Updated Four-Unit
For Sale
$510,000
620 Race Street, Crowley, TX 76036
Multi-unit property with laundry hookups, dedicated parking, and recent building improvements.
Property Size3,756 SF
Days on Market19
Property Features for 620 Race Street
General Information
Standard status
Active
Size
3,756 SF
Property subtype
Quadruplex
Occupancy
75%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$9,074
Amenities
washer-dryer hookups
Building Details
Building Size
3,756 SF
Year Built
1985
Listing Agency:
OnDemand Realty
(214) 532-6823
Listed By:
Kristin Flores-Brockman · License #0720823
Source:
Nilesrealtygroup
Added: Aug 12
Changed: Aug 25
Last Checked: Aug 29 at 5:01PM
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 OnDemand Realty
Investment Insights
Based on property information with market context.
This four-unit residential income property was built in 1985 and includes one vacant residence alongside three occupied units. Each residence offers 2 bedrooms, 1 bath, washer-dryer hookups, and two parking spaces. Improvements include the roof, windows, HVAC systems, cosmetic interior finishes, and exterior elements. The property is offered without an HOA.
Located at 620 Race Street in Crowley, TX, the asset combines an established unit configuration with recent updates to key building components. The current occupancy includes three units, while the remaining unit is vacant for an owner occupant or future leasing plan.
Located at 620 Race Street in Crowley, TX, the asset combines an established unit configuration with recent updates to key building components. The current occupancy includes three units, while the remaining unit is vacant for an owner occupant or future leasing plan.
Key Highlights
- Four‑unit property with one vacant unit and three occupied units
- Each unit includes 2 bedrooms, 1 bath, washer‑dryer hookups, and two parking spaces
- Updates include roof, windows, HVAC, cosmetic interiors, and exterior improvements
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
5.55%
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 5.55%
Second Best
Apartment 5plus
$351.4K
$307.5K – $410.0K
NOI $24,597 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,488 @ 7.0% cap · market cap 18.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Multi-unit property with laundry hookups, dedicated parking, and recent building improvements.
Where is this quadplex located?
The property is located at 620 Race Street Crowley, TX.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: Four‑unit property with one vacant unit and three occupied units; Each unit includes 2 bedrooms, 1 bath, washer‑dryer hookups, and two parking spaces; Updates include roof, windows, HVAC, cosmetic interiors, and exterior improvements
