Brick Nursing Home Redevelopment
For Sale
$2,700,000
2229 N Carroll Boulevard, Denton, TX 76201
SINGLE_FAMILY - Denton, TX
Property Size53,000 SF
Lot Size4.99 Acres
Price / SF$50.94
Days on Market34
Property Features for 2229 N Carroll Boulevard
General Information
Property type
Residential
Property subtype
Office
Zoning description
Currently Elderly Housing
Accessibility
Accessible Approach with Ramp
Subdivision
Denton Nursing Center Add
Lot features
Interior Lot, Irregular Lot
Directions
From I-35 and University, go east on University to North Carroll Blvd, Turn Left and go north to 2229 N Carroll Blvd. Property on the left.
Standard status
Active
APN
R131291
Lot size
4.99 Acres
Taxes and HOA fees
Tax Description
DENTON NURSING CENTER ADDN BLK 1 LOT 1
Tax Annual Amount
58952
Legal Description
DENTON NURSING CENTER ADDN BLK 1 LOT 1
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1969
Floors in Building
1
Number of units
101
Flooring type
Tile, Carpet, Vinyl
Building materials
Brick
Roof type
Composition, Flat
Listing Agency:
CUDD REALTY
(940) 484-0036
Listed By:
MARIELLA CUDD · License #0370753
(940) 484-0036
Added: Jul 21
Changed: Aug 2
Last Checked: Aug 23 at 10:06AM
MLS# 20909488
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.
2229 N Carroll Boulevard is a brick nursing home redevelopment facility totaling 53,000 SF on approximately 4.994 acres. Built in 1969, the property is described as formerly operating as a nursing home and includes 101 private bedrooms, multiple large dining areas, and over 20 administrative or flex-use offices. The interior flooring includes tile, vinyl, and carpet, with an accessible approach provided by a ramp.
The site is served by public water and public sewer. Heating is central and uses natural gas, and cooling is central air with electric cooling. Roofing is described as flat and composition. The building’s configuration and scale are presented as adaptable for a range of conversions or reconfiguration projects.
Construction materials are listed as brick, and the facility’s size and acreage are positioned to accommodate parking, outdoor space, or future expansion as the end use is determined.
The site is served by public water and public sewer. Heating is central and uses natural gas, and cooling is central air with electric cooling. Roofing is described as flat and composition. The building’s configuration and scale are presented as adaptable for a range of conversions or reconfiguration projects.
Construction materials are listed as brick, and the facility’s size and acreage are positioned to accommodate parking, outdoor space, or future expansion as the end use is determined.
Key Highlights
- 53,000 SF nursing home redevelopment facility
- Approximately 4.994 acres for parking, outdoor space, or expansion
- 101 private bedrooms plus multiple large dining areas
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
$207,694
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
7.69%
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%
$4,153,880
$4.2M
Cap Rate 7%
$2,967,057
$3.0M
Cap Rate 9%
$2,307,711
$2.3M
Market Conditions
NOI Build-Up for 53,000 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
$795.0K $15.00/SF
− Vacancy
−$357.8K −$6.75/SF
EGI
$437.3K $8.25/SF
− OpEx
−$229.6K −$4.33/SF
NOI
$207.7K $3.92/SF
Area
Denton, TX
Vacancy
45.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$4,153,880
Cap Rate 7%
$2,967,057
Cap Rate 9%
$2,307,711
Alternative Uses
Best Use
Healthcare Medical
$11.04M
$9.66M – $12.88M
NOI $772,740 @ 7.0% cap · market cap 28.62%
Second Best
Hotel Hospitality
$2.97M
$2.60M – $3.46M
NOI $207,694 @ 7.0% cap · market cap 7.69%
Theoretical Best
Office A
$16.56M
$14.49M – $19.32M
NOI $1,159,123 @ 7.0% cap · market cap 42.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
867
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 76201, TX
27,610
Population
13,087
Households
2.1
Avg Household Size
26
Median Age
46%
College-Educated
95%
High-School Grad
5.5 sq mi
ZIP Area
5,020
Density / Sq Mi
$37,863
Median Household Income
$18,308
Median Earnings
$1,128
Median Rent
$250,200
Median Home Value
Questions? Ask Rey
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Similar Off Market Nearby
- Denton Rehabilitation — 2229 N Carroll Blvd, Denton, TX 76201
- Cottonwood Nursing & Rehabilitation — 2224 N Carroll Blvd, Denton, TX 76201
- Enhabit Hospice — 108 Hinkle Dr Suite 150A, Denton, TX 76201
- Good Samaritan Society - Denton Village — 2500 Hinkle Dr, Denton, TX 76201
Frequently Asked Questions
What type of property is this?
Nursing home - Brick nursing home facility with accessible ramp, central HVAC, and public water and sewer services for redevelopment.
Where is this nursing home located?
The property is located at 2229 N Carroll Boulevard Denton, TX.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 53,000 SF nursing home redevelopment facility; Approximately 4.994 acres for parking, outdoor space, or expansion; 101 private bedrooms plus multiple large dining areas
