24-Unit Apartment
2404 Louise Street Unit 2404 & 2420 Denton, TX 76201
2404 Louise Street Unit 2404 & 2420, Denton, TX, 76201
$4,300,000
For Sale
$4,300,000
Twenty-four-unit apartment property with recent unit and infrastructure upgrades, including HVAC and water heater replacements.
Property Size9,720 SF
Price / SF$442.39
Days on Market155
Property Features for 2404 Louise Street Unit 2404 & 2420
General Information
- Standard status
- Active
- Size
- 9,720 SF
- Property subtype
- Multi-Family / Apartment/5Plex+
Building Details
- Year Built
- 1967
Listing agency
Star Realty
(214) 727-0686
Listed by
Ara Minassian · License #0564828
(214) 727-0686
Source
Compass
Added: Feb 17 Updated: Jul 22 at 6:17PM Checked: Jul 22 at 6:17PM
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 offering is a 24-unit apartment building configured as 12 units and 12 units. The owner reports extensive recent improvements, including replacement of all old HVAC systems, replacement of many gas water heaters, and most flooring and paint completed within the last two years. Several units have also been further remodeled, with updated kitchens that include additional cabinet space. The majority of the units are two-bedroom, one-bath layouts, and most units reportedly include stainless appliances, with dishwashers excluded from the units with new kitchens per tenant preference.
The property is described as being one block from the University of North Texas campus, and market rents have been kept lower to accommodate construction on the street and within the building.
Unit mix is largely consistent across the community, with all but one unit described as two-bedroom, one-bath. The current ownership opportunity is positioned around completing the remaining work and returning rents toward previously realized levels mentioned in the remarks.
The property is described as being one block from the University of North Texas campus, and market rents have been kept lower to accommodate construction on the street and within the building.
Unit mix is largely consistent across the community, with all but one unit described as two-bedroom, one-bath. The current ownership opportunity is positioned around completing the remaining work and returning rents toward previously realized levels mentioned in the remarks.
Key Highlights
- 24‑unit apartment building (12 & 12) built in 1967 with brick construction and slab foundation
- Recent infrastructure upgrades include replacement of old HVAC systems and many gas water heaters
- Most flooring and paint completed within the last 2 years; some units have remodeled kitchens with more cabinet space
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 | $300.9k | $30.96 |
| − Vacancy | −$32.2k | −$3.31 |
| EGI | $268.7k | $27.65 |
| − OpEx | −$120.9k | −$12.44 |
| NOI | $147.8k | $15.21 |
9,720 SF · lease $30.96/SF/yr · vacancy 10.70% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Hayley's Hair Products
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Twenty-four-unit apartment property with recent unit and infrastructure upgrades, including HVAC and water heater replacements.
Where is this apartment building located?
The property is located at 2404 Louise Street Unit 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‑unit apartment building (12 & 12) built in 1967 with brick construction and slab foundation; Recent infrastructure upgrades include replacement of old HVAC systems and many gas water heaters; Most flooring and paint completed within the last 2 years; some units have remodeled kitchens with more cabinet space
