Updated Three-Unit
New
For Sale
$449,000
406 Dawson Circle, Grand Prairie, TX 75051
Fully leased residential income property with private outdoor space for every unit and on-site driveway parking.
Property Size2,493 SF
Days on Market7
Property Features for 406 Dawson Circle
General Information
Standard status
Active
Size
2,493 SF
Property subtype
Triplex
Occupancy
100%
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,724
Amenities
granite counters
vinyl plank flooring
dishwashers
fridges
ceiling fans
private backyard
Building Details
Building Size
2,493 SF
Year Built
1953
Buildings
1
Tenancy
Multi
Listing Agency:
True Guard Property Management
(817) 349-3090
Listed By:
Thomas Lail · License #0631083
Source:
Nilesrealtygroup
Added: Aug 17
Changed: Aug 18
Last Checked: Aug 22 at 11:53AM
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 True Guard Property Management
Investment Insights
Based on property information with market context.
This three-unit residential property was built in 1953 and has undergone renovations. The unit mix includes one three-bedroom, one-bath residence, one two-bedroom, one-bath residence, and one one-bedroom, one-bath residence. Interior improvements include granite countertops, vinyl plank flooring, dishwashers, refrigerators, and ceiling fans. Each residence also has its own private backyard.
The property is fully leased and provides parking in the driveway as well as along the street. Recent foundation repairs have been completed, adding a documented capital improvement to the asset. Located at 406 Dawson Circle in Grand Prairie, the triplex offers a compact multifamily configuration with a range of unit sizes and dedicated outdoor areas.
The property is fully leased and provides parking in the driveway as well as along the street. Recent foundation repairs have been completed, adding a documented capital improvement to the asset. Located at 406 Dawson Circle in Grand Prairie, the triplex offers a compact multifamily configuration with a range of unit sizes and dedicated outdoor areas.
Key Highlights
- Three‑unit property with a 3‑bedroom, 1‑bath unit, a 2‑bedroom, 1‑bath unit, and a 1‑bedroom, 1‑bath unit
- Fully leased triplex
- Private backyard assigned to each unit
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
$24,737
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
5.51%
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%
$494,740
$494.7K
Cap Rate 7%
$353,386
$353.4K
Cap Rate 9%
$274,856
$274.9K
Market Conditions
NOI Build-Up for 2,493 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
$37.4K $15.00/SF
− Vacancy
−$2.1K −$0.83/SF
EGI
$35.3K $14.17/SF
− OpEx
−$10.6K −$4.25/SF
NOI
$24.7K $9.92/SF
Area
Grand Prairie, TX
Vacancy
5.50%
Lease Rate
$15.00 /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%
$494,740
Cap Rate 7%
$353,386
Cap Rate 9%
$274,856
Alternative Uses
Best Use
Multifamily LT 5
$353.4K
$309.2K – $412.3K
NOI $24,737 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$328.9K
$287.8K – $383.8K
NOI $23,026 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$700.9K
$613.3K – $817.7K
NOI $49,062 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
326
Businesses Nearby
Explore this area
Business Placement
Demographics for 75051, TX
40,243
Population
14,139
Households
2.8
Avg Household Size
32
Median Age
15%
College-Educated
68%
High-School Grad
12.6 sq mi
ZIP Area
3,194
Density / Sq Mi
$53,124
Median Household Income
$34,029
Median Earnings
$1,183
Median Rent
$196,700
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?
Triplex - Fully leased residential income property with private outdoor space for every unit and on-site driveway parking.
Where is this triplex located?
The property is located at 406 Dawson Circle Grand Prairie, TX.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Three‑unit property with a 3‑bedroom, 1‑bath unit, a 2‑bedroom, 1‑bath unit, and a 1‑bedroom, 1‑bath unit; Fully leased triplex; Private backyard assigned to each unit
