Fourplex with Separately Metered
For Sale
$626,000
612 Race St, Crowley, TX 76036
Occupied multifamily property with private utility metering, washer and dryer hookups, and dedicated parking for each residence.
Property Size3,756 SF
Price / SF$166.67
Days on Market132
Property Features for 612 Race St
General Information
Standard status
Active
Size
3,756 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
4
Parking per Unit
2
Additional Details
Utilities to Site
Yes
Amenities
washer/dryer hookups
Building Details
Year Built
1988
Buildings
1
Tenancy
Multi
Listing Agency:
The Street Real Estate Company
(817) 701-4900
Listed By:
Kathryn Haubold · License #0735905
Source:
Christenberrygroup
Added: Apr 22
Changed: Aug 30
Last Checked: Aug 30 at 7:50PM
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 The Street Real Estate Company
Investment Insights
Based on property information with market context.
This 3,756-square-foot fourplex, built in 1988, contains four occupied units with a consistent two-bedroom, one-and-one-half-bath layout. Each residence includes two parking spaces, central electric air conditioning, ceiling fans, an eat-in kitchen, and hookups for a washer and dryer; appliances are not included. Unit A has laminate flooring, while Units B, C, and D feature carpet.
Utilities are separately metered for all four units, and tenants pay their own utility costs. Interior features include a dishwasher, disposal, electric cooktop, electric oven, electric water heater, window coverings, cable availability, and high-speed internet availability. The property is located at 612 Race Street in Crowley, Texas.
Utilities are separately metered for all four units, and tenants pay their own utility costs. Interior features include a dishwasher, disposal, electric cooktop, electric oven, electric water heater, window coverings, cable availability, and high-speed internet availability. The property is located at 612 Race Street in Crowley, Texas.
Key Highlights
- Four units, each with 2 bedrooms and 1.5 baths
- 3,756 SF multifamily property built in 1988
- All 4 units are occupied with tenants
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
$28,294
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
4.52%
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%
$565,880
$565.9K
Cap Rate 7%
$404,200
$404.2K
Cap Rate 9%
$314,378
$314.4K
Market Conditions
NOI Build-Up for 3,756 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
$45.5K $12.12/SF
− Vacancy
−$5.1K −$1.36/SF
EGI
$40.4K $10.76/SF
− OpEx
−$12.1K −$3.23/SF
NOI
$28.3K $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%
$565,880
Cap Rate 7%
$404,200
Cap Rate 9%
$314,378
Alternative Uses
Best Use
Multifamily LT 5
$404.2K
$353.7K – $471.6K
NOI $28,294 @ 7.0% cap · market cap 4.52%
Second Best
Apartment 5plus
$351.4K
$307.5K – $410.0K
NOI $24,597 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,488 @ 7.0% cap · market cap 14.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Occupied multifamily property with private utility metering, washer and dryer hookups, and dedicated parking for each residence.
Where is this quadplex located?
The property is located at 612 Race St Crowley, TX.
What is the asking price?
The asking price for this property is $626,000.
What are key features of this property?
This property features: Four units, each with 2 bedrooms and 1.5 baths; 3,756 SF multifamily property built in 1988; All 4 units are occupied with tenants
