Leased Two-Unit Duplex
For Sale
$248,000
401-403 Cheyenne Pl, Texarkana, TX 75503
Residential Income, Texarkana, TX
Property Size2,176 SF
Lot Size0.20 Acres
Price / SF$113.97
Days on Market79
Property Features for 401-403 Cheyenne Pl
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 1, Bedroom 5, Bathroom 2, Bathroom 1, Bathroom 3, Bedroom 4, Bathroom 4, Bedroom 3
Parking features
Open
Window features
Double Pane Windows
Appliances
Dishwasher, Electric Range, Refrigerator
Subdivision
Brookwood Acres
Directions
Belt Rd to Cheyenne Place, follow into cul de sac; property on left.
Standard status
Active
Size
2,176 SF
Lot size
0.20 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
2005
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Carpet
Building materials
Brick, Vinyl Siding
Roof type
Shingle
Listing Agency:
Better Homes & Gardens Real Estate Infinity
(903) 306-1454
Listed By:
Heather Thompson · License #SA00057604
(903) 826-4357
Added: Jul 12
Changed: Sep 16
Last Checked: Sep 28 at 8:06AM
MLS# 204956
Copyright © 2026 Texarkana Board of Realtors. 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 property contains two separate two-story dwellings totaling 2,176 square feet on a 0.20-acre lot. The unit mix includes one three-bedroom, one-and-a-half-bath residence and one two-bedroom, one-and-a-half-bath residence, with both units currently leased. Each dwelling includes a dishwasher, electric range, and refrigerator. Brick and vinyl siding, shingle roofing, carpet and vinyl flooring, natural-gas central heating, and electric central air provide the primary building finishes and systems.
Located at 401-403 Cheyenne Pl in Texarkana, the property sits in a cul-de-sac and provides open parking for 4 vehicles. Public water and public sewer serve the site. The homes are within the TISD school district, approximately 2 miles from Christus St. Michael Hospital and about 1 mile from grocery shopping and Target. Built in 2005, the property offers a straightforward two-unit configuration for residential income ownership.
Located at 401-403 Cheyenne Pl in Texarkana, the property sits in a cul-de-sac and provides open parking for 4 vehicles. Public water and public sewer serve the site. The homes are within the TISD school district, approximately 2 miles from Christus St. Michael Hospital and about 1 mile from grocery shopping and Target. Built in 2005, the property offers a straightforward two-unit configuration for residential income ownership.
Key Highlights
- Two‑unit duplex with 2,176 square feet on a 0.20‑acre lot
- Unit mix includes 3bed/1.5bath and 2bed/1.5bath residences
- Both units are currently leased
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
$15,741
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
6.35%
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%
$314,820
$314.8K
Cap Rate 7%
$224,871
$224.9K
Cap Rate 9%
$174,900
$174.9K
Market Conditions
NOI Build-Up for 2,176 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
$24.3K $11.16/SF
− Vacancy
−$1.8K −$0.83/SF
EGI
$22.5K $10.33/SF
− OpEx
−$6.7K −$3.10/SF
NOI
$15.7K $7.23/SF
Area
Bowie County, TX
Vacancy
7.40%
Lease Rate
$11.16 /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%
$314,820
Cap Rate 7%
$224,871
Cap Rate 9%
$174,900
Alternative Uses
Best Use
Multifamily LT 5
$224.9K
$196.8K – $262.4K
NOI $15,741 @ 7.0% cap · market cap 6.35%
Second Best
Apartment 5plus
$186.0K
$162.7K – $217.0K
NOI $13,017 @ 7.0% cap · market cap 5.25%
Theoretical Best
Hotel Hospitality
$1.64M
$1.43M – $1.91M
NOI $114,730 @ 7.0% cap · market cap 46.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
584
Businesses Nearby
Explore this area
Business Placement
Demographics for 75503, TX
25,547
Population
11,464
Households
2.2
Avg Household Size
41
Median Age
35%
College-Educated
95%
High-School Grad
78.5 sq mi
ZIP Area
325
Density / Sq Mi
$67,733
Median Household Income
$43,508
Median Earnings
$1,185
Median Rent
$214,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Two-story dwellings offer separate layouts, public utilities, open parking, and established occupancy in a cul-de-sac setting.
Where is this duplex located?
The property is located at 401-403 Cheyenne Pl Texarkana, TX.
What is the asking price?
The asking price for this property is $248,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,176 square feet on a 0.20‑acre lot; Unit mix includes 3bed/1.5bath and 2bed/1.5bath residences; Both units are currently leased
