Fourplex with Fully Rented
For Sale
$700,000
1029 East Hickory Street, Denton, TX 76205
Fourplex offered fully occupied with annual leases; tenant-paid, separately metered utilities.
Property Size3,450 SF
Price / SF$202.90
Days on Market538
Property Features for 1029 East Hickory Street
General Information
Standard status
Active
Size
3,450 SF
Total Parking Spaces
10
Property subtype
Multi-Family / Fourplex
Amenities
Central Air, Electric
Central, Electric
Carpet
Dishwasher, Disposal, Electric Range
Cable TV Available, High Speed Internet Available
No
Composition
Two
2
Pillar/Post/Pier
Assessor
4
Brick, Siding
Building Details
Year Built
1940
Buildings
1
Listing Agency:
Sunshine Realty Experts
Listed By:
Bansi Amin · License #0806380
(812) 229-4108
Source:
Compass
Added: Mar 17, 2025
Changed: Aug 8
Last Checked: Jul 21 at 8:01AM
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 Sunshine Realty Experts
Investment Insights
Based on property information with market context.
This fourplex presents four continuously rented units with a 100% occupancy rate and annual leases in place. The property is structured with tenant-paid utilities that are metered separately for each unit.
According to the public remarks, the building is within walking distance of the police station, rail station, restaurants and bars, and it is near UNT and Texas Woman University, along with the Denton County courthouse.
The offering highlights an income stream supported by ongoing tenant occupancy and lease structure, with utilities handled directly by tenants through separate metering.
According to the public remarks, the building is within walking distance of the police station, rail station, restaurants and bars, and it is near UNT and Texas Woman University, along with the Denton County courthouse.
The offering highlights an income stream supported by ongoing tenant occupancy and lease structure, with utilities handled directly by tenants through separate metering.
Key Highlights
- 4‑unit fourplex (2 stories) built in 1940
- 100% occupancy with annual leases per public remarks
- Tenant‑paid utilities: all utilities paid by the tenant and metered separately
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
$59,838
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
8.55%
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%
$1,196,760
$1.2M
Cap Rate 7%
$854,829
$854.8K
Cap Rate 9%
$664,867
$664.9K
Market Conditions
NOI Build-Up for 3,450 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
$96.0K $27.84/SF
− Vacancy
−$10.6K −$3.06/SF
EGI
$85.5K $24.78/SF
− OpEx
−$25.6K −$7.43/SF
NOI
$59.8K $17.34/SF
Area
Denton, TX
Vacancy
11.00%
Lease Rate
$27.84 /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%
$1,196,760
Cap Rate 7%
$854,829
Cap Rate 9%
$664,867
Alternative Uses
Best Use
Multifamily LT 5
$854.8K
$748.0K – $997.3K
NOI $59,838 @ 7.0% cap · market cap 8.55%
Second Best
Apartment 5plus
$749.4K
$655.8K – $874.4K
NOI $52,461 @ 7.0% cap · market cap 7.49%
Theoretical Best
Office A
$1.08M
$943.2K – $1.26M
NOI $75,452 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
963
Businesses Nearby
Explore this area
Business Placement
Demographics for 76205, TX
18,969
Population
8,114
Households
2.3
Avg Household Size
29
Median Age
39%
College-Educated
88%
High-School Grad
8.3 sq mi
ZIP Area
2,285
Density / Sq Mi
$65,322
Median Household Income
$31,173
Median Earnings
$1,368
Median Rent
$307,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fourplex offered fully occupied with annual leases; tenant-paid, separately metered utilities.
Where is this quadplex located?
The property is located at 1029 East Hickory Street Denton, TX.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 4‑unit fourplex (2 stories) built in 1940; 100% occupancy with annual leases per public remarks; Tenant‑paid utilities: all utilities paid by the tenant and metered separately
