Turn-Key Rental Property Near Austin
For Sale
$449,000
514 E Brockett St 516, Sherman, TX 75090
Leased 4-bedroom property with ensuite baths, ideal for investors.
Property Size3,442 SF
Lot Size0.28 Acres
Days on Market255
Property Features for 514 E Brockett St 516
General Information
Standard status
Active
Size
3,442 SF
Lot size
0.28 Acres
Property subtype
Other
Building Details
Building Size
3,442 SF
Year Built
2007
Units
2
Listing Agency:
EBBY HALLIDAY, REALTORS
(903) 718-0472
Listed By:
Cherrel Lewis · License #0554462
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Aug 8 at 5:48AM
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 EBBY HALLIDAY, REALTORS
Investment Insights
Based on property information with market context.
This turn-key rental property is 100% leased and features four bedrooms, each with an ensuite bathroom. Each side of the property includes all kitchen appliances, including a refrigerator, washer, and dryer. The bedrooms are furnished with a single bed, desk, and closet. The living room includes furniture and a large screen TV, and there is a kitchen table with four chairs. Three bedrooms and three bathrooms are located upstairs, while one bedroom and one bathroom are downstairs, all with ensuite full bathrooms. The bedrooms on the second floor are approximately 115-120 square feet, and the bedroom on the first floor is approximately 150-175 square feet. Each bedroom and the living room have ceiling fans. Located approximately one mile from Austin College, it is about 5 minutes away and close to Hwy 75. The property is suitable for student housing, Airbnb, corporate use, or as a personal family residence.
Key Highlights
- 100% Leased - Turn‑key Rental Investment
- 4 Bedrooms with 4 Ensuite Bathrooms**
- Fully Furnished** - Includes all appliances, furniture, and TV
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
$23,390
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
5.21%
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%
$467,800
$467.8K
Cap Rate 7%
$334,143
$334.1K
Cap Rate 9%
$259,889
$259.9K
Market Conditions
NOI Build-Up for 3,442 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
$48.3K $14.04/SF
− Vacancy
−$5.8K −$1.68/SF
EGI
$42.5K $12.36/SF
− OpEx
−$19.1K −$5.56/SF
NOI
$23.4K $6.80/SF
Area
Grayson County, TX
Vacancy
12.00%
Lease Rate
$14.04 /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%
$467,800
Cap Rate 7%
$334,143
Cap Rate 9%
$259,889
Alternative Uses
Best Use
Apartment 5plus
$334.1K
$292.4K – $389.8K
NOI $23,390 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$1.77M
$1.55M – $2.06M
NOI $123,602 @ 7.0% cap · market cap 27.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,179
Businesses Nearby
Explore this area
Business Placement
Demographics for 75090, TX
25,002
Population
9,602
Households
2.6
Avg Household Size
35
Median Age
15%
College-Educated
84%
High-School Grad
78.5 sq mi
ZIP Area
318
Density / Sq Mi
$58,586
Median Household Income
$36,230
Median Earnings
$1,111
Median Rent
$163,500
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?
Multifamily property - Leased 4-bedroom property with ensuite baths, ideal for investors.
Where is this multifamily property located?
The property is located at 514 E Brockett St 516 Sherman, TX.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 100% Leased - Turn‑key Rental Investment; 4 Bedrooms with 4 Ensuite Bathrooms**; Fully Furnished** - Includes all appliances, furniture, and TV
