Building Details

Year Built 2005

Listing Agency: The Michael Group Real Estate

Listed By: Brett Ashcraft · License #0563836 Show Phone

Source: Christenberrygroup

Added: Aug 10 Changed: Oct 5 Last Checked: Oct 15 at 1:14AM

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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 The Michael Group Real Estate

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Investment Insights

Based on property information with market context.

This multifamily property in west Azle includes six matching houses, each with two bedrooms and one bathroom. The homes were constructed in 2005 on slab foundations and are occupied by long-term tenants, providing an established residential rental configuration. The property spans more than 2 acres and includes an active well along with two septic systems.

A mobile home is also present and is identified as having no value. It may be removed, creating a potential build site served by existing septic infrastructure. Tenant access is restricted, with showings available by appointment after an acceptable offer has been signed.

Key Highlights

• Six matching houses, each configured with 2 bedrooms and 1 bathroom
• All six homes are occupied by long‑term tenants
• Constructed in 2005 on slab foundations

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$118,850

Cap Rate

8.80%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,377,000 $2.4M

Cap Rate 7%

$1,697,857 $1.7M

Cap Rate 9%

$1,320,556 $1.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,816 SF

Gross rent

$242.0K $30.96/SF

− Vacancy

−$25.9K −$3.31/SF

EGI

$216.1K $27.65/SF

− OpEx

−$97.2K −$12.44/SF

NOI

$118.9K $15.21/SF

Area

Parker County, TX

Vacancy

10.70%

Lease Rate

$30.96 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,377,000

Cap Rate 7%

$1,697,857

Cap Rate 9%

$1,320,556

Alternative Uses

Best Use

Apartment 5plus

$1.70M

$1.49M – $1.98M (±1% cap)

NOI $118,850 @ 7.0% cap · market cap 8.80%

Second Best

—

—

no second resolved use

Theoretical Best

Industrial

$7.77M

$6.80M – $9.06M (±1% cap)

NOI $543,652 @ 7.0% cap · market cap 40.27%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Multifamily properties

Suggested Use

Top Pick Auto Repair Shop Garden Center Building Supply Spa & Massage Center Gym & Fitness Center

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

Location Intelligence

Trade Area within ½ mile

14

Businesses Nearby

Explore this area Business Placement

Demographics for 76020, TX

33,469

Population

13,355

Households

2.5

Avg Household Size

42

Median Age

20%

College-Educated

89%

High-School Grad

64.9 sq mi

ZIP Area

516

Density / Sq Mi

$91,000

Median Household Income

$48,559

Median Earnings

$1,246

Median Rent

$272,800

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Six occupied rental homes share well and septic infrastructure.

Where is this multifamily property located?

The property is located at 900 Reese Ln Azle, TX.

What is the asking price?

The asking price for this property is $1,350,000.

What are key features of this property?

This property features: Six matching houses, each configured with 2 bedrooms and 1 bathroom; All six homes are occupied by long‑term tenants; Constructed in 2005 on slab foundations