Fully Leased 4-Plex
577 Richlands Way Fate, TX 75087
577 Richlands Way, Fate, TX, 75087
$1,158,900
For Sale
$1,158,900
MULTI_FAMILY - Fate, TX
Property Size4,100 SF
Lot Size0.13 Acres
Price / SF$282.66
Days on Market12
Property Features for 577 Richlands Way
General Information
- Property type
- Residential Multi Family
- Property subtype
- Quadruplex
- Bedrooms
- 8
- Bathrooms
- 8
- Rooms
- Bathroom 7, Bedroom 7, Bathroom 4, Bedroom 1, Bedroom 4, Bedroom 5, Bedroom 6, Bedroom 2, Bedroom 8, Bedroom 3, Bathroom 1, Bathroom 6, Bathroom 5, Bathroom 2, Bathroom 8, Bathroom 3
- Parking
- 10
- Parking features
- Assigned, On Street
- Interior features
- HighSpeedInternet, MultipleStaircases, SmartHome, CableTv, WiredForSound
- Appliances
- Dishwasher, ElectricCooktop, ElectricRange, Microwave, Refrigerator
- Standard status
- Active
- APN
- 000000336209
- Size
- 4,100 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
- Central, Electric (Heating)
- Cooling system
- Central Air, Ceiling Fan(s), Electric
- 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
Listing Agency
Monument Realty
(214) 705-7827
Frisco, TX
Listed by
Chaz Cameli · License #0774669
(214) 705-7827
Added: Jul 9 Updated: Jul 17 at 1:45 pm Checked: Jul 20 at 6:06 pm
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.
Investment Insights
Based on property information with market context.
This 2024-built 4-plex offers four spacious 2-bedroom, 2-bath units, each laid out with an open floor plan and ensuite bedrooms. Interiors include modern finishes such as quartz countertops, Euro-style cabinetry, tiled backsplashes, and tiled walk-in showers with tiled surrounds. Units are equipped with electric appliances, and the property incorporates Low-E windows, spray foam insulation, and fire-rated walls between units for added separation.
Located at 577 Richlands Way in Fate, TX 75087 (Rockwall County), the building is positioned near major access corridors including I-30 and the George Bush Turnpike, with Lake Ray Hubbard and shopping and dining nearby. The seller notes the planned Fate Yards project at Memorial Parkway and I-30, described as a multi-use entertainment, dining, retail, office, hospitality, and recreation destination, along with greenspace and restaurant options.
For buyers seeking a residential income property with current occupancy in place, this asset is offered as fully leased with four 2-bedroom units. The combination of newer construction, unit separation features, and established occupancy can be attractive for investors looking for a streamlined, turnkey acquisition while they underwrite the impact of the area’s announced development plans.
Located at 577 Richlands Way in Fate, TX 75087 (Rockwall County), the building is positioned near major access corridors including I-30 and the George Bush Turnpike, with Lake Ray Hubbard and shopping and dining nearby. The seller notes the planned Fate Yards project at Memorial Parkway and I-30, described as a multi-use entertainment, dining, retail, office, hospitality, and recreation destination, along with greenspace and restaurant options.
For buyers seeking a residential income property with current occupancy in place, this asset is offered as fully leased with four 2-bedroom units. The combination of newer construction, unit separation features, and established occupancy can be attractive for investors looking for a streamlined, turnkey acquisition while they underwrite the impact of the area’s announced development plans.
Key Highlights
- Fully leased 4‑plex in downtown Fate with four 2‑bedroom, 2‑bath units
- Units are approximately 1,025 SF each and offer open floor plans with ensuite bedrooms
- Built in 2024 with Low‑E windows, spray foam insulation, and fire‑rated walls between units
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 | $55.1k | $13.44 |
| − Vacancy | −$6.2k | −$1.51 |
| EGI | $48.9k | $11.93 |
| − OpEx | −$14.7k | −$3.58 |
| NOI | $34.2k | $8.35 |
4,100 SF · lease $13.44/SF/yr · vacancy 11.21% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$489.3K
$428.1K – $570.8K
NOI $34,249 @ 7.0% cap · market cap 2.96%
Second Best
Apartment 5plus
$426.2K
$372.9K – $497.2K
NOI $29,834 @ 7.0% cap · market cap 2.57%
Theoretical Best
Hotel Hospitality
$3.09M
$2.70M – $3.60M
NOI $216,173 @ 7.0% cap · market cap 18.65%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Turnkey four-unit residential income property with modern 2024 construction and fully leased 2-bedroom layouts.
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 $1,158,900.
What are key features of this property?
This property features: Fully leased 4‑plex in downtown Fate with four 2‑bedroom, 2‑bath units; Units are approximately 1,025 SF each and offer open floor plans with ensuite bedrooms; Built in 2024 with Low‑E windows, spray foam insulation, and fire‑rated walls between units
