Duplex with Detached
For Sale
$229,900
1503 East Wells Avenue, Sherman, TX 75090
Both residences are remodeled and occupied under one-year leases.
Property Size1,469 SF
Price / SF$156.50
Days on Market305
Property Features for 1503 East Wells Avenue
General Information
Standard status
Active
Size
1,469 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Full Duplex
Amenities
Ceiling Fan(s), Central Air, Electric, Roof Turbine(s)
Central, Electric
No
Luxury Vinyl Plank
Dishwasher, Disposal, Electric Range, Electric Water Heater
High Speed Internet Available, Open Floorplan
Composition
One
1
Slab
Assessor
2
Brick, Wood
Building Details
Year Built
1956
Buildings
1
Listing Agency:
United Real Estate
Listed By:
Robert Genera · License #0631641
(972) 974-0956
Source:
Compass
Added: Dec 28, 2025
Changed: Oct 28
Last Checked: Oct 28 at 4:06PM
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 United Real Estate
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Investment Insights
Based on property information with market context.
This 1,469-square-foot duplex was built in 1956 and contains two remodeled residences. Both are leased on one-year terms. Each unit has driveway parking, and the 1503 residence also includes a detached garage. A rear unit at 1503 has a garage conversion with washer and dryer hookups.
Interior features include central air, electric heating, luxury vinyl plank flooring, a dishwasher, a disposal, and an electric range. The property is at 1501 and 1503 E Wells Ave in Sherman, Texas.
Interior features include central air, electric heating, luxury vinyl plank flooring, a dishwasher, a disposal, and an electric range. The property is at 1501 and 1503 E Wells Ave in Sherman, Texas.
Key Highlights
- 1,469‑square‑foot duplex built in 1956
- Both remodeled residences are leased on 1‑year terms
- Driveway parking at both units; 1503 also has a detached garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,261
Cap Rate
4.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$225,220
$225.2K
Cap Rate 7%
$160,871
$160.9K
Cap Rate 9%
$125,122
$125.1K
Market Conditions
NOI Build-Up for 1,469 SF
Gross rent
$18.2K $12.36/SF
− Vacancy
−$2.1K −$1.41/SF
EGI
$16.1K $10.95/SF
− OpEx
−$4.8K −$3.29/SF
NOI
$11.3K $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 Rate 5%
$225,220
Cap Rate 7%
$160,871
Cap Rate 9%
$125,122
Alternative Uses
Best Use
Multifamily LT 5
$160.9K
$140.8K – $187.7K
NOI $11,261 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$142.6K
$124.8K – $166.4K
NOI $9,982 @ 7.0% cap · market cap 4.34%
Theoretical Best
Hotel Hospitality
$753.6K
$659.4K – $879.2K
NOI $52,752 @ 7.0% cap · market cap 22.95%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
183
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are remodeled and occupied under one-year leases.
Where is this duplex located?
The property is located at 1503 East Wells Avenue Sherman, TX.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: 1,469‑square‑foot duplex built in 1956; Both remodeled residences are leased on 1‑year terms; Driveway parking at both units; 1503 also has a detached garage
