Duplex with
For Sale
$409,999
208-212 E Cherry Street, Sherman, TX 75090
ResidentialIncome, Sherman, TX
Property Size3,224 SF
Lot Size0.15 Acres
Price / SF$127.17
Days on Market52
Property Features for 208-212 E Cherry Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
6
Full bathrooms
4
Half bathrooms
2
Rooms
Bedroom 1, Bathroom 4, Bathroom 5, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 5, Bathroom 3, Bathroom 6, Bedroom 3, Bedroom 2, Bedroom 6
Parking
2
Parking features
Garage, Driveway
Interior features
GraniteCounters, Pantry, WiredForData, WalkInClosets, WiredForSound
Appliances
Dishwasher, ElectricRange, ElectricWaterHeater, Disposal, Microwave
Subdivision
MORAN ADDITION
Elementary school
Washington
Middle school
Piner
High school
Sherman
Elementary school district
Sherman ISD
Middle school district
Sherman ISD
High school district
Sherman ISD
Directions
From US-75, take Exit 56 toward Lamar Street and head east. Continue on Lamar Street, then turn left onto South Crockett Street. Turn right onto East Cherry Street and continue to 208 E. Cherry Street, which will be located on the left.
Standard status
Active
APN
437802
Size
3,224 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
MORAN ADDITION PHASE TWO, LOT 1, ACRES .154
Tax Annual Amount
10370
Legal Description
MORAN ADDITION PHASE TWO, LOT 1, ACRES .154
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Electric, Heat Pump
Water source
Public
Building Details
Year built
2022
Floors in Building
2
Number of units
2
Roof type
Shingle, Asphalt
Listing Agency:
Mark Spain Real Estate
(855) 299-7653
Listed By:
Chuntami Garcia
(903) 570-2436
Added: Jul 18
Changed: Sep 6
Last Checked: Sep 7 at 4:06PM
MLS# 21333389
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.
Built in 2022, this duplex contains 3,224 square feet across two residential units on a 0.15-acre parcel. One side is leased to a long-term tenant, while the second unit can support owner occupancy or a separate rental arrangement. Interior features include granite counters, pantries, walk-in closets, and wiring for data and sound. Each residence is equipped with a dishwasher, electric range, microwave, disposal, and electric water heating, with heat-pump systems serving heating and cooling needs.
The property includes a garage and driveway parking, along with public water and public sewer service. Located near downtown Sherman, the residence offers access to shopping, dining, parks, schools, major employers, and US-75. Asphalt-shingle roofing completes the property improvements.
The property includes a garage and driveway parking, along with public water and public sewer service. Located near downtown Sherman, the residence offers access to shopping, dining, parks, schools, major employers, and US-75. Asphalt-shingle roofing completes the property improvements.
Key Highlights
- 2022 construction with 3,224 square feet of total property size
- Two‑unit duplex on a 0.15‑acre parcel
- One unit leased to a long‑term tenant; second unit available for occupancy or rental
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
6.03%
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 6.03%
Second Best
Apartment 5plus
$313.0K
$273.9K – $365.1K
NOI $21,908 @ 7.0% cap · market cap 5.34%
Theoretical Best
Hotel Hospitality
$1.65M
$1.45M – $1.93M
NOI $115,774 @ 7.0% cap · market cap 28.24%
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
1,135
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 - Two separately configured residences include updated interiors, private parking, and one unit already occupied by a long-term tenant.
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 $409,999.
What are key features of this property?
This property features: 2022 construction with 3,224 square feet of total property size; Two‑unit duplex on a 0.15‑acre parcel; One unit leased to a long‑term tenant; second unit available for occupancy or rental
