Duplex With Remodeled
New
For Sale
$350,000
1104 Mulkey Lane, Denton, TX 76209
One unit features new HVAC, cabinetry, stainless appliances, fresh paint, and luxury vinyl plank flooring.
Property Size1,840 SF
Price / SF$190.22
Days on Market3
Property Features for 1104 Mulkey Lane
General Information
Standard status
Active
Size
1,840 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
a little updating
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1976
Buildings
1
Listing Agency:
Corey Simpson & Associates
(945) 349-9179
Listed By:
Cameron Johnson
(214) 886-3359
Source:
Mainstreethomeguide
Added: Sep 20
Changed: Sep 21
Last Checked: Sep 21 at 6:09AM
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 Corey Simpson & Associates
Investment Insights
Based on property information with market context.
This 1,840-square-foot duplex, built in 1976, contains two separate residences with matching two-bedroom, one-bathroom layouts. Each side includes a two-car carport, exterior storage closets, a living room connected to the breakfast area and kitchen, and hallway laundry access near the bedrooms.
Unit 1104 has undergone a complete interior renovation with new HVAC, cabinets, stainless steel appliances, updated paint, and luxury vinyl plank flooring. The roof was replaced in 2025. The property is located at 1104 Mulkey Lane in Denton, near both the University of North Texas and Texas Woman’s University.
Unit 1104 has undergone a complete interior renovation with new HVAC, cabinets, stainless steel appliances, updated paint, and luxury vinyl plank flooring. The roof was replaced in 2025. The property is located at 1104 Mulkey Lane in Denton, near both the University of North Texas and Texas Woman’s University.
Key Highlights
- Two‑bedroom, one‑bathroom configuration on each side of the duplex
- Duplex totals 1840 square feet and was built in 1976
- Each unit has a two‑car carport and outdoor storage closets
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
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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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - One unit features new HVAC, cabinetry, stainless appliances, fresh paint, and luxury vinyl plank flooring.
Where is this duplex located?
The property is located at 1104 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‑bedroom, one‑bathroom configuration on each side of the duplex; Duplex totals 1840 square feet and was built in 1976; Each unit has a two‑car carport and outdoor storage closets
