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2404 & 2420 Louise St Apartments 2404 Louise St 24 Unit Apartment Building $4,300,000 ($179,167/Unit) 4.12% Cap Rate Denton, TX 76201
Investment Highlights
- Most of the Heavy Expenses have been done. HVAC's, Appliances, Water heaters, and other upgrades.
- Many long term tenants
- Only 1 block from UNT Campus
Executive Summary
24 Unit Apartment Buildings (12 & 12) 1 Block from UNIVERSITY OF NORTH TEXAS CAMPUS! Over the last few years, owner has spent large sums of money to not only Remodel Units but to significantly improve the infrastructure. All old HVAC systems replaced, Many of the Gas Water Heaters replaced, Most flooring and Paint in the last 2 years. Some units have undergone further remodeling with new kitchens with more cabinet space. All but 1 unit are 2 bedroom 1 bath. Most come with all stainless appliances including dishwashers and microwaves. The ones with new kitchens excluded dishwashers as requested by many tenants who prefer cabinet space. Market rents have been low to accommodate construction both on the street and in the building. Now is your opportunity to put your finishing touches to make it shine and raise rents back up to $1400 or $1500 per unit as we did prior to last year's construction. Take advantage of the potential upswing. Great for your first apartment complex or experts increasing their portfolio.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$260,000
|
$13.37
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$260,000
|
$13.37
|
| Taxes |
$44,343
|
$2.28
|
| Operating Expenses |
$165,708
|
$8.52
|
| Total Expenses |
$210,051
|
$10.81
|
| Net Operating Income |
$49,949
|
$2.57
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $260,000 |
| Annual Per SF | $13.37 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $260,000 |
| Annual Per SF | $13.37 |
| Taxes | |
|---|---|
| Annual | $44,343 |
| Annual Per SF | $2.28 |
| Operating Expenses | |
|---|---|
| Annual | $165,708 |
| Annual Per SF | $8.52 |
| Total Expenses | |
|---|---|
| Annual | $210,051 |
| Annual Per SF | $10.81 |
| Net Operating Income | |
|---|---|
| Annual | $49,949 |
| Annual Per SF | $2.57 |
Property Facts
| Price | $4,300,000 | Property Subtype | Apartment |
| Price Per Unit | $179,167 | Lot Size | 0.72 AC |
| Sale Type | Investment | Building Size | 19,440 SF |
| Cap Rate | 4.12% | Average Occupancy | 92% |
| Sale Condition | 1031 Exchange | No. Stories | 2 |
| Gross Rent Multiplier | 13.46 | Year Built/Renovated | 1967/2025 |
| No. Units | 24 | Parking Ratio | 1.95/1,000 SF |
| Property Type | Multifamily | ||
| Zoning | MN - The MN district provides varying densities of residential, neighborhood-serving retail, restaurants, commercial, and office uses | ||
| Price | $4,300,000 |
| Price Per Unit | $179,167 |
| Sale Type | Investment |
| Cap Rate | 4.12% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 13.46 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Lot Size | 0.72 AC |
| Building Size | 19,440 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built/Renovated | 1967/2025 |
| Parking Ratio | 1.95/1,000 SF |
| Zoning | MN - The MN district provides varying densities of residential, neighborhood-serving retail, restaurants, commercial, and office uses |
Amenities
Site Amenities
- 24 Hour Access
- Gas Range
- Walk To Campus
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 23 | $1,150 | 810 |
| 1+1 | 1 | $1,100 | 700 |
1 1
Moderately walkable
60/100
Very drivable
80/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Total Assessment | $2,230,240 | |
| Land Assessment | $465,000 | Annual Taxes | $44,343 ($2.28/SF) |
| Improvements Assessment | $1,765,240 | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$465,000
Improvements Assessment
$1,765,240
Total Assessment
$2,230,240
Annual Taxes
$44,343 ($2.28/SF)
Tax Year
2025
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2404 & 2420 Louise St Apartments | 2404 Louise St
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