Remodeled Duplex with
New
For Sale
$350,000
1104-1106 Mulkey Lane, Denton, TX 76209
ResidentialIncome, Denton, TX
Property Size1,840 SF
Lot Size0.14 Acres
Price / SF$190.22
Days on Market3
Property Features for 1104-1106 Mulkey Lane
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 3
Parking
2
Parking features
Carport
Interior features
DecorativeDesignerLightingFixtures, EatInKitchen, HighSpeedInternet
Fireplace
1
Appliances
Dishwasher, ElectricRange, Disposal, GasWaterHeater, Microwave, Refrigerator
Subdivision
Meadow Oak Sec 2
Elementary school
Alice Moore Alexander
Middle school
Strickland
High school
Ryan H S
Elementary school district
Denton ISD
Middle school district
Denton ISD
High school district
Denton ISD
Directions
GPS 1104-1106 Mulkey Lane, Denton
Standard status
Active
APN
R31677
Size
1,840 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
MEADOW OAK SEC 2 BLK 8 LOT 2
Tax Annual Amount
4446
Legal Description
MEADOW OAK SEC 2 BLK 8 LOT 2
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1976
Floors in Building
1
Number of units
2
Flooring type
Carpet, Tile, Vinyl
Building materials
Brick
Roof type
Composition
Listing Agency:
Repeat Realty, LLC
Listed By:
Jason Labrum · License #0620922
(972) 966-6683
Added: Sep 19
Last Checked: Sep 21 at 7:06PM
MLS# 21391011
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 1,840-square-foot duplex at 1104-1106 Mulkey Lane includes two residences, each arranged with two bedrooms, one bathroom, a two-car carport, and exterior storage closets. Both sides feature an open layout connecting the living room, breakfast area, and kitchen, with laundry located near the bedrooms. Unit 1104 has been remodeled with a new HVAC system, updated cabinetry, stainless steel appliances, fresh paint, and luxury vinyl plank flooring. The property was built in 1976 and has a composition roof replaced in 2025.
The 0.139-acre property is served by public water and public sewer. Additional features include brick construction, central heating and cooling, natural gas, a fireplace, dishwasher, electric range, disposal, microwave, refrigerator, decorative lighting, an eat-in kitchen, and high-speed internet. The duplex is minutes from the University of North Texas and Texas Woman's University.
The 0.139-acre property is served by public water and public sewer. Additional features include brick construction, central heating and cooling, natural gas, a fireplace, dishwasher, electric range, disposal, microwave, refrigerator, decorative lighting, an eat-in kitchen, and high-speed internet. The duplex is minutes from the University of North Texas and Texas Woman's University.
Key Highlights
- Two‑unit duplex totaling 1,840 square feet
- Each side includes 2 bedrooms, 1 bathroom, and a 2‑car carport
- Unit 1104 remodeled with new HVAC, cabinets, appliances, paint, and luxury vinyl plank
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
$31,914
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
9.12%
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%
$638,280
$638.3K
Cap Rate 7%
$455,914
$455.9K
Cap Rate 9%
$354,600
$354.6K
Market Conditions
NOI Build-Up for 1,840 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
$51.2K $27.84/SF
− Vacancy
−$5.6K −$3.06/SF
EGI
$45.6K $24.78/SF
− OpEx
−$13.7K −$7.43/SF
NOI
$31.9K $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%
$638,280
Cap Rate 7%
$455,914
Cap Rate 9%
$354,600
Alternative Uses
Best Use
Multifamily LT 5
$455.9K
$398.9K – $531.9K
NOI $31,914 @ 7.0% cap · market cap 9.12%
Second Best
Apartment 5plus
$399.7K
$349.7K – $466.3K
NOI $27,979 @ 7.0% cap · market cap 7.99%
Theoretical Best
Office A
$574.9K
$503.0K – $670.7K
NOI $40,241 @ 7.0% cap · market cap 11.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
272
Businesses Nearby
Explore this area
Business Placement
Demographics for 76209, TX
28,088
Population
11,403
Households
2.5
Avg Household Size
31
Median Age
38%
College-Educated
90%
High-School Grad
6.7 sq mi
ZIP Area
4,192
Density / Sq Mi
$66,883
Median Household Income
$34,680
Median Earnings
$1,367
Median Rent
$248,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - One side has updated interiors, while both residences include private outdoor storage.
Where is this duplex located?
The property is located at 1104-1106 Mulkey Lane Denton, TX.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,840 square feet; Each side includes 2 bedrooms, 1 bathroom, and a 2‑car carport; Unit 1104 remodeled with new HVAC, cabinets, appliances, paint, and luxury vinyl plank
