplex located?
The property is located at 345-347 Schirra Court Lavon, TX.
What is the asking price?
The asking price for this property is $494,500.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,414 square feet; Each unit includes 3 bedrooms and 2 full bathrooms; 100% occupancy with both units currently tenant‑occupied
