Well-Maintained Duplex
For Sale
$419,999
208-212 E Cherry Street, Sherman, TX 75090
Well-maintained duplex with one side leased and the other unit available for occupancy or rental income.
Property Size3,224 SF
Price / SF$130.27
Days on Market20
Property Features for 208-212 E Cherry Street
General Information
Standard status
Active
Size
3,224 SF
Property subtype
Duplex
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
2022
Listing Agency:
Mark Spain Real Estate
(855) 299-7653
Listed By:
Rene Jensen · License #0720823
(214) 532-6823
Source:
Lonestarluxuryrealty
Added: Jul 24
Changed: Aug 11
Last Checked: Aug 12 at 6:37AM
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 Mark Spain Real Estate
Investment Insights
Based on property information with market context.
This well-maintained duplex is offered for sale as a residential income property with two units on one site. One side is currently leased to a long-term tenant, providing immediate rental income, while the other unit is available for owner occupancy or additional rental income. The property is described as being in like-new condition.
The property is located in Sherman near downtown, with access to shopping, dining, parks, schools, and major employers. Quick connectivity to US-75 is noted in the remarks.
The offering consists of 208-212 E Cherry Street, a duplex configuration designed for duplex-style income through a leased unit and a second unit with flexibility for occupancy or leasing.
The property is located in Sherman near downtown, with access to shopping, dining, parks, schools, and major employers. Quick connectivity to US-75 is noted in the remarks.
The offering consists of 208-212 E Cherry Street, a duplex configuration designed for duplex-style income through a leased unit and a second unit with flexibility for occupancy or leasing.
Key Highlights
- Duplex built in 2022
- One side is currently leased to a long‑term tenant
- Other unit available for owner occupancy or additional rental income
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
$24,714
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
5.88%
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%
$494,280
$494.3K
Cap Rate 7%
$353,057
$353.1K
Cap Rate 9%
$274,600
$274.6K
Market Conditions
NOI Build-Up for 3,224 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
$39.8K $12.36/SF
− Vacancy
−$4.5K −$1.41/SF
EGI
$35.3K $10.95/SF
− OpEx
−$10.6K −$3.29/SF
NOI
$24.7K $7.67/SF
Area
Grayson County, TX
Vacancy
11.40%
Lease Rate
$12.36 /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%
$494,280
Cap Rate 7%
$353,057
Cap Rate 9%
$274,600
Alternative Uses
Best Use
Multifamily LT 5
$353.1K
$308.9K – $411.9K
NOI $24,714 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$313.0K
$273.9K – $365.1K
NOI $21,908 @ 7.0% cap · market cap 5.22%
Theoretical Best
Hotel Hospitality
$1.65M
$1.45M – $1.93M
NOI $115,774 @ 7.0% cap · market cap 27.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
325
Businesses Nearby
Explore this area
Business Placement
Demographics for 75090, TX
25,002
Population
9,602
Households
2.6
Avg Household Size
35
Median Age
15%
College-Educated
84%
High-School Grad
78.5 sq mi
ZIP Area
318
Density / Sq Mi
$58,586
Median Household Income
$36,230
Median Earnings
$1,111
Median Rent
$163,500
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?
Duplex - Well-maintained duplex with one side leased and the other unit available for occupancy or rental income.
Where is this duplex located?
The property is located at 208-212 E Cherry Street Sherman, TX.
What is the asking price?
The asking price for this property is $419,999.
What are key features of this property?
This property features: Duplex built in 2022; One side is currently leased to a long‑term tenant; Other unit available for owner occupancy or additional rental income
