Updated Two-Unit
For Sale
$699,900
6129 & 6131 Reiger Ave, Dallas, TX 75214
Both residences include refrigerators, washers, and dryers.
Property Size2,840 SF
Price / SF$246.44
Days on Market14
Property Features for 6129 & 6131 Reiger Ave
General Information
Standard status
Active
Size
2,840 SF
Property subtype
Multi-Family
Building Details
Year Built
1929
Listing Agency:
Keller Williams Realty DPR
(972) 732-6000
Listed By:
Alisa Winston · License #0669894
Source:
Teamrobbins
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 29 at 8:36PM
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 Keller Williams Realty DPR
Investment Insights
Based on property information with market context.
Built in 1929, this 2,840-square-foot duplex contains two separate residences with hardwood flooring across the living areas, dining rooms, and bedrooms. The lower unit at 6129 Reiger Avenue offers 2 bedrooms, 1 full bath, 1 half bath, and backyard access. The upper unit at 6131 Reiger Avenue includes 2 bedrooms, 1 full bath, and a large balcony. Recent improvements include remodeled bathrooms, replaced plumbing, updated HVAC units, and new light fixtures. Refrigerators, washers, and dryers are included in both units.
The property occupies a large fenced lot without an HOA and is zoned to Lakewood Elementary. It is located between Lakewood and the Munger Place Historic District, with Whole Foods, restaurants, retail, recreation centers, White Rock Lake, Lakewood Country Club Golf Course, and Randall Park nearby. Downtown Dallas and Uptown Dallas are also in the surrounding area.
The property occupies a large fenced lot without an HOA and is zoned to Lakewood Elementary. It is located between Lakewood and the Munger Place Historic District, with Whole Foods, restaurants, retail, recreation centers, White Rock Lake, Lakewood Country Club Golf Course, and Randall Park nearby. Downtown Dallas and Uptown Dallas are also in the surrounding area.
Key Highlights
- 2,840‑square‑foot duplex built in 1929
- Two 2‑bedroom units with separate living spaces
- Lower unit includes 1 full bath, 1 half bath, and backyard access
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
$49,937
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
7.13%
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%
$998,740
$998.7K
Cap Rate 7%
$713,386
$713.4K
Cap Rate 9%
$554,856
$554.9K
Market Conditions
NOI Build-Up for 2,840 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
$79.4K $27.96/SF
− Vacancy
−$8.1K −$2.84/SF
EGI
$71.3K $25.12/SF
− OpEx
−$21.4K −$7.54/SF
NOI
$49.9K $17.58/SF
Area
Dallas, TX
Vacancy
10.16%
Lease Rate
$27.96 /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%
$998,740
Cap Rate 7%
$713,386
Cap Rate 9%
$554,856
Alternative Uses
Best Use
Multifamily LT 5
$713.4K
$624.2K – $832.3K
NOI $49,937 @ 7.0% cap · market cap 7.13%
Second Best
Apartment 5plus
$616.9K
$539.8K – $719.8K
NOI $43,185 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$3.41M
$2.98M – $3.98M
NOI $238,544 @ 7.0% cap · market cap 34.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
860
Businesses Nearby
Explore this area
Business Placement
Demographics for 75214, TX
35,664
Population
17,474
Households
2
Avg Household Size
37
Median Age
71%
College-Educated
95%
High-School Grad
7.3 sq mi
ZIP Area
4,885
Density / Sq Mi
$128,917
Median Household Income
$81,149
Median Earnings
$1,536
Median Rent
$707,400
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?
Duplex - Both residences include refrigerators, washers, and dryers.
Where is this duplex located?
The property is located at 6129 & 6131 Reiger Ave Dallas, TX.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 2,840‑square‑foot duplex built in 1929; Two 2‑bedroom units with separate living spaces; Lower unit includes 1 full bath, 1 half bath, and backyard access
