Modern Duplex with Attached
For Sale
$479,000
500-502 West Owings Street, Denison, TX 75020
Each residence includes private entry, flexible space, and covered outdoor areas.
Property Size3,038 SF
Price / SF$157.67
Days on Market245
Property Features for 500-502 West Owings Street
General Information
Standard status
Active
Size
3,038 SF
Total Parking Spaces
4
Property subtype
Multi-Family / Full Duplex
Amenities
Ceiling Fan(s), Central Air, Electric, Heat Pump
Central, Electric, Heat Pump
No
Carpet, Ceramic Tile, Luxury Vinyl Plank
Dishwasher, Disposal, Electric Range, Electric Water Heater, Microwave, Vented Exhaust Fan
Cable TV Available, Flat Screen Wiring, High Speed Internet Available
Composition
Two
Wood
Covered Patio/Porch, Rain Gutters
2
Slab
Assessor
Frame, Siding, Wood
Covered, Front Porch, Patio
Building Details
Year Built
2021
Buildings
1
Listing Agency:
EXP REALTY
Listed By:
Philip Martin · License #0635201
(972) 768-5664
Source:
Compass
Added: Jan 4
Changed: Aug 30
Last Checked: Aug 30 at 2:32AM
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 EXP REALTY
Investment Insights
Based on property information with market context.
Built in 2021, this duplex contains 3,038 square feet with two residences, each arranged with 3 bedrooms and 2.5 baths. Both units include a first-floor primary suite, flex areas suited to home offices, raised ceilings, granite countertops, stainless steel appliances, luxury vinyl flooring, designer finishes, separate utility rooms, and full blinds. Each residence also has an attached 2-car garage, with the shared wall limited to the garage and entrances positioned at opposite ends. Foam insulation supports energy efficiency, while central air and heat pump systems serve the interiors.
Outdoor improvements include covered front porches, patios, rain gutters, fenced courtyard space, and views toward a park. The property is walkable to historic downtown Denison, restaurants, grocery stores, festivals, and major employers, with Texoma Medical Center, Sherman, Lake Texoma, and Choctaw Casino nearby.
Outdoor improvements include covered front porches, patios, rain gutters, fenced courtyard space, and views toward a park. The property is walkable to historic downtown Denison, restaurants, grocery stores, festivals, and major employers, with Texoma Medical Center, Sherman, Lake Texoma, and Choctaw Casino nearby.
Key Highlights
- Duplex totals 3,038 SF and was built in 2021
- Each unit offers 3 bedrooms, 2.5 baths, and an attached 2‑car garage
- First‑floor primary suites and flex spaces provide adaptable interior layouts
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
$23,288
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
4.86%
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%
$465,760
$465.8K
Cap Rate 7%
$332,686
$332.7K
Cap Rate 9%
$258,756
$258.8K
Market Conditions
NOI Build-Up for 3,038 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
$37.5K $12.36/SF
− Vacancy
−$4.3K −$1.41/SF
EGI
$33.3K $10.95/SF
− OpEx
−$10.0K −$3.29/SF
NOI
$23.3K $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%
$465,760
Cap Rate 7%
$332,686
Cap Rate 9%
$258,756
Alternative Uses
Best Use
Multifamily LT 5
$332.7K
$291.1K – $388.1K
NOI $23,288 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$294.9K
$258.1K – $344.1K
NOI $20,644 @ 7.0% cap · market cap 4.31%
Theoretical Best
Hotel Hospitality
$1.56M
$1.36M – $1.82M
NOI $109,095 @ 7.0% cap · market cap 22.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
40
Businesses Nearby
Explore this area
Business Placement
Demographics for 75020, TX
23,782
Population
10,802
Households
2.2
Avg Household Size
42
Median Age
19%
College-Educated
90%
High-School Grad
61.0 sq mi
ZIP Area
390
Density / Sq Mi
$66,308
Median Household Income
$38,656
Median Earnings
$1,136
Median Rent
$187,200
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?
Duplex - Each residence includes private entry, flexible space, and covered outdoor areas.
Where is this duplex located?
The property is located at 500-502 West Owings Street Denison, TX.
What is the asking price?
The asking price for this property is $479,000.
What are key features of this property?
This property features: Duplex totals 3,038 SF and was built in 2021; Each unit offers 3 bedrooms, 2.5 baths, and an attached 2‑car garage; First‑floor primary suites and flex spaces provide adaptable interior layouts
