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4074 CR 152 W, Bullard, TX 75757
18-door multifamily complex near Tyler and Bullard, Texas.
Property Size22,168 SF
Price / SF$153.37
Days on Market105
Property Features for 4074 CR 152 W
General Information
Standard status
Active
Size
22,168 SF
Property subtype
Multifamily
Zoning
Commercial, Multi Fam Dwlling 1 Story
Occupancy
100%
Building Details
Units
9
Tenancy
Single
Listing Agency:
Leslie Cain Realty, LLC
(214) 454-6998
Listed By:
Michael Soape · License #TX 0745590
Source:
Crexi
Added: May 20
Changed: Aug 8
Last Checked: Jul 29 at 6:28PM
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 Leslie Cain Realty, LLC
Investment Insights
Based on property information with market context.
This multifamily complex features 18 units. Four units were constructed in 2020, four in 2021, four in 2022, four in 2023, and a duplex is planned for completion in 2025. The buildings share identical floor plans, with exterior units offering three bedrooms and two bathrooms, and interior units featuring two bedrooms and two bathrooms. The property includes stained concrete floors, spray foam insulation, and high-efficiency AC systems. Located between Tyler and Bullard, just off of State Hwy 69, the property is currently 100% leased.
Key Highlights
- 18‑door multi‑family complex built between 2020‑2025.
- 100% leased for immediate income.
- Identical floorplans simplify management.
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
$166,426
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
4.89%
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%
$3,328,520
$3.3M
Cap Rate 7%
$2,377,514
$2.4M
Cap Rate 9%
$1,849,178
$1.8M
Market Conditions
NOI Build-Up for 22,168 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
$332.5K $15.00/SF
− Vacancy
−$29.9K −$1.35/SF
EGI
$302.6K $13.65/SF
− OpEx
−$136.2K −$6.14/SF
NOI
$166.4K $7.51/SF
Area
Smith County, TX
Vacancy
9.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
45.00%
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%
$3,328,520
Cap Rate 7%
$2,377,514
Cap Rate 9%
$1,849,178
Alternative Uses
Best Use
Apartment 5plus
$2.38M
$2.08M – $2.77M
NOI $166,426 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$16.70M
$14.61M – $19.48M
NOI $1,168,808 @ 7.0% cap · market cap 34.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
37
Businesses Nearby
Explore this area
Business Placement
Demographics for 75757, TX
13,330
Population
5,826
Households
2.3
Avg Household Size
41
Median Age
31%
College-Educated
92%
High-School Grad
86.1 sq mi
ZIP Area
155
Density / Sq Mi
$89,382
Median Household Income
$47,480
Median Earnings
$1,151
Median Rent
$277,600
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?
Apartment building - 18-door multifamily complex near Tyler and Bullard, Texas.
Where is this apartment building located?
The property is located at 4074 CR 152 W Bullard, TX.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 18‑door multi‑family complex built between 2020‑2025.; 100% leased for immediate income.; Identical floorplans simplify management.
