2320 W Prairie ST Denton, TX 76201
59 Beds
31 Baths
23,536 SqFt
UPDATED:
Key Details
Property Type Other Types
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 23,536 sqft
Price per Sqft $148
Subdivision Owsley Park
MLS Listing ID 21408420
Bedrooms 59
Full Baths 31
Construction Status Resale
HOA Y/N No
Year Built 1974
Lot Size 0.758 Acres
Acres 0.758
Property Sub-Type Apartment
Property Description
Condition. Built 1974, comprehensively renovated 2016-17: new HVAC, electrical (brought to code), stainless appliances, LVT flooring, new siding and windows, rebuilt staircases, plus a commercial water heater installed around 2021. Roof estimated 2014. On-site coin laundry adds a small, stable income stream. The renovation is now nearly ten years old, so refreshing units is a straightforward value-add play to increase rents.
Occupancy. Denton-wide rent softness from new supply (down ~4.5% over the past year) has this property at 77% leased. None of the new supply driving that softness is anywhere close to this location, the nearest sits over a mile out. Supply competes on price across the student market, and proximity fills first when demand returns. Demand is anchored by UNT's ~43,500 students plus TWU down the road.
Returns. Trailing NOI of $198,408 puts the cap rate at 5.7% on the $3,495,000 ask. In-place rents ($1,040 for 2br, $825 for 1br) run well below nearby comps: Oaks of Denton ($930-960 for 1br, $1,199 for 2br), The Dominion ($895 for 1br, $1,095 for 2br). Filling vacancies and pushing rents to $1,150 for $875, conservative next to those comps, gets NOI to $222,063 and a 6.4% cap rate. Utility bill back (water, gas, trash, all owner-paid today) adds further upside not reflected above, alongside low-cost items like a resurfaced lot and exterior branding.
Location
State TX
County Denton
Community Curbs
Direction Easy to find on GPS
Interior
Interior Features High Speed Internet, Open Floorplan, Pantry
Heating Central, Electric
Cooling Central Air, Ceiling Fan(s), Electric
Flooring Carpet, Luxury Vinyl Plank
Fireplace No
Appliance Dishwasher, Disposal, Gas Range, Microwave, Refrigerator
Exterior
Parking Features Asphalt, Parking Lot, On Street
Pool None
Community Features Curbs
Utilities Available Electricity Connected, Natural Gas Available, Overhead Utilities, Sewer Available, Water Available
Water Access Desc Public
Roof Type Flat
Street Surface Asphalt
Total Parking Spaces 45
Garage No
Private Pool No
Building
Lot Description Corner Lot
Foundation Slab
Sewer Public Sewer
Water Public
Level or Stories Two
Construction Status Resale
Schools
Elementary Schools Newton Rayzor
Middle Schools Calhoun
High Schools Denton
School District Denton Isd
Others
Senior Community No
Tax ID R25772
Security Features Smoke Detector(s)
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange