Triplex-Style Income
320 North Cleveland Avenue Sherman, TX 75090
For Sale
$399,000
Well-maintained brick multi-unit with separate entrances and a two-story loft-style unit on Mulberry in Sherman.
Property Size3,847 SF
Price / SF$103.72
Days on Market100
Property Features for 320 North Cleveland Avenue
General Information
- Standard status
- Active
- Size
- 3,847 SF
- Property subtype
- Multi-Family / Triplex
Building Details
- Year Built
- 1979
Listing Agency:
Easy Life Realty
(214) 289-5197
Listed By:
Theresa Brendemihl · License #0748216
(214) 289-5197
Source:
Compass
Added: Apr 16
Changed: Jul 23
Last Checked: Jul 23 at 5:10AM
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 Easy Life Realty
Investment Insights
Based on property information with market context.
This triplex-style income property includes a well-maintained brick duplex fronting Cleveland Street, with separate entrances at 320 N. Cleveland and 1520 Mulberry. The configuration also features a unique two-story loft-style unit at 1580 Mulberry. An added value component is the lower level of the loft, which is ready for completion and could be finished into an additional studio apartment.
The property is located only two blocks from Austin College, with walkability to the campus. It also sits just minutes from shopping, dining, medical facilities, and retail, supporting steady tenant demand.
Current leases include 320 Mulberry at $1,100 per month through November 30, 2026; 320 N. Cleveland at $1,080 per month through August 31, 2026; and 1520 Mulberry at $1,100 per month through November 30, 2026.
The property is located only two blocks from Austin College, with walkability to the campus. It also sits just minutes from shopping, dining, medical facilities, and retail, supporting steady tenant demand.
Current leases include 320 Mulberry at $1,100 per month through November 30, 2026; 320 N. Cleveland at $1,080 per month through August 31, 2026; and 1520 Mulberry at $1,100 per month through November 30, 2026.
Key Highlights
- 3‑unit multi‑family property (brick duplex plus a two‑story loft‑style unit) built in 1979
- Current leases: $1,100/mo for 320 Mulberry through Nov 30, 2026; $1,080/mo for 320 N. Cleveland through Aug 31, 2026; $1,100/mo for 1520 Mulberry through Nov 30, 2026
- Separate entrances for 320 N. Cleveland and 1520 Mulberry
Financial Insights For Multifamily LT 5
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 | $47.5k | $12.36 |
| − Vacancy | −$5.4k | −$1.41 |
| EGI | $42.1k | $10.95 |
| − OpEx | −$12.6k | −$3.29 |
| NOI | $29.5k | $7.67 |
3,847 SF · lease $12.36/SF/yr · vacancy 11.40% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$421.3K
$368.6K – $491.5K
NOI $29,490 @ 7.0% cap · market cap 7.39%
Second Best
Apartment 5plus
$373.5K
$326.8K – $435.7K
NOI $26,142 @ 7.0% cap · market cap 6.55%
Theoretical Best
Hotel Hospitality
$1.97M
$1.73M – $2.30M
NOI $138,146 @ 7.0% cap · market cap 34.62%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Well-maintained brick multi-unit with separate entrances and a two-story loft-style unit on Mulberry in Sherman.
Where is this triplex located?
The property is located at 320 North Cleveland Avenue Sherman, TX.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 3‑unit multi‑family property (brick duplex plus a two‑story loft‑style unit) built in 1979; Current leases: $1,100/mo for 320 Mulberry through Nov 30, 2026; $1,080/mo for 320 N. Cleveland through Aug 31, 2026; $1,100/mo for 1520 Mulberry through Nov 30, 2026; Separate entrances for 320 N. Cleveland and 1520 Mulberry
