Apartment Building with 12 Private
For Sale
$895,000
1905 E Price Street, Paris, TX 75460
ResidentialIncome, Paris, TX
Property Size11,000 SF
Lot Size1.07 Acres
Price / SF$81.36
Days on Market94
Property Features for 1905 E Price Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
12
Bathrooms
13
Full bathrooms
12
Half bathrooms
1
Rooms
Bathroom 11, Bathroom 6, Bathroom 8, Bathroom 5, Bathroom 4, Bathroom 3, Bedroom 9, Bathroom 12, Bathroom 2, Bedroom 7, Bedroom 10, Bedroom 5, Bedroom 2, Bathroom 13, Bedroom 11, Bathroom 1, Bedroom 3, Bedroom 4, Bathroom 7, Bedroom 8, Bedroom 6, Bathroom 10, Bathroom 9, Bedroom 12, Bedroom 1
Parking
12
Parking features
Driveway, Carport
Interior features
BuiltInFeatures
Accessibility
Accessible Approach with Ramp
Appliances
SomeGasAppliances, PlumbedForGas
Subdivision
City Of Paris
Lot features
Acreage, Backs To Greenbelt Park, Landscaped, Few Trees
Elementary school
Aiken
Middle school
Crockett,Travis
High school
Paris
Elementary school district
Paris ISD
Middle school district
Paris ISD
High school district
Paris ISD
Directions
From US 82 into Paris, take NE Loop 286 to the FM 195 20th St NE exit. Follow FM 195 to the ramp to US 271 N, merge onto Summit Ave, turn left onto E Price St-105 E Price St is on the left.
Standard status
Active
APN
22040
Lot size
1.07 Acres
Taxes and HOA fees
Tax Description
CITY OF PARIS,BLOCK 220-A,LOT 9-A & 6,1905 E PRICE
Tax Annual Amount
21206
Legal Description
CITY OF PARIS,BLOCK 220-A,LOT 9-A & 6,1905 E PRICE
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1960
Floors in Building
1
Number of units
12
Flooring type
Vinyl
Building materials
Brick
Roof type
Composition
Listing Agency:
EXP REALTY
(888) 519-7431
Listed By:
Shannon Miles · License #0734748
(888) 519-7431
Added: May 28
Changed: Aug 29
Last Checked: Aug 29 at 1:06AM
MLS# 21237120
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 11,000+ SF apartment property occupies 1.068 acres and was built in 1960. The interior contains 12 private rooms, each with a full bath, along with office areas, a commercial kitchen, laundry facilities, and additional flexible rooms. Brick construction, vinyl flooring, central air, electric heat, a composition roof, carport parking, and a ramped accessible approach are included. Public water and sewer serve the property.
The site has dual road frontage in a Multi-Family Dwelling District. It is located in Paris near downtown, shopping, and medical centers. The existing configuration was formerly used as a daycare and may support conversion to multifamily housing, as well as co-working, flex offices, medical or wellness services, senior-focused services, group lodging, or community training. The property is in a Texas Opportunity Zone, and current income supports an estimated 10% cap rate.
The site has dual road frontage in a Multi-Family Dwelling District. It is located in Paris near downtown, shopping, and medical centers. The existing configuration was formerly used as a daycare and may support conversion to multifamily housing, as well as co-working, flex offices, medical or wellness services, senior-focused services, group lodging, or community training. The property is in a Texas Opportunity Zone, and current income supports an estimated 10% cap rate.
Key Highlights
- 11,000+ SF building on 1.068 acres
- 12 private rooms, each with a full bath
- Commercial kitchen, laundry, office areas, and multiple flex spaces
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
$80,042
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
8.94%
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%
$1,600,840
$1.6M
Cap Rate 7%
$1,143,457
$1.1M
Cap Rate 9%
$889,356
$889.4K
Market Conditions
NOI Build-Up for 11,000 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
$165.0K $15.00/SF
− Vacancy
−$19.5K −$1.77/SF
EGI
$145.5K $13.23/SF
− OpEx
−$65.5K −$5.95/SF
NOI
$80.0K $7.28/SF
Area
Lamar County, TX
Vacancy
11.80%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,600,840
Cap Rate 7%
$1,143,457
Cap Rate 9%
$889,356
Alternative Uses
Best Use
Apartment 5plus
$1.14M
$1.00M – $1.33M
NOI $80,042 @ 7.0% cap · market cap 8.94%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$8.29M
$7.25M – $9.67M
NOI $579,975 @ 7.0% cap · market cap 64.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
662
Businesses Nearby
Explore this area
Business Placement
Demographics for 75460, TX
22,925
Population
11,210
Households
2
Avg Household Size
38
Median Age
17%
College-Educated
88%
High-School Grad
101.9 sq mi
ZIP Area
225
Density / Sq Mi
$44,241
Median Household Income
$30,546
Median Earnings
$895
Median Rent
$123,300
Median Home Value
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?
Apartment building - Former daycare improvements provide private rooms, full baths, office areas, kitchen, laundry, and flexible interior spaces.
Where is this apartment building located?
The property is located at 1905 E Price Street Paris, TX.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 11,000+ SF building on 1.068 acres; 12 private rooms, each with a full bath; Commercial kitchen, laundry, office areas, and multiple flex spaces
