15-Unit Apartment
For Sale
$2,575,000
501 Arbor Creek Drive, Euless, TX 76039
Fifteen units with 13 one-bedrooms and two two-bedrooms, plus about 30 parking spaces including covered and assigned options.
Property Size13,969 SF
Days on Market53
Property Features for 501 Arbor Creek Drive
General Information
Standard status
Active
Size
13,969 SF
Total Parking Spaces
30
Property subtype
Residential Income
Building Details
Building Size
13,969 SF
Year Built
1985
Buildings
1
Stories
3
Units
15
Listing Agency:
Real Estate By Pat Gray
(817) 249-5483
Listed By:
Joleen Skipworth
(817) 932-3543
Source:
Signaturere
Added: Jul 19
Changed: Sep 8
Last Checked: Sep 8 at 8:25AM
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 Real Estate By Pat Gray
Investment Insights
Based on property information with market context.
This 15-unit apartment property offers a practical residential configuration with thirteen one-bedroom apartments and two two-bedroom apartments. The community is set along a quiet, secluded street and is described as surrounded by mature trees, with proximity to a greenbelt and a community pool.
The property is approximately 13,969 square feet on about 1.205 acres and includes approximately 30 on-site parking spaces. Parking is described as a mix of covered, assigned, open, and guest options.
Convenience is supported by nearby schools, with Arbor Creek Elementary about 0.1 mile away, Euless Junior High about 0.9 mile away, and Trinity High School about 1.3 miles away. Grocery shopping, restaurants, coffee shops, and neighborhood retail are available within roughly one mile, and multiple parks and recreation destinations are located within about two miles. The Euless area provides convenient access to DFW International Airport and Highway 360, along with major thoroughfares and employment centers throughout the DFW region.
The property is approximately 13,969 square feet on about 1.205 acres and includes approximately 30 on-site parking spaces. Parking is described as a mix of covered, assigned, open, and guest options.
Convenience is supported by nearby schools, with Arbor Creek Elementary about 0.1 mile away, Euless Junior High about 0.9 mile away, and Trinity High School about 1.3 miles away. Grocery shopping, restaurants, coffee shops, and neighborhood retail are available within roughly one mile, and multiple parks and recreation destinations are located within about two miles. The Euless area provides convenient access to DFW International Airport and Highway 360, along with major thoroughfares and employment centers throughout the DFW region.
Key Highlights
- 15‑unit apartment community built in 1985 with 13 one‑bedroom and 2 two‑bedroom units
- About 13,969 SF on approximately 1.205 acres in an established multifamily configuration
- Approximately 30 on‑site parking spaces, including covered and assigned, plus open and guest parking options
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
$91,481
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
3.55%
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%
$1,829,620
$1.8M
Cap Rate 7%
$1,306,871
$1.3M
Cap Rate 9%
$1,016,456
$1.0M
Market Conditions
NOI Build-Up for 13,969 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
$188.6K $13.50/SF
− Vacancy
−$22.3K −$1.59/SF
EGI
$166.3K $11.91/SF
− OpEx
−$74.8K −$5.36/SF
NOI
$91.5K $6.55/SF
Area
Tarrant County, TX
Vacancy
11.80%
Lease Rate
$13.50 /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%
$1,829,620
Cap Rate 7%
$1,306,871
Cap Rate 9%
$1,016,456
Alternative Uses
Best Use
Apartment 5plus
$1.31M
$1.14M – $1.52M
NOI $91,481 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.91M
$4.30M – $5.73M
NOI $343,973 @ 7.0% cap · market cap 13.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
616
Businesses Nearby
Explore this area
Business Placement
Demographics for 76039, TX
39,997
Population
17,862
Households
2.2
Avg Household Size
36
Median Age
43%
College-Educated
94%
High-School Grad
6.4 sq mi
ZIP Area
6,250
Density / Sq Mi
$83,177
Median Household Income
$49,863
Median Earnings
$1,690
Median Rent
$315,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fifteen units with 13 one-bedrooms and two two-bedrooms, plus about 30 parking spaces including covered and assigned options.
Where is this apartment building located?
The property is located at 501 Arbor Creek Drive Euless, TX.
What is the asking price?
The asking price for this property is $2,575,000.
What are key features of this property?
This property features: 15‑unit apartment community built in 1985 with 13 one‑bedroom and 2 two‑bedroom units; About 13,969 SF on approximately 1.205 acres in an established multifamily configuration; Approximately 30 on‑site parking spaces, including covered and assigned, plus open and guest parking options
