Updated Duplex with Wraparound
For Sale
$439,900
404 North Montreal Avenue, Dallas, TX 75208
Both units feature refreshed kitchens and bathrooms plus access to generous outdoor space.
Property Size1,264 SF
Price / SF$348.02
Days on Market173
Property Features for 404 North Montreal Avenue
General Information
Standard status
Active
Size
1,264 SF
Total Parking Spaces
4
Property subtype
Multi-Family / Full Duplex
Additional Details
Multifamily Units
2
Amenities
hardwood floors
updated kitchen
stainless steel appliances
designer bathrooms
rainfall shower
frameless glass shower
Trex composite deck
wood privacy fence
grassy yard
Ceiling Fan(s), Central Air, Electric
Central, Electric
No
Carpet, Ceramic Tile, Hardwood
Dishwasher, Disposal, Electric Range, Electric Water Heater, Microwave
High Speed Internet Available
Composition
One
Privacy, Wood
Covered Deck, Covered Patio/Porch
1
Pillar/Post/Pier
Public Records
2
Brick
Building Details
Year Built
1942
Buildings
1
Listing Agency:
JPAR - Rockwall
(903) 951-7409
Listed By:
Heather Barker · License #0599062
(903) 951-7409
Source:
Compass
Added: Mar 11
Changed: Aug 29
Last Checked: Aug 29 at 10:45PM
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 JPAR - Rockwall
Investment Insights
Based on property information with market context.
Located at 404 North Montreal Avenue in Dallas, this 1,264-square-foot duplex contains two residences and was built in 1942. Interior finishes include original hardwood flooring, spacious rooms, central air, ceiling fans, and neutral interiors. Each unit has an updated kitchen equipped with stainless steel appliances, an electric range, dishwasher, disposal, and built-in microwave. Bathrooms include ceramic tile, pedestal sinks, rainfall shower fixtures, and frameless glass enclosures.
Outdoor improvements include a covered Trex composite wraparound deck with cedar accents, a wood privacy fence, grassy yard space, and a detached two-car garage with additional storage. The property is in North Oak Cliff, minutes from the Bishop Arts District. HVAC systems were updated in 2022 and 2023, while the water heaters and roof were updated in 2022.
Outdoor improvements include a covered Trex composite wraparound deck with cedar accents, a wood privacy fence, grassy yard space, and a detached two-car garage with additional storage. The property is in North Oak Cliff, minutes from the Bishop Arts District. HVAC systems were updated in 2022 and 2023, while the water heaters and roof were updated in 2022.
Key Highlights
- Two‑unit duplex totaling 1,264 SF at 404 North Montreal Avenue
- Updated kitchens with stainless steel appliances, electric ranges, dishwashers, disposals, and microwaves
- Bathrooms feature pedestal sinks, rainfall shower fixtures, and frameless glass enclosures
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
$22,226
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
5.05%
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%
$444,520
$444.5K
Cap Rate 7%
$317,514
$317.5K
Cap Rate 9%
$246,956
$247.0K
Market Conditions
NOI Build-Up for 1,264 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
$35.3K $27.96/SF
− Vacancy
−$3.6K −$2.84/SF
EGI
$31.8K $25.12/SF
− OpEx
−$9.5K −$7.54/SF
NOI
$22.2K $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%
$444,520
Cap Rate 7%
$317,514
Cap Rate 9%
$246,956
Alternative Uses
Best Use
Multifamily LT 5
$317.5K
$277.8K – $370.4K
NOI $22,226 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$274.6K
$240.3K – $320.3K
NOI $19,220 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,169 @ 7.0% cap · market cap 24.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
923
Businesses Nearby
Explore this area
Business Placement
Demographics for 75208, TX
29,446
Population
13,655
Households
2.2
Avg Household Size
36
Median Age
41%
College-Educated
76%
High-School Grad
6.1 sq mi
ZIP Area
4,827
Density / Sq Mi
$76,502
Median Household Income
$48,460
Median Earnings
$1,589
Median Rent
$415,200
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 - Both units feature refreshed kitchens and bathrooms plus access to generous outdoor space.
Where is this duplex located?
The property is located at 404 North Montreal Avenue Dallas, TX.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,264 SF at 404 North Montreal Avenue; Updated kitchens with stainless steel appliances, electric ranges, dishwashers, disposals, and microwaves; Bathrooms feature pedestal sinks, rainfall shower fixtures, and frameless glass enclosures
