Vacant Single-Story
For Sale
$432,000
Pending
7629 Evergreen Road, Richland Hills, TX 76118
Fully vacant duplex offers two similar 2-bedroom, 2-bath units with separate utilities and fenced backyards.
Property Size1,791 SF
Days on Market80
Property Features for 7629 Evergreen Road
General Information
Standard status
Pending
Size
1,791 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Full Duplex
Additional Details
Multifamily Units
2
Amenities
Ceiling Fan(s), Central Air
Central, Electric
No
Luxury Vinyl Plank
Dishwasher, Disposal, Electric Range, Microwave
1791.0
Window Coverings
Built-in Features, Decorative Lighting, Granite Counters, Open Floorplan, Walk-In Closet(s)
Composition
One
Back Yard, Fenced, Gate
Lighting, Storage
1
Slab
Appraiser
2
Brick, Concrete, Siding, Wood
Covered, Deck, Front Porch, Other
Building Details
Year Built
1982
Buildings
2
Stories
1
Tenancy
Multi
Listing Agency:
Keller Williams Realty
(817) 715-5222
Listed By:
Michelle Rawls · License #0637763
(817) 715-5222
Source:
Compass
Added: Jun 11
Changed: Aug 9
Last Checked: Aug 7 at 8:26AM
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
Investment Insights
Based on property information with market context.
This fully vacant, single-story duplex presents a flexible setup for either investment or owner-occupancy. It includes two similar 2-bedroom, 2-bath floor plans, each with separate utilities, individual driveways, attached covered carports, and private front entrances. Both units feature indoor laundry closets with washer and dryer hookups, walk-in closets, and abundant storage, along with exterior storage rooms and garbage disposals. Interiors have been recently updated with fresh neutral paint, luxury vinyl plank flooring, updated lighting, window coverings, and LED kitchen lighting. The galley-style kitchens offer granite countertops, granite backsplashes, stainless steel appliances, breakfast bars, and ample cabinet space. Central HVAC serves each unit. The roof was replaced in 2019.
Each unit also has a spacious fenced backyard with a gated entry; one side includes an additional ranch-style storage shed. The property has mature landscaping and a shade tree at the exterior.
With separate utilities, private entrances, and individual outdoor space, the duplex is designed for independent daily use while maintaining a consistent layout across both units.
Each unit also has a spacious fenced backyard with a gated entry; one side includes an additional ranch-style storage shed. The property has mature landscaping and a shade tree at the exterior.
With separate utilities, private entrances, and individual outdoor space, the duplex is designed for independent daily use while maintaining a consistent layout across both units.
Key Highlights
- Fully vacant, single‑story duplex with 2 total units, each with a similar 2‑bedroom, 2‑bath floor plan
- Each unit has separate utilities, individual driveways, attached covered carports, and private front entrances
- Recently updated interiors with luxury vinyl plank flooring, granite counters, and updated lighting and window coverings
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
$13,492
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
3.12%
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%
$269,840
$269.8K
Cap Rate 7%
$192,743
$192.7K
Cap Rate 9%
$149,911
$149.9K
Market Conditions
NOI Build-Up for 1,791 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
$21.7K $12.12/SF
− Vacancy
−$2.4K −$1.36/SF
EGI
$19.3K $10.76/SF
− OpEx
−$5.8K −$3.23/SF
NOI
$13.5K $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%
$269,840
Cap Rate 7%
$192,743
Cap Rate 9%
$149,911
Alternative Uses
Best Use
Multifamily LT 5
$192.7K
$168.7K – $224.9K
NOI $13,492 @ 7.0% cap · market cap 3.12%
Second Best
Apartment 5plus
$167.6K
$146.6K – $195.5K
NOI $11,729 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$630.0K
$551.3K – $735.0K
NOI $44,102 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
696
Businesses Nearby
Explore this area
Business Placement
Demographics for 76118, TX
16,537
Population
6,584
Households
2.5
Avg Household Size
37
Median Age
27%
College-Educated
89%
High-School Grad
9.7 sq mi
ZIP Area
1,705
Density / Sq Mi
$90,453
Median Household Income
$47,969
Median Earnings
$1,400
Median Rent
$290,900
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 - Fully vacant duplex offers two similar 2-bedroom, 2-bath units with separate utilities and fenced backyards.
Where is this duplex located?
The property is located at 7629 Evergreen Road Richland Hills, TX.
What is the asking price?
The asking price for this property is $432,000.
What are key features of this property?
This property features: Fully vacant, single‑story duplex with 2 total units, each with a similar 2‑bedroom, 2‑bath floor plan; Each unit has separate utilities, individual driveways, attached covered carports, and private front entrances; Recently updated interiors with luxury vinyl plank flooring, granite counters, and updated lighting and window coverings
