Updated Duplex with
For Sale
$380,000
404 Top Hill Drive, Tyler, TX 75703
Two-unit property with refreshed interiors, newer appliances, and convenient access to Loop 323.
Property Size2,694 SF
Price / SF$141.05
Days on Market210
Property Features for 404 Top Hill Drive
General Information
Standard status
Active
Size
2,694 SF
Property subtype
Multi Family
Zoning
Two Family Dwelling
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
Central Electric
Central Gas
Wood Burning
Wood Fence
Slab
Brick Veneer
Building Details
Year Built
1976
Units
2
Listing Agency:
Summers Cook & Company
Listed By:
Bud Summers · License #0465098
(903) 240-0095
Source:
Compass
Added: Feb 6
Changed: Aug 31
Last Checked: Aug 30 at 12:27PM
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 Summers Cook & Company
Investment Insights
Based on property information with market context.
This 2,694-square-foot duplex, built in 1976, includes two residential units with updates throughout. Unit 400 features a fully renovated primary bathroom, while the corresponding bathroom in Unit 404 remains unchanged. Shared interior features include a living area with built-in shelving, a bar area, and a wood-burning fireplace. Each unit also includes a dining area connected to the kitchen, with newer appliances provided.
The property is zoned Two Family Dwelling and offers central electric and central gas service. Exterior construction includes brick veneer, a slab foundation, and a wood fence. Access to Loop 323 provides a direct connection to the surrounding Tyler area.
The property is zoned Two Family Dwelling and offers central electric and central gas service. Exterior construction includes brick veneer, a slab foundation, and a wood fence. Access to Loop 323 provides a direct connection to the surrounding Tyler area.
Key Highlights
- 2,694 SF duplex built in 1976
- Two Family Dwelling zoning
- Unit 400 primary bathroom fully updated
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
$24,332
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
6.40%
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%
$486,640
$486.6K
Cap Rate 7%
$347,600
$347.6K
Cap Rate 9%
$270,356
$270.4K
Market Conditions
NOI Build-Up for 2,694 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
$37.2K $13.80/SF
− Vacancy
−$2.4K −$0.90/SF
EGI
$34.8K $12.90/SF
− OpEx
−$10.4K −$3.87/SF
NOI
$24.3K $9.03/SF
Area
Tyler, TX
Vacancy
6.50%
Lease Rate
$13.80 /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%
$486,640
Cap Rate 7%
$347,600
Cap Rate 9%
$270,356
Alternative Uses
Best Use
Multifamily LT 5
$347.6K
$304.2K – $405.5K
NOI $24,332 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$325.8K
$285.0K – $380.1K
NOI $22,803 @ 7.0% cap · market cap 6.00%
Theoretical Best
Office A
$601.3K
$526.1K – $701.5K
NOI $42,090 @ 7.0% cap · market cap 11.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,062
Businesses Nearby
Explore this area
Business Placement
Demographics for 75703, TX
44,428
Population
20,045
Households
2.2
Avg Household Size
39
Median Age
43%
College-Educated
96%
High-School Grad
55.1 sq mi
ZIP Area
806
Density / Sq Mi
$76,347
Median Household Income
$45,301
Median Earnings
$1,262
Median Rent
$310,500
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 - Two-unit property with refreshed interiors, newer appliances, and convenient access to Loop 323.
Where is this duplex located?
The property is located at 404 Top Hill Drive Tyler, TX.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: 2,694 SF duplex built in 1976; Two Family Dwelling zoning; Unit 400 primary bathroom fully updated
