24-Unit Apartment
For Sale
Contact for pricing
2404 Louise Street #2404 & 2420, Denton, TX 76201
Updated HVAC, flooring, paint, kitchens, and appliances across the multifamily property.
Property Size9,720 SF
Price / SF$442.39
Days on Market153
Property Features for 2404 Louise Street #2404 & 2420
General Information
Standard status
Active
Size
9,720 SF
Total Parking Spaces
34
Property subtype
Multifamily
Net Operating Income
$230,746
Units
Unit Mix
23 x 2BR/1BA
Multifamily Units
24
Building Details
Year Built
1967
Buildings
2
Stories
2
Units
24
Listing Agency:
Star Realty
(214) 727-0686
Listed By:
Ara Minassian · License #0564828
Source:
Crexi
Added: Apr 1
Changed: Aug 31
Last Checked: Aug 31 at 2:51AM
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 Star Realty
Investment Insights
Based on property information with market context.
The property contains two apartment buildings with 24 units total, arranged as 12 units in each building. Built in 1967, the 9,720-square-foot asset is composed primarily of two-bedroom, one-bath apartments, with one unit differing from that mix. Most apartments feature stainless-steel appliances, while select kitchens have been updated with additional cabinet space; dishwasher configurations vary by unit.
Recent property improvements include replacement of all HVAC systems, replacement of many gas water heaters, and flooring and paint work completed in most units during the last two years. Some apartments have also received further kitchen renovations. The property is located one block from the University of North Texas campus at 2404 Louise Street #2404 & 2420, Denton, TX 76201.
Recent property improvements include replacement of all HVAC systems, replacement of many gas water heaters, and flooring and paint work completed in most units during the last two years. Some apartments have also received further kitchen renovations. The property is located one block from the University of North Texas campus at 2404 Louise Street #2404 & 2420, Denton, TX 76201.
Key Highlights
- 24 units across two apartment buildings, with 12 units in each building
- 9,720‑square‑foot multifamily property built in 1967
- One block from the University of North Texas campus
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
$147,802
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
3.44%
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%
$2,956,040
$3.0M
Cap Rate 7%
$2,111,457
$2.1M
Cap Rate 9%
$1,642,244
$1.6M
Market Conditions
NOI Build-Up for 9,720 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
$300.9K $30.96/SF
− Vacancy
−$32.2K −$3.31/SF
EGI
$268.7K $27.65/SF
− OpEx
−$120.9K −$12.44/SF
NOI
$147.8K $15.21/SF
Area
Denton, TX
Vacancy
10.70%
Lease Rate
$30.96 /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%
$2,956,040
Cap Rate 7%
$2,111,457
Cap Rate 9%
$1,642,244
Alternative Uses
Best Use
Apartment 5plus
$2.11M
$1.85M – $2.46M
NOI $147,802 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.04M
$2.66M – $3.54M
NOI $212,579 @ 7.0% cap · market cap 4.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
66
Businesses Nearby
Explore this area
Business Placement
Demographics for 76201, TX
27,610
Population
13,087
Households
2.1
Avg Household Size
26
Median Age
46%
College-Educated
95%
High-School Grad
5.5 sq mi
ZIP Area
5,020
Density / Sq Mi
$37,863
Median Household Income
$18,308
Median Earnings
$1,128
Median Rent
$250,200
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?
Apartment building - Updated HVAC, flooring, paint, kitchens, and appliances across the multifamily property.
Where is this apartment building located?
The property is located at 2404 Louise Street #2404 & 2420 Denton, TX.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: 24 units across two apartment buildings, with 12 units in each building; 9,720‑square‑foot multifamily property built in 1967; One block from the University of North Texas campus
