Duplex with Private
For Sale
$485,000
101-103 Whisper Way, Boerne, TX 78006
Multi-Family (2-8 Units), Boerne, TX
Property Size2,728 SF
Price / SF$177.79
Days on Market61
Property Features for 101-103 Whisper Way
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school
CIBOLO CREEK
Middle school
Boerne Middle S
High school
Champion
Elementary school district
Boerne
Middle school district
Boerne
High school district
Boerne
Subdivision
2502
Standard status
Active
Size
2,728 SF
Taxes and HOA fees
Tax Annual Amount
6896
Building Details
Year built
1996
Listing Agency:
Welcome Home Real Estate
(830) 331-8944
Listed By:
Michele Vaughn
(210) 838-5094
Added: Jul 9
Changed: Aug 19
Last Checked: Sep 7 at 10:06AM
MLS# 1998690
Copyright © 2026 LERA MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,728-square-foot duplex, built in 1996, contains two matching residences. Each unit offers three bedrooms, two and one-half baths, and a primary bedroom on the ground floor. The homes have separate one-car garages along with private front and backyards, and their positioning on Herff Road and Whisper Way provides separation between the units.
Exterior paint was completed in April, and the roof is approximately three years old. One residence is shown in the photos, while the other requires some updating. The property is within walking distance of the Cibolo Nature Center, the Farmers Market, and nearby retail.
Exterior paint was completed in April, and the roof is approximately three years old. One residence is shown in the photos, while the other requires some updating. The property is within walking distance of the Cibolo Nature Center, the Farmers Market, and nearby retail.
Key Highlights
- 2,728‑square‑foot duplex built in 1996
- Both units feature 3 bedrooms and 2 1/2 baths
- Ground‑floor primary bedroom in each residence
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
$27,997
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
5.77%
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%
$559,940
$559.9K
Cap Rate 7%
$399,957
$400.0K
Cap Rate 9%
$311,078
$311.1K
Market Conditions
NOI Build-Up for 2,728 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
$44.2K $16.20/SF
− Vacancy
−$4.2K −$1.54/SF
EGI
$40.0K $14.66/SF
− OpEx
−$12.0K −$4.40/SF
NOI
$28.0K $10.26/SF
Area
Kendall County, TX
Vacancy
9.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$559,940
Cap Rate 7%
$399,957
Cap Rate 9%
$311,078
Alternative Uses
Best Use
Multifamily LT 5
$400.0K
$350.0K – $466.6K
NOI $27,997 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$347.2K
$303.8K – $405.1K
NOI $24,306 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$715.5K
$626.1K – $834.8K
NOI $50,086 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
502
Businesses Nearby
Explore this area
Business Placement
Demographics for 78006, TX
40,979
Population
16,643
Households
2.5
Avg Household Size
44
Median Age
51%
College-Educated
94%
High-School Grad
345.9 sq mi
ZIP Area
118
Density / Sq Mi
$110,955
Median Household Income
$51,943
Median Earnings
$1,612
Median Rent
$502,700
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?
Duplex - Two separate residences offer downstairs primary suites, individual garages, and private outdoor areas.
Where is this duplex located?
The property is located at 101-103 Whisper Way Boerne, TX.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: 2,728‑square‑foot duplex built in 1996; Both units feature 3 bedrooms and 2 1/2 baths; Ground‑floor primary bedroom in each residence
