Duplex with Covered
For Sale
$550,000
3609 Stables, Dallas, TX 75229
MULTI_FAMILY - Dallas, TX
Property Size2,808 SF
Lot Size0.19 Acres
Price / SF$195.87
Days on Market45
Property Features for 3609 Stables
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 2, Bathroom 1, Bathroom 4, Bathroom 3, Bedroom 3
Parking
4
Parking features
Carport
Interior features
DecorativeDesignerLightingFixtures, GraniteCounters, MultipleMasterSuites, OpenFloorplan, CableTv
Appliances
Dishwasher, ElectricRange, Disposal, GasWaterHeater
Subdivision
Walnut Gardens Rev
Elementary school
Degolyer
Middle school
Marsh
High school
White
Elementary school district
Dallas ISD
Middle school district
Dallas ISD
High school district
Dallas ISD
Directions
Head south from 635 on Marsh lane. Head west on Walnut Lane. Head north on Stables lane. Arrive at 3609 Stables Lane
Standard status
Active
APN
00000586225000000
Lot size
0.19 Acres
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air, Ceiling Fan(s)
Amenities
fireplace
private outdoor space
Building Details
Year built
1970
Floors in Building
1
Number of units
2
Flooring type
Carpet, Vinyl
Building materials
Brick
Roof type
Composition
Listing Agency:
Real Property Management Legen
(214) 227-2404
Listed By:
Kent Lindloff
(214) 227-2404
Added: Jul 17
Changed: Aug 5
Last Checked: Aug 30 at 7:06PM
MLS# 21329883
Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex offers a practical live-in setup with separate unit spaces on each side. Each unit includes two bedrooms and two full bathrooms, with an open floorplan featuring a fireplace and a galley-style kitchen. The layout also includes a private primary suite with an en-suite bath, plus private outdoor space. Additional interior features include granite counters, decorative designer lighting fixtures, multiple master suites, and cable TV capability. The property is constructed of brick, built in 1970, with central air conditioning, natural gas heat, a gas water heater, and a composition roof. Parking is provided via a carport, and the home is served by public sewer.
Each side is approximately 1,404 square feet, for a total of 2,808 square feet across the duplex. One unit will be vacant at the end of July, creating an owner-occupant opportunity while the other unit can remain income-producing. The property may qualify for owner-occupied VA or FHA financing for eligible buyers.
The location supports everyday commuting with convenient access to I-635, I-35E, Love Field Airport, Downtown Dallas, and the Medical District.
Each side is approximately 1,404 square feet, for a total of 2,808 square feet across the duplex. One unit will be vacant at the end of July, creating an owner-occupant opportunity while the other unit can remain income-producing. The property may qualify for owner-occupied VA or FHA financing for eligible buyers.
The location supports everyday commuting with convenient access to I-635, I-35E, Love Field Airport, Downtown Dallas, and the Medical District.
Key Highlights
- Two units with two bedrooms and two full bathrooms per side
- Approximately 1,404 square feet per unit and 2,808 SF total
- One unit vacant at the end of July for owner‑occupant timing
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
253
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two 2-bedroom, 2-bath duplex units with central air and carport parking; one unit vacates end of July.
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: Two units with two bedrooms and two full bathrooms per side; Approximately 1,404 square feet per unit and 2,808 SF total; One unit vacant at the end of July for owner‑occupant timing
