24-Unit Apartment
For Sale
$4,300,000
2404 Louise Street 2404 & 2420, Denton, TX 76201
Two apartment buildings near the University of North Texas campus feature updated systems and a predominantly two-bedroom unit mix.
Property Size9,720 SF
Price / SF$442.39
Days on Market11
Property Features for 2404 Louise Street 2404 & 2420
General Information
Standard status
Active
Size
9,720 SF
Property subtype
Multi-Family
Units
Unit Mix
23 x 2BR/1BA
Multifamily Units
24
Building Details
Year Built
1967
Buildings
2
Listing Agency:
Star Realty
(214) 727-0686
Listed By:
Ara Minassian · License #0564828
Source:
Christenberrygroup
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 28 at 7:13AM
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.
This multifamily property comprises two apartment buildings with 24 total units, divided evenly between the buildings. The unit mix is predominantly two-bedroom, one-bath apartments, with all but one unit matching that configuration. Improvements include replacement of all older HVAC systems, upgrades to many gas water heaters, and flooring and paint work completed across most units within the last 2 years. Several apartments also feature remodeled kitchens with expanded cabinet storage, while most units include stainless appliances and dishwashers where configured.
The property is located at 2404 Louise Street, with buildings identified as 2404 and 2420, approximately 1 block from the University of North Texas campus in Denton. Built in 1967, the buildings contain a combined 9,720 square feet of property area.
The property is located at 2404 Louise Street, with buildings identified as 2404 and 2420, approximately 1 block from the University of North Texas campus in Denton. Built in 1967, the buildings contain a combined 9,720 square feet of property area.
Key Highlights
- 24 total apartment units across two buildings, with 12 units in each building
- All but 1 unit are configured as 2‑bedroom, 1‑bath apartments
- All older HVAC systems have been replaced
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
1,110
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two apartment buildings near the University of North Texas campus feature updated systems and a predominantly two-bedroom unit mix.
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 total apartment units across two buildings, with 12 units in each building; All but 1 unit are configured as 2‑bedroom, 1‑bath apartments; All older HVAC systems have been replaced
