Updated Two-Unit
New
For Sale
$575,000
9269 & 9271 Meandering Drive, North Richland Hills, TX 76182
Two three-bedroom residences feature renovated baths, fireplaces, and attached one-car garages.
Property Size2,512 SF
Price / SF$228.90
Days on Market3
Property Features for 9269 & 9271 Meandering Drive
General Information
Standard status
Active
Size
2,512 SF
Property subtype
Duplex
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Parking per Unit
1
Building Details
Year Built
1986
Buildings
1
Listing Agency:
Century 21 Mike Bowman, Inc.
(817) 354-7653
Listed By:
Luke Rogan · License #0295970
(817) 941-9575
Source:
Lonestarluxuryrealty
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 8:19AM
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 1986 duplex includes two residences, each offering three bedrooms, two bathrooms, 1,270 square feet, and a one-car garage. Interior improvements include tile and Luxury Vinyl Plank flooring, renovated bathrooms with tiled showers and granite countertops, kitchens with cabinet storage, tall-ceilinged living rooms, and wood-burning fireplaces. The roof replacement is currently in progress.
The property is located at 9269 & 9271 Meandering Drive in North Richland Hills, within the Birdville ISD and near Highway 121 and Precinct Line Road. One residence is leased through 01-01-2027, while the other is occupied under a month-to-month lease. A neighboring duplex at 9265-9267 Meandering is also offered for sale.
The property is located at 9269 & 9271 Meandering Drive in North Richland Hills, within the Birdville ISD and near Highway 121 and Precinct Line Road. One residence is leased through 01-01-2027, while the other is occupied under a month-to-month lease. A neighboring duplex at 9265-9267 Meandering is also offered for sale.
Key Highlights
- Two 3‑bedroom, 2‑bath residences, each measuring 1,270 square feet
- Each unit includes a 1‑car garage
- Tile and Luxury Vinyl Plank flooring throughout the interiors
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
$18,923
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
3.29%
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%
$378,460
$378.5K
Cap Rate 7%
$270,329
$270.3K
Cap Rate 9%
$210,256
$210.3K
Market Conditions
NOI Build-Up for 2,512 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
$30.4K $12.12/SF
− Vacancy
−$3.4K −$1.36/SF
EGI
$27.0K $10.76/SF
− OpEx
−$8.1K −$3.23/SF
NOI
$18.9K $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%
$378,460
Cap Rate 7%
$270,329
Cap Rate 9%
$210,256
Alternative Uses
Best Use
Multifamily LT 5
$270.3K
$236.5K – $315.4K
NOI $18,923 @ 7.0% cap · market cap 3.29%
Second Best
Apartment 5plus
$235.0K
$205.6K – $274.2K
NOI $16,451 @ 7.0% cap · market cap 2.86%
Theoretical Best
Office A
$883.6K
$773.2K – $1.03M
NOI $61,855 @ 7.0% cap · market cap 10.76%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom residences feature renovated baths, fireplaces, and attached one-car garages.
Where is this duplex located?
The property is located at 9269 & 9271 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 residences, each measuring 1,270 square feet; Each unit includes a 1‑car garage; Tile and Luxury Vinyl Plank flooring throughout the interiors
