Updated Duplex with
For Sale
$285,500
2413 North Lockhart Street, Sherman, TX 75092
Well-maintained two-unit property with refreshed interiors, separate garages, and a storage building.
Property Size1,741 SF
Price / SF$163.99
Days on Market155
Property Features for 2413 North Lockhart Street
General Information
Standard status
Active
Size
1,741 SF
Total Parking Spaces
4
Property subtype
Multi-Family / Full Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Parking per Unit
1
Additional Details
Utilities to Site
Yes
Amenities
storage building
Ceiling Fan(s), Central Air
Central, Electric
Ceramic Tile, Laminate
Dishwasher, Disposal, Electric Range
Cable TV Available, Decorative Lighting, Eat-in Kitchen, High Speed Internet Available
No
Composition
One
Chain Link, Wood
Storage
1
Slab
Assessor
2
Brick
Building Details
Year Built
1966
Buildings
1
Listing Agency:
Keller Williams North Country
Listed By:
Robin Atherton · License #0535305
(903) 815-3870
Source:
Compass
Added: Apr 6
Changed: Sep 6
Last Checked: Sep 7 at 10:41AM
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 Keller Williams North Country
Investment Insights
Based on property information with market context.
Built in 1966, this duplex contains two separate residences, each offering two bedrooms, one bathroom, and a one-car garage. The 1,741-square-foot property has fresh interior and exterior paint, laminate flooring with an underlayment moisture barrier, ceramic tile in the kitchens and baths, updated countertops and sinks, ceiling fans, and revised light fixtures. Both units have central air, electric heat pumps, dishwashers, disposals, and electric ranges.
Electrical panels serving both sides were updated in 2020. Sewer lines between the street and the home were replaced in 2025, along with installation of Carrier heat pumps that remain under warranty. A Class IV hail-resistant roof and gutters were completed in June 2023. The address includes 2413 and 2415 N. Lockhart Street, with a 10 by 16 storage building behind 2415. Fairview Elementary School and Fairview Park are nearby; the park includes playgrounds, a pool, tennis courts, soccer fields, and baseball fields.
Electrical panels serving both sides were updated in 2020. Sewer lines between the street and the home were replaced in 2025, along with installation of Carrier heat pumps that remain under warranty. A Class IV hail-resistant roof and gutters were completed in June 2023. The address includes 2413 and 2415 N. Lockhart Street, with a 10 by 16 storage building behind 2415. Fairview Elementary School and Fairview Park are nearby; the park includes playgrounds, a pool, tennis courts, soccer fields, and baseball fields.
Key Highlights
- Two‑unit duplex with 2 bedrooms, 1 bath, and a one‑car garage on each side
- 1,741 SF property built in 1966
- Electrical panels on both sides updated in 2020
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
$13,346
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
4.67%
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%
$266,920
$266.9K
Cap Rate 7%
$190,657
$190.7K
Cap Rate 9%
$148,289
$148.3K
Market Conditions
NOI Build-Up for 1,741 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
$21.5K $12.36/SF
− Vacancy
−$2.5K −$1.41/SF
EGI
$19.1K $10.95/SF
− OpEx
−$5.7K −$3.29/SF
NOI
$13.3K $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%
$266,920
Cap Rate 7%
$190,657
Cap Rate 9%
$148,289
Alternative Uses
Best Use
Multifamily LT 5
$190.7K
$166.8K – $222.4K
NOI $13,346 @ 7.0% cap · market cap 4.67%
Second Best
Apartment 5plus
$169.0K
$147.9K – $197.2K
NOI $11,831 @ 7.0% cap · market cap 4.14%
Theoretical Best
Hotel Hospitality
$893.1K
$781.5K – $1.04M
NOI $62,519 @ 7.0% cap · market cap 21.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
332
Businesses Nearby
Explore this area
Business Placement
Demographics for 75092, TX
27,186
Population
13,117
Households
2.1
Avg Household Size
39
Median Age
30%
College-Educated
94%
High-School Grad
113.9 sq mi
ZIP Area
239
Density / Sq Mi
$67,160
Median Household Income
$41,683
Median Earnings
$1,205
Median Rent
$260,100
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?
Duplex - Well-maintained two-unit property with refreshed interiors, separate garages, and a storage building.
Where is this duplex located?
The property is located at 2413 North Lockhart Street Sherman, TX.
What is the asking price?
The asking price for this property is $285,500.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms, 1 bath, and a one‑car garage on each side; 1,741 SF property built in 1966; Electrical panels on both sides updated in 2020
