Two-Home Multifamily
For Sale
$506,000
111 Mitchell Road, Sherman, TX 75090
ResidentialIncome, Sherman, TX
Property Size1,886 SF
Lot Size1.77 Acres
Price / SF$268.29
Days on Market47
Property Features for 111 Mitchell Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 3, Bedroom 2, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 4
Parking
3
Patio and Porch features
Deck
Interior features
KitchenIsland, OpenFloorplan
Exterior features
Deck, Storage
Appliances
Dishwasher, ElectricCooktop, Microwave
Subdivision
Aaron Burleson Surv Abs #61
Lot features
Acreage, Cleared, Corner Lot
Elementary school
Percy W Neblett
Middle school
Sherman
High school
Sherman
Elementary school district
Sherman ISD
Middle school district
Sherman ISD
High school district
Sherman ISD
Directions
Please see GPS.
Standard status
Active
APN
388305
Size
1,886 SF
Lot size
1.77 Acres
Taxes and HOA fees
Tax Description
G-0061 BURLESON AARON A-G0061, ACRES 1.77
Tax Annual Amount
3304
Legal Description
G-0061 BURLESON AARON A-G0061, ACRES 1.77
Utilities
Sewer type
Septic Tank
Heating system
Central
Cooling system
Electric
Water front features
Creek
Amenities
front porch
loafing stalls
storage shed
fencing
Building Details
Year built
2026
Floors in Building
1
Number of units
2
Flooring type
Concrete
Building materials
MetalSiding, Concrete
Roof type
Metal
Additional Structures
Storage
Listing Agency:
Keller Williams Realty DPR
(972) 732-6000
Listed By:
Deborah Newsome
(214) 457-0983
Added: Aug 3
Changed: Sep 15
Last Checked: Sep 18 at 5:06PM
MLS# 21348400
Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property includes two separate residences on a 1.77-acre corner parcel with creek features. The primary home is a 1,214-square-foot barndominium-style residence with three bedrooms, while the second home provides 672 square feet with one bedroom, a full kitchen, and a bathroom with dual vanities and a tub. Combined building area totals 1,886 square feet. The improvements are under construction and include metal siding, concrete construction, metal roofing, central heating, electric cooling, a septic tank, and interior features such as an island and open floor plan.
Outdoor improvements include a deck, storage shed, fencing, and three loafing stalls. Horses are allowed, and the property is outside city limits. The address is in Sherman, within the stated technology corridor context and near the Texas Instruments and GlobalWafers sites. The property also offers access to Dallas, expanding retail, and industrial employment opportunities as described in the source information.
Outdoor improvements include a deck, storage shed, fencing, and three loafing stalls. Horses are allowed, and the property is outside city limits. The address is in Sherman, within the stated technology corridor context and near the Texas Instruments and GlobalWafers sites. The property also offers access to Dallas, expanding retail, and industrial employment opportunities as described in the source information.
Key Highlights
- Two residences totaling 1,886 square feet
- Primary residence offers 3 bedrooms and 1,214 square feet
- Guest home includes 1 bedroom and 672 square feet
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
$14,457
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
2.86%
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%
$289,140
$289.1K
Cap Rate 7%
$206,529
$206.5K
Cap Rate 9%
$160,633
$160.6K
Market Conditions
NOI Build-Up for 1,886 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
$23.3K $12.36/SF
− Vacancy
−$2.7K −$1.41/SF
EGI
$20.7K $10.95/SF
− OpEx
−$6.2K −$3.29/SF
NOI
$14.5K $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%
$289,140
Cap Rate 7%
$206,529
Cap Rate 9%
$160,633
Alternative Uses
Best Use
Multifamily LT 5
$206.5K
$180.7K – $241.0K
NOI $14,457 @ 7.0% cap · market cap 2.86%
Second Best
Apartment 5plus
$183.1K
$160.2K – $213.6K
NOI $12,816 @ 7.0% cap · market cap 2.53%
Theoretical Best
Hotel Hospitality
$967.5K
$846.6K – $1.13M
NOI $67,726 @ 7.0% cap · market cap 13.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Explore this area
Business Placement
Demographics for 75090, TX
25,002
Population
9,602
Households
2.6
Avg Household Size
35
Median Age
15%
College-Educated
84%
High-School Grad
78.5 sq mi
ZIP Area
318
Density / Sq Mi
$58,586
Median Household Income
$36,230
Median Earnings
$1,111
Median Rent
$163,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Separate residences, equestrian improvements, and creek frontage create a flexible multifamily configuration outside city limits.
Where is this multifamily property located?
The property is located at 111 Mitchell Road Sherman, TX.
What is the asking price?
The asking price for this property is $506,000.
What are key features of this property?
This property features: Two residences totaling 1,886 square feet; Primary residence offers 3 bedrooms and 1,214 square feet; Guest home includes 1 bedroom and 672 square feet
