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    419-423 E Henderson St Cleburne, TX 76031

    Sponsored
    For Sale
    Under Contract
    $440,000

    Apartment - Cleburne, TX

    Type:Apartment
    Property size:
    6,336 SF
    Lot size:
    0.27 Acres
    Days on Market:
    6
    Last Refresh:
    Feb 26 at 6:06 pm

    Property Features for 419-423 E Henderson St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Standard status
    Active Under Contract
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    9
    Bathrooms
    6
    APN
    126280021120
    Parking
    12
    Parking features
    On Street, Open, Parking Lot
    Interior features
    Cable Tv Available, High Speed Internet Available
    Appliances
    Cooktop, Cooktop - Electric, Dishwasher, Washer
    Size
    6,336 SF
    Lot size
    0.27 Acres

    Utilities

    Utilities
    Cable Available
    Heating system
    Central, Electric (Heating)
    Cooling system
    Ceiling Fan(s), Central Air, Electric

    Building Details

    Year built
    1896
    Floors in Building
    2
    Flooring type
    Carpet, Tile, Vinyl, Wood
    Building materials
    Brick
    Roof type
    Flat
    Architectural style
    Other

    We can help!

    Listing Contact
    Cheri White

    Coldwell Banker Bob King Realty (817) 641-9873

    Listing agent Cheri White (817) 641-9873

    Listing date Feb 21, 2026

    MLS# 21129247 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Historic Multifamily Property in Cleburne

    This charming property, built in 1896, is located in the heart of the downtown historic district. Originally designed as a hotel, this designated historical building has been adapted into a multifamily setup, featuring three updated apartments for generating rental income while preserving its vintage appeal. The property spans approximately 6,336 square feet on a spacious 0.2663-acre lot with a parking lot. It offers versatility for various uses including office, retail, or continued residential use. The second floor apartment spans the entire floor and features 5 bedrooms, a full kitchen, living room and office with custom built-in shelving. Modern comforts include central heating and air conditioning, dishwasher, disposal, and microwave in units, paired with classic features such as a brick and stucco foundation, tar and gravel roof, and high ceilings (11-14 feet) with wood and concrete flooring. Outside, the property features a large lot with a private patio in the back, an upper deck for outdoor relaxation, and a sprinkler system for easy maintenance. With 12 common parking spaces and convenient access via East Henderson, this property is ideally positioned for tenants or business operations. Additional highlights include individual water meters, city sewer utilities, and no HOA fees. The property has 4 units total. Zoning is MF-2 High-Density Residential District. The site is also located in the Downtown Core Overlay (DTC).
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cleburne
    County
    Johnson
    State
    Texas
    Longitude
    -97.382583
    Latitude
    32.34849

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    FAQs

    What type of property is this?
    Quadplex - Charming 1896 property with income potential in historic district.
    Where is this quadplex located?
    The property is located at 419-423 E Henderson St Cleburne, TX.
    What is the asking price?
    The asking price for this property is $440,000.
    What are key features of this property?
    This property features: - High-income potential due to low current rents with significant upside.; - Versatile property suitable for retail, office, or continued residential use in a prime downtown historic district location.; - Designated historical building with three updated apartments generating steady rental income.
    (214) 546-6414
    Request Owner's contact information
    419-423 E Henderson St Cleburne, TX 76031
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    Cleburne, TX 76031
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    419-423 E Henderson St Cleburne, TX 76031
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    We can help!
    Listing Contact
    Cheri White
    (214) 546-6414 (817) 645-7211 (817) 641-9873
    Learn more
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