Updated Duplex with Two
New
For Sale
$575,000
9265 & 9267 Meandering Drive, North Richland Hills, TX 76182
Two renovated residential units offer flexible occupancy, attached garages, and access to Birdville ISD.
Property Size2,540 SF
Days on Market4
Property Features for 9265 & 9267 Meandering Drive
General Information
Standard status
Active
Size
2,540 SF
Total Parking Spaces
2
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
wood burning fireplace
Building Details
Building Size
2,540 SF
Year Built
1987
Buildings
1
Stories
1
Units
2
Listing Agency:
Century 21 Mike Bowman, Inc.
(817) 929-3181
Listed By:
Melanie Hunt · License #0295970
(817) 929-3181
Source:
Cornerstonehomeandranch
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 2:45PM
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 Century 21 Mike Bowman, Inc.
Investment Insights
Based on property information with market context.
This duplex at 9265 & 9267 Meandering Drive in North Richland Hills includes two three-bedroom, two-bath units, each measuring 1,270 square feet with a one-car garage. Interior improvements include tile and luxury vinyl plank flooring, renovated bathrooms with tiled showers and granite countertops, expanded kitchen cabinetry, tall living-room ceilings, and wood-burning fireplaces. The roof replacement is currently underway.
One unit is vacant and available for leasing, while the other is occupied under a month-to-month lease. The property is located within Birdville ISD and sits near Highway 121 and Precinct Line Road. Built in 1987, the duplex provides a two-unit configuration with a mix of current occupancy and immediate availability.
One unit is vacant and available for leasing, while the other is occupied under a month-to-month lease. The property is located within Birdville ISD and sits near Highway 121 and Precinct Line Road. Built in 1987, the duplex provides a two-unit configuration with a mix of current occupancy and immediate availability.
Key Highlights
- Two 3‑bedroom, 2‑bath units, each with 1,270 square feet and a 1‑car garage
- One unit is vacant; the other is leased on a month‑to‑month basis
- Updated interiors with tile and luxury vinyl plank flooring
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
$19,134
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
3.33%
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%
$382,680
$382.7K
Cap Rate 7%
$273,343
$273.3K
Cap Rate 9%
$212,600
$212.6K
Market Conditions
NOI Build-Up for 2,540 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
$30.8K $12.12/SF
− Vacancy
−$3.5K −$1.36/SF
EGI
$27.3K $10.76/SF
− OpEx
−$8.2K −$3.23/SF
NOI
$19.1K $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%
$382,680
Cap Rate 7%
$273,343
Cap Rate 9%
$212,600
Alternative Uses
Best Use
Multifamily LT 5
$273.3K
$239.2K – $318.9K
NOI $19,134 @ 7.0% cap · market cap 3.33%
Second Best
Apartment 5plus
$237.6K
$207.9K – $277.2K
NOI $16,634 @ 7.0% cap · market cap 2.89%
Theoretical Best
Office A
$893.5K
$781.8K – $1.04M
NOI $62,545 @ 7.0% cap · market cap 10.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
205
Businesses Nearby
Explore this area
Business Placement
Demographics for 76182, TX
31,117
Population
11,845
Households
2.6
Avg Household Size
43
Median Age
40%
College-Educated
95%
High-School Grad
8.7 sq mi
ZIP Area
3,577
Density / Sq Mi
$119,722
Median Household Income
$60,589
Median Earnings
$1,821
Median Rent
$364,100
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?
Duplex - Two renovated residential units offer flexible occupancy, attached garages, and access to Birdville ISD.
Where is this duplex located?
The property is located at 9265 & 9267 Meandering Drive North Richland Hills, TX.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bath units, each with 1,270 square feet and a 1‑car garage; One unit is vacant; the other is leased on a month‑to‑month basis; Updated interiors with tile and luxury vinyl plank flooring
