Owner-Occupant Duplex with Covered
For Sale
$550,000
3609 Stables, Dallas, TX 75229
Duplex with two 2-bedroom, 2-bath units, including a covered parking setup and one unit scheduled to be vacant.
Property Size2,808 SF
Price / SF$195.87
Days on Market114
Property Features for 3609 Stables
General Information
Standard status
Active
Size
2,808 SF
Property subtype
Multi-Family
Building Details
Year Built
1970
Listing Agency:
Real Property Management Legen
Listed By:
Kent Lindloff · License #0712967
(214) 802-4445
Source:
Dfwareahousehunt
Added: May 24
Changed: Sep 9
Last Checked: Sep 13 at 11:16AM
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 Real Property Management Legen
Investment Insights
Based on property information with market context.
This duplex offers two matching residential units, each with 2 bedrooms and 2 full bathrooms and an approximately 1,404-square-foot layout. Each unit includes an open living area with a fireplace, a galley-style kitchen, and a private primary suite with an en-suite bath, along with private outdoor space and covered parking.
One unit is scheduled to be vacant at the end of July, creating an opportunity for an owner-occupant to live in one side while renting the other. The property is located at 3609 Stables Lane in Dallas, with convenient access to I-635 and I-35E, as well as Love Field Airport, Downtown Dallas, the Medical District, and major employment centers.
For financing, the seller notes the property may qualify for VA or FHA owner-occupied financing for eligible buyers.
One unit is scheduled to be vacant at the end of July, creating an opportunity for an owner-occupant to live in one side while renting the other. The property is located at 3609 Stables Lane in Dallas, with convenient access to I-635 and I-35E, as well as Love Field Airport, Downtown Dallas, the Medical District, and major employment centers.
For financing, the seller notes the property may qualify for VA or FHA owner-occupied financing for eligible buyers.
Key Highlights
- Duplex built in 1970 with two 2‑bedroom, 2‑bath units for a total of 2,808 SF (approx. 1,404 SF per unit)
- One unit scheduled to be vacant at the end of July—ideal for owner occupancy while renting the other unit
- Each unit includes an open living area with a fireplace, a galley‑style kitchen, and a private primary suite with en‑suite bath
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
$49,374
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
8.98%
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%
$987,480
$987.5K
Cap Rate 7%
$705,343
$705.3K
Cap Rate 9%
$548,600
$548.6K
Market Conditions
NOI Build-Up for 2,808 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
$78.5K $27.96/SF
− Vacancy
−$8.0K −$2.84/SF
EGI
$70.5K $25.12/SF
− OpEx
−$21.2K −$7.54/SF
NOI
$49.4K $17.58/SF
Area
Dallas, 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%
$987,480
Cap Rate 7%
$705,343
Cap Rate 9%
$548,600
Alternative Uses
Best Use
Multifamily LT 5
$705.3K
$617.2K – $822.9K
NOI $49,374 @ 7.0% cap · market cap 8.98%
Second Best
Apartment 5plus
$610.0K
$533.7K – $711.6K
NOI $42,698 @ 7.0% cap · market cap 7.76%
Theoretical Best
Office A
$3.37M
$2.95M – $3.93M
NOI $235,856 @ 7.0% cap · market cap 42.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
253
Businesses Nearby
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Business Placement
Demographics for 75229, TX
33,168
Population
12,542
Households
2.6
Avg Household Size
37
Median Age
50%
College-Educated
81%
High-School Grad
12.4 sq mi
ZIP Area
2,675
Density / Sq Mi
$121,381
Median Household Income
$52,169
Median Earnings
$1,522
Median Rent
$598,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex with two 2-bedroom, 2-bath units, including a covered parking setup and one unit scheduled to be vacant.
Where is this duplex located?
The property is located at 3609 Stables Dallas, TX.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Duplex built in 1970 with two 2‑bedroom, 2‑bath units for a total of 2,808 SF (approx. 1,404 SF per unit); One unit scheduled to be vacant at the end of July—ideal for owner occupancy while renting the other unit; Each unit includes an open living area with a fireplace, a galley‑style kitchen, and a private primary suite with en‑suite bath
