2320 W Prairie Street, Denton, TX 76201
Local realty services provided by:CENTURY 21 Alliance Properties
2320 W Prairie Street,Denton, TX 76201
$3,495,000
- 59 Beds
- 31 Baths
- 23,536 sq. ft.
- Multi-family
- Active
Listed by: steven geis
Office: ray gun commercial
MLS#:21408420
Source:GDAR
Price summary
- Price:$3,495,000
- Price per sq. ft.:$148.5
About this home
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....
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Home facts
- Year built:1974
- Subdivision & Development:Owsley Park
- Listing ID #:21408420
- Added:2 day(s) ago
- Updated:October 12, 2026 at 12:07 PM
Rooms and interior
- Bedrooms:59
- Total bathrooms:31
- Full bathrooms:31
- Flooring:Carpet, Luxury Vinyl Plank
- Kitchen Description:Dishwasher, Disposal, Gas Range, Microwave, Refrigerator
- Living area:23,536 sq. ft.
Heating and cooling
- Cooling:Ceiling Fans, Central Air, Electric
- Heating:Central, Electric
- Central air:Yes
Structure and exterior
- Year built:1974
- Building area:23,536 sq. ft.
- Lot area:0.76 Acres
- Lot Features:Corner Lot
- Construction Materials:Aluminum Siding, Fiber Cement, Stucco
- Foundation Description:Slab
- Levels:2 Story
Schools
- High school:Denton
- Middle school:Calhoun
- Elementary school:Newton Rayzor
Finances and disclosures
- Price:$3,495,000
- Price per sq. ft.:$148.5
Features and amenities
- Appliances:Dishwasher, Disposal, Gas Range, Microwave, Refrigerator
- Amenities:Smoke Detectors
Parking
- Total parking spaces:45
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