Single-Story 24-Unit Apartment
202 South Broadway Street Bells, TX 75414
202 South Broadway Street, Bells, TX, 75414
$2,495,000
For Sale
$2,495,000
Two-bedroom, one-bath units are all single story and separately metered for electricity and water across six buildings.
Property Size18,468 SF
Price / SF$135.10
Days on Market517
Property Features for 202 South Broadway Street
General Information
- Standard status
- Active
- Size
- 18,468 SF
- Property subtype
- Multi-Family / Apartment/5Plex+
Building Details
- Year Built
- 1982
Listing agency
McCraw Properties
(972) 569-8840
Listed by
Chris McCraw · License #0437669
(972) 569-8840
Source
Compass
Added: Feb 19, 2025 Updated: Jul 20 at 8:34PM Checked: Jul 21 at 6:54AM
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 McCraw Properties
Investment Insights
Based on property information with market context.
The property is a 24-unit apartment complex comprised of six separate buildings, with four units per building. Each apartment includes two bedrooms and one bathroom, and all units are single story. Units are all separately metered for water and electricity, and the building systems are all electric with central heat and air.
Recent capital improvements include roof replacements on all six buildings in 2023. Additional work in 2023 includes exterior siding replacement on most buildings, along with exterior painting and porch support beam replacement and staining. The property also includes additional land for possible expansion.
This listing is for the for-sale multifamily asset at 202 South Broadway Street in Bells, TX. The agent notes the property is located in downtown Bells, Texas, between the growth of Sherman and the new Bois d’Arc Lake.
Recent capital improvements include roof replacements on all six buildings in 2023. Additional work in 2023 includes exterior siding replacement on most buildings, along with exterior painting and porch support beam replacement and staining. The property also includes additional land for possible expansion.
This listing is for the for-sale multifamily asset at 202 South Broadway Street in Bells, TX. The agent notes the property is located in downtown Bells, Texas, between the growth of Sherman and the new Bois d’Arc Lake.
Key Highlights
- 24‑unit apartment complex with 6 buildings, each building has 4 units
- Each unit is 2 bedrooms and 1 bath, all single story
- All‑electric units with central air and electric heating
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $259.3k | $14.04 |
| − Vacancy | −$31.1k | −$1.68 |
| EGI | $228.2k | $12.36 |
| − OpEx | −$102.7k | −$5.56 |
| NOI | $125.5k | $6.80 |
18,468 SF · lease $14.04/SF/yr · vacancy 12.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.79M
$1.57M – $2.09M
NOI $125,497 @ 7.0% cap · market cap 5.03%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$9.47M
$8.29M – $11.05M
NOI $663,186 @ 7.0% cap · market cap 26.58%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Deer Run Apartments
Apartment Building
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Two-bedroom, one-bath units are all single story and separately metered for electricity and water across six buildings.
Where is this apartment building located?
The property is located at 202 South Broadway Street Bells, TX.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: 24‑unit apartment complex with 6 buildings, each building has 4 units; Each unit is 2 bedrooms and 1 bath, all single story; All‑electric units with central air and electric heating
