Building Details

Building Size 20,800 SF

Year Built 2008

Stories 1

Tenancy Multi

Listing Agency: Evan S. Howell, Inc. Show Phone

Listed By: Sarah Brown Show Phone

Source: Garygreene

Added: Apr 18 Changed: Sep 14 Last Checked: Sep 15 at 5:37AM

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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 Evan S. Howell, Inc.

Investment Insights

Based on property information with market context.

This well-maintained 16-unit multifamily property consists of eight duplexes, each featuring an all-3-bedroom, 2-bath layout. The asset is fully leased and currently generating cash flow, with tenants responsible for utilities. Recent capital improvements include new roofs and gutters, HVAC upgrades, and interior renovations, which have been completed to reduce near-term capital needs.

The property is located in Franklin, TX, within 20 minutes of Bryan/College Station and offers access to nearby manufacturing and industrial employment.

Additional operational features noted for the property include washer/dryer connections in place, along with on-site management and existing vendor relationships intended to support a smooth transition. Current rents are stated to range from $1,300 to $1,400, with approximately $190K–$200K in NOI.

Key Highlights

• 16‑unit multifamily in Franklin, TX: eight duplexes with an all‑3‑bedroom, 2‑bath layout
• Fully leased and producing current cash flow; tenants pay utilities
• Nearly $200K in capital improvements, including new roofs and gutters, HVAC upgrades, and interior renovations

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

$199,536

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

5.87%

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%

$3,990,720 $4.0M

Cap Rate 7%

$2,850,514 $2.9M

Cap Rate 9%

$2,217,067 $2.2M

Market Conditions

NOI Build-Up for 20,800 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

$381.9K $18.36/SF

− Vacancy

−$19.1K −$0.92/SF

EGI

$362.8K $17.44/SF

− OpEx

−$163.3K −$7.85/SF

NOI

$199.5K $9.59/SF

Area

Robertson County, TX

Vacancy

5.00%

Lease Rate

$18.36 /SF/Yr

Expense Ratio

45.00%

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%

$3,990,720

Cap Rate 7%

$2,850,514

Cap Rate 9%

$2,217,067

Alternative Uses

Best Use

Apartment 5plus

$2.85M

$2.49M – $3.33M (±1% cap)

NOI $199,536 @ 7.0% cap · market cap 5.87%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$5.12M

$4.48M – $5.98M (±1% cap)

NOI $358,525 @ 7.0% cap · market cap 10.54%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Auto Parts Store Big Box & Wholesale Store Furniture & Home Goods Grocery & Convenience Store Bakery Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

16

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

182

Businesses Nearby

Explore this area Business Placement

Demographics for 77856, TX

5,170

Population

2,642

Households

2

Avg Household Size

44

Median Age

23%

College-Educated

89%

High-School Grad

372.7 sq mi

ZIP Area

14

Density / Sq Mi

$90,889

Median Household Income

$47,207

Median Earnings

$919

Median Rent

$245,900

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Apartment building - 16-unit complex of eight 3-bedroom, 2-bath duplexes, fully leased and producing current cash flow with tenant-paid utilities.

Where is this apartment building located?

The property is located at 722 N Sharp Street Franklin, TX.

What is the asking price?

The asking price for this property is $3,400,000.

What are key features of this property?

This property features: 16‑unit multifamily in Franklin, TX: eight duplexes with an all‑3‑bedroom, 2‑bath layout; Fully leased and producing current cash flow; tenants pay utilities; Nearly $200K in capital improvements, including new roofs and gutters, HVAC upgrades, and interior renovations