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    New Construction Duplex in Tom Bean Title is generated by Realmo AI

    406 Bonham Street, Tom Bean, TX 75491

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    Claim this Listing
    For Sale
    $492,000

    Income-producing, fully occupied duplex in Grayson County.

    Type:Multi-Family / Full Duplex
    Property size:
    3,311 SF
    Price / SF:
    $148/SF
    Added:
    Jun 3, 2025
    Days on Market:
    369
    Last Refresh:
    Mar 13 at 12:54 pm

    Property Features for 406 Bonham Street

    General Information

    Standard status
    Active
    Size
    3,311 SF
    Property subtype
    Multi-Family / Full Duplex

    Building Details

    Year Built
    2025

    We can help!

    Listing Contact
    Sheri Kent
    Sheri Kent

    Listing agent Sheri Kent License #0496604

    Listing office DFW Elite

    Listing date Jun 3, 2025

    Source Compass

    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 DFW Elite

    HighLights

    • Income‑producing duplex, fully tenant occupied.
    • New construction (2025) in Tom Bean, Grayson County.
    • Large units (1655 sf) feature an open kitchen with granite countertops and custom tile backsplash.
    • Privacy fenced backyard and divided front concrete parking.
    • All bedrooms upstairs with walk‑in closets and custom tile showers in bathrooms.
    • Located in a quiet neighborhood within walking distance to a playground park and Tom Bean Elementary School.

    Overview

    This is an income-producing, fully tenant-occupied duplex located in Tom Bean, Grayson County. The new construction duplex features units that are 1655 square feet in size. Each unit includes an open kitchen, custom tile backsplash, and granite countertops. An abundance of natural light fills the space, which also includes large inside storage and a walk-in laundry room with custom cabinets. All bedrooms are located upstairs and feature large walk-in closets, additional storage closets, and two full baths complete with custom tile showers. A half bath is located downstairs, separate from the utility area. The property includes a large privacy-fenced backyard and a front concrete pad parking area divided for each unit's use. It is located in a quiet neighborhood and is within walking distance of a playground park and, with parent assistance, the Tom Bean Elementary School. The property size is 3311 square feet.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $40.9k $12.36
    − Vacancy −$4.7k −$1.41
    EGI $36.3k $10.95
    − OpEx −$10.9k −$3.29
    NOI $25.4k $7.67
    3,311 SF · lease $12.36/SF/yr · vacancy 11.40% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $362.6K
    $317.3K – $423.0K (±1% cap)
    NOI $25,381 @ 7.0% cap · market cap 5.16%
    Second Best
    Apartment 5plus
    $321.4K
    $281.2K – $375.0K (±1% cap)
    NOI $22,499 @ 7.0% cap · market cap 4.57%
    Theoretical Best
    Hotel Hospitality
    $1.70M
    $1.49M – $1.98M (±1% cap)
    NOI $118,898 @ 7.0% cap · market cap 24.17%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Kitchen & Bath Showroom Storage Facility

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tom Bean
    County
    Grayson
    State
    Texas
    Longitude
    -96.4801691
    Latitude
    33.5211031

    FAQs

    What type of property is this?
    Duplex - Income-producing, fully occupied duplex in Grayson County.
    Where is this duplex located?
    The property is located at 406 Bonham Street Tom Bean, TX.
    What is the asking price?
    The asking price for this property is $492,000.
    What are key features of this property?
    This property features: Income‑producing duplex, fully tenant occupied.; New construction (2025) in Tom Bean, Grayson County.; Large units (1655 sf) feature an **open kitchen with granite countertops and custom tile backsplash.**
    (903) 819-2928
    We can help!
    Listing Contact
    Sheri Kent
    Sheri Kent
    Real Estate License ID: 0496604
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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