Share this with your friends
+12548558163
Central Texas Homes
2320 W Prairie St, Denton, TX 76201
- $3,495,000
- 59
- BD
- 31
- BA
- List Price
- $3,495,000
- MLS#
- 21408420
- Status
- ACTIVE
- Type
- Condo
- Subtype
- ResidentialIncome
- Year Built
- 1974
- Construction Status
- Preowned
- Bedrooms
- 59
- Full Baths
- 31
- Acres
- 0.76
- County
- Denton
- City
- Denton
- Subdivision
- Owsley Park
- Building Name
- Center Stage Apartments
Property Description
Location. 31 units, 22,350 rentable SF, at 2320 W. Prairie St., Denton, TX: a 6-8 minute walk (0.3 mi) to UNT's Union Circle campus, half a mile to Fry Street. No new supply gets close. The Renegade (104 units, downtown) and NRP Village (under construction through 2027) sit 1.1 and 1.6 miles out, so a location this convenient for students is tough to find. 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.
Additional Information
- Lot Size
- 33,018
- Acres
- 0.76
- Lot Description
- Corner Lot
- Interior Features
- High Speed Internet, Open Floor Plan, Pantry
- Flooring
- Carpet, Vinyl
- Foundation
- Slab
- Roof
- Flat
- Stories
- 2
- Pool Features
- None
- Parking Garage
- Asphalt, Parking Lot, On Street
- School District
- Denton Isd
- Elementary School
- Newton Rayzor
- Middle School
- Calhoun
- High School
- Denton
- Possession
- CloseOfEscrow
- Community Features
- Curbs
Mortgage Calculator
Listing courtesy of Steven Geis from Ray Gun Commercial. Contact:
Listing provided by North Texas Real Estate Information Systems (NTREIS). Listing data has been deemed reliable but is not guaranteed to be accurate by the MLS.
Last updated: