Four-Unit Quadplex with Central
New
For Sale
$550,000
609 Race Street, Crowley, TX 76036
Each residence offers a three-bedroom, one-bath layout with dedicated utility space.
Property Size4,432 SF
Days on Market4
Property Features for 609 Race Street
General Information
Standard status
Active
Size
4,432 SF
Property subtype
Quadruplex
Units
Unit Mix
4 x 3BR/1BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$11,142
Building Details
Building Size
4,432 SF
Year Built
1998
Listing Agency:
Aspire Investments LLC
Listed By:
Sherry Patterson · License #0663367
(817) 666-3336
Source:
Nilesrealtygroup
Added: Sep 11
Last Checked: Sep 13 at 11:46AM
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 Aspire Investments LLC
Investment Insights
Based on property information with market context.
Built in 1998, this four-unit quadplex at 609 Race Street includes four matching residences, each configured with three bedrooms and one bathroom. The interiors provide living, dining, kitchen, and utility areas, with washer and dryer hookups in the utility space. Every unit is equipped with its own water heater and central HVAC system.
Water and electricity are separately metered to the individual units, with those utilities paid by tenants. The owner handles monthly trash service. The exterior has been freshly painted. One unit is currently occupied on a month-to-month basis, while the remaining three units have been vacated for updates. The property is located in Crowley, Texas.
Water and electricity are separately metered to the individual units, with those utilities paid by tenants. The owner handles monthly trash service. The exterior has been freshly painted. One unit is currently occupied on a month-to-month basis, while the remaining three units have been vacated for updates. The property is located in Crowley, Texas.
Key Highlights
- Four‑unit quadplex built in 1998
- Each unit has 3 bedrooms and 1 bathroom
- Individual water heaters and central HVAC in every 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
$33,386
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
6.07%
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%
$667,720
$667.7K
Cap Rate 7%
$476,943
$476.9K
Cap Rate 9%
$370,956
$371.0K
Market Conditions
NOI Build-Up for 4,432 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
$53.7K $12.12/SF
− Vacancy
−$6.0K −$1.36/SF
EGI
$47.7K $10.76/SF
− OpEx
−$14.3K −$3.23/SF
NOI
$33.4K $7.53/SF
Area
Tarrant County, TX
Vacancy
11.21%
Lease Rate
$12.12 /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%
$667,720
Cap Rate 7%
$476,943
Cap Rate 9%
$370,956
Alternative Uses
Best Use
Multifamily LT 5
$476.9K
$417.3K – $556.4K
NOI $33,386 @ 7.0% cap · market cap 6.07%
Second Best
Apartment 5plus
$414.6K
$362.8K – $483.8K
NOI $29,025 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $109,134 @ 7.0% cap · market cap 19.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
282
Businesses Nearby
Explore this area
Business Placement
Demographics for 76036, TX
31,589
Population
11,807
Households
2.7
Avg Household Size
36
Median Age
30%
College-Educated
92%
High-School Grad
44.1 sq mi
ZIP Area
716
Density / Sq Mi
$94,124
Median Household Income
$48,214
Median Earnings
$1,579
Median Rent
$288,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Quadplex - Each residence offers a three-bedroom, one-bath layout with dedicated utility space.
Where is this quadplex located?
The property is located at 609 Race Street Crowley, TX.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Four‑unit quadplex built in 1998; Each unit has 3 bedrooms and 1 bathroom; Individual water heaters and central HVAC in every unit
