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    Fully Leased 4-Plex with 2BR Units Title is generated by Realmo AI

    577 Richlands Way, Fate, TX 75087

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    Claim this Listing
    New
    For Sale
    $1,195,000

    MULTI_FAMILY - Fate, TX

    Lot size:
    0.13 Acres
    Added:
    Jun 5, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 5 at 2:06 pm

    Property Features for 577 Richlands Way

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    8
    Bathrooms
    8
    Rooms
    Bedroom 6, Bathroom 8, Bathroom 6, Bedroom 8, Bathroom 1, Bedroom 5, Bathroom 7, Bedroom 2, Bedroom 3, Bathroom 5, Bedroom 4, Bathroom 3, Bedroom 1, Bathroom 4, Bathroom 2, Bedroom 7
    Parking
    10
    Parking features
    On Street, Assigned
    Interior features
    HighSpeedInternet, MultipleStaircases, SmartHome, CableTv, WiredForSound
    Appliances
    Dishwasher, ElectricCooktop, ElectricRange, Microwave, Refrigerator
    Standard status
    Active
    APN
    000000336209
    Size
    2 SF
    Lot size
    0.13 Acres

    Taxes and HOA fees

    Tax Description
    RICHLANDS PLAZA BLK A LOT 1
    Tax Annual Amount
    10916

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Central
    Cooling system
    Ceiling Fan(s), Electric, Central Air
    Water source
    Public

    Building Details

    Year built
    2024
    Floors in Building
    2
    Number of units
    4
    Flooring type
    Vinyl
    Building materials
    Brick, Stucco
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Chaz Cameli

    Listing agent Chaz Cameli License #0774669

    Listing office Monument Realty Frisco, TX

    Listing date Jun 5, 2026

    MLS# 21274734 Listing URL

    Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Fully leased 4‑plex with four 2‑bedroom, 2‑bath units, each approx. 1,025 SF
    • Built in 2024 with brick and stucco construction and an asphalt roof
    • Modern interior finishes: Euro‑style cabinetry, quartz countertops, tiled backsplashes, and Low‑E windows
    • Unit features include open floor plans, ensuite bedrooms, and walk‑in showers with tiled surrounds
    • Energy‑efficiency upgrades include spray foam insulation and fire‑rated walls between units
    • Utilities and hookups: public water and public sewer; HVAC includes central and electric heating/cooling

    Overview

    This fully leased 4-plex includes four spacious 2-bedroom, 2-bath units, each laid out with an open floor plan. Interiors feature Euro-style cabinetry, quartz countertops, tiled backsplashes, and electric appliances. Unit finishes also include ensuite bedrooms, walk-in showers with tiled surrounds, and Low-E windows. The building is described as having spray foam insulation and fire-rated walls between units, supporting both comfort and separation between homes. Energy efficiency is further supported by energy-efficient appliances and LED lighting.

    The property is located at 577 Richlands Way in Fate, Texas 75087 (Rockwall County). Public remarks note convenient access to I-30 and George Bush Turnpike, with Lake Ray Hubbard, restaurants, shopping, golf, and other local amenities nearby.

    For investors and buyers seeking a stabilized, turnkey multifamily asset, the current configuration provides four rentable units already leased and fully occupied. The combination of in-unit amenities and energy-conscious building features may appeal to tenants looking for a contemporary living environment, while offering an operator a straightforward property to manage as a single building.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Map

    City
    Fate
    County
    Rockwall
    State
    Texas
    Longitude
    -96.378358
    Latitude
    32.942183

    FAQs

    What type of property is this?
    Quadplex - Turnkey, fully leased 4-plex offering four 2-bedroom, 2-bath homes with modern, energy-efficient finishes.
    Where is this quadplex located?
    The property is located at 577 Richlands Way Fate, TX.
    What is the asking price?
    The asking price for this property is $1,195,000.
    What are key features of this property?
    This property features: Fully leased 4‑plex with four 2‑bedroom, 2‑bath units, each approx. 1,025 SF; Built in 2024 with brick and stucco construction and an asphalt roof; Modern interior finishes: Euro‑style cabinetry, quartz countertops, tiled backsplashes, and Low‑E windows
    (214) 705-7827
    We can help!
    Listing Contact
    Chaz Cameli
    Real Estate License ID: 0774669
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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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