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307 W 4th St 8 Unit Apartment Building $950,000 ($118,750/Unit) 6% Cap Rate Irving, TX 75060
Investment Highlights
- 8-unit renovated multifamily asset in Irving’s Heritage District
- Base pro forma NOI of $56,971, representing a 6.00% pro forma cap rate
- Major CapEx completed: roof, electrical, mini-split AC , water heaters, interiors, kitchens, bathrooms, washer/dryers in 4 units, and gravel driveway
- Offered at $950,000, or $118,750 per unit
- 100% occupied with all 1 bed / 1 bath units
- Upside through furnished mid-term rentals, compliant short-term rental strategy, and washer/dryer premiums
Executive Summary
307 W 4th St is a renovated 8-unit multifamily asset located near Irving Heritage Crossing in the heart of DFW. The property is offered at $950,000, or $118,750 per unit, and provides investors with a stabilized traditional rental operation plus additional upside through furnished mid-term rentals, short-term rental strategies, and in-unit washer/dryer premiums.
The property consists of eight 1-bedroom / 1-bath units and is currently 100% occupied. Recent capital improvements include roof replacement, electrical upgrades, mini-split AC systems, water heaters, refreshed interiors, updated kitchens and bathrooms, LVP flooring, washer/dryers in 4 units, and a gravel driveway. These improvements reduce near-term CapEx exposure and simplify ownership for the next buyer.
Base pro forma NOI is approximately $56,971, representing a 6.00% pro forma cap rate. Additional upside scenarios include a 2-unit furnished mid-term rental strategy with pro forma NOI of approximately $65,876 and a 2-unit short-term rental strategy with pro forma NOI of approximately $88,543.
The property consists of eight 1-bedroom / 1-bath units and is currently 100% occupied. Recent capital improvements include roof replacement, electrical upgrades, mini-split AC systems, water heaters, refreshed interiors, updated kitchens and bathrooms, LVP flooring, washer/dryers in 4 units, and a gravel driveway. These improvements reduce near-term CapEx exposure and simplify ownership for the next buyer.
Base pro forma NOI is approximately $56,971, representing a 6.00% pro forma cap rate. Additional upside scenarios include a 2-unit furnished mid-term rental strategy with pro forma NOI of approximately $65,876 and a 2-unit short-term rental strategy with pro forma NOI of approximately $88,543.
Data Room Click Here to Access
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $950,000 | Building Class | C |
| Price Per Unit | $118,750 | Lot Size | 0.46 AC |
| Sale Type | Investment | Building Size | 10,968 SF |
| Cap Rate | 6% | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1954 |
| Property Subtype | Apartment | Parking Ratio | 1.37/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RMF2 | ||
| Price | $950,000 |
| Price Per Unit | $118,750 |
| Sale Type | Investment |
| Cap Rate | 6% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.46 AC |
| Building Size | 10,968 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1954 |
| Parking Ratio | 1.37/1,000 SF |
| Zoning | RMF2 |
Amenities
Unit Amenities
- Air Conditioning
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | - |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Good public transit
60/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 32521650510020000 | Total Assessment | $1,291,950 (2025) |
| Land Assessment | $161,500 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,130,450 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
32521650510020000
Land Assessment
$161,500 (2025)
Improvements Assessment
$1,130,450 (2025)
Total Assessment
$1,291,950 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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Vitnell Management
307 W 4th St
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