Two-Bedroom Triplex with
For Sale
$389,500
803 W Bells Blvd, Bells, TX 75414
Fully occupied multifamily property with resident-ready kitchens, laundry hookups, porches, decks, and off-street parking.
Property Size2,320 SF
Price / SF$167.89
Days on Market121
Property Features for 803 W Bells Blvd
General Information
Standard status
Active
Size
2,320 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Amenities
washer & dryer connections
kitchen appliances
covered front porch
rear wood deck
Building Details
Year Built
1955
Buildings
1
Listing Agency:
FMI REALTY
(903) 583-4471
Listed By:
PAT FOURNIER 903-583-4471 · License #0356442
Source:
Northtexashomeguide
Added: May 1
Changed: Aug 28
Last Checked: Aug 28 at 8:21PM
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 FMI REALTY
Investment Insights
Based on property information with market context.
This 2,320-square-foot triplex, built in 1955, contains three apartments with a two-bedroom, one-bath layout in each unit. Every apartment includes an eat-in kitchen, kitchen appliances including a refrigerator, washer and dryer connections, a covered front porch, and a rear wood deck. Off-street parking accommodates up to 6 cars.
The property is fully occupied, and interior showings require 24-hour notice. Located in Bells, Texas, the asset is positioned in a small-town residential setting with access to the local community and schools.
The property is fully occupied, and interior showings require 24-hour notice. Located in Bells, Texas, the asset is positioned in a small-town residential setting with access to the local community and schools.
Key Highlights
- Three apartments, each with 2 bedrooms and 1 bathroom
- 2,320 SF triplex built in 1955
- Fully occupied property
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
$17,784
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
4.57%
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%
$355,680
$355.7K
Cap Rate 7%
$254,057
$254.1K
Cap Rate 9%
$197,600
$197.6K
Market Conditions
NOI Build-Up for 2,320 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
$28.7K $12.36/SF
− Vacancy
−$3.3K −$1.41/SF
EGI
$25.4K $10.95/SF
− OpEx
−$7.6K −$3.29/SF
NOI
$17.8K $7.67/SF
Area
Grayson County, TX
Vacancy
11.40%
Lease Rate
$12.36 /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%
$355,680
Cap Rate 7%
$254,057
Cap Rate 9%
$197,600
Alternative Uses
Best Use
Multifamily LT 5
$254.1K
$222.3K – $296.4K
NOI $17,784 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$225.2K
$197.1K – $262.8K
NOI $15,765 @ 7.0% cap · market cap 4.05%
Theoretical Best
Hotel Hospitality
$1.19M
$1.04M – $1.39M
NOI $83,311 @ 7.0% cap · market cap 21.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
55
Businesses Nearby
Explore this area
Business Placement
Demographics for 75414, TX
3,507
Population
1,540
Households
2.3
Avg Household Size
42
Median Age
27%
College-Educated
95%
High-School Grad
49.5 sq mi
ZIP Area
71
Density / Sq Mi
$84,685
Median Household Income
$49,211
Median Earnings
$883
Median Rent
$223,100
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?
Triplex - Fully occupied multifamily property with resident-ready kitchens, laundry hookups, porches, decks, and off-street parking.
Where is this triplex located?
The property is located at 803 W Bells Blvd Bells, TX.
What is the asking price?
The asking price for this property is $389,500.
What are key features of this property?
This property features: Three apartments, each with 2 bedrooms and 1 bathroom; 2,320 SF triplex built in 1955; Fully occupied property
