Two-Unit Duplex with Attached
For Sale
$440,000
108 Leona Street, Lockhart, TX 78644
Residential, Lockhart, TX
Property Size2,348 SF
Lot Size0.15 Acres
Price / SF$187.39
Days on Market47
Property Features for 108 Leona Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Interior features
BreakfastBar, EatInKitchen, KitchenFamilyRoomCombo, SolidSurfaceCounters
Appliances
Dishwasher, ElectricRange, Refrigerator, RangeHood
Subdivision
Mrs M M Blanks
Lot features
Corner Lot, City Lot, Level
Elementary school district
Lockhart ISD
Middle school district
Lockhart ISD
High school district
Lockhart ISD
Directions
From US-183 / S Colorado St in Lockhart, head west on W Prairie Lea St. Turn onto Leona St. Property is located at 108 Leona St.
Standard status
Active
APN
45713
Size
2,348 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
BLANKS, MRS. M M, BLOCK 4, LOT 4A, REPLAT
Tax Annual Amount
6932
Legal Description
BLANKS, MRS. M M, BLOCK 4, LOT 4A, REPLAT
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
off-street parking
garage
Building Details
Year built
1986
Floors in Building
2
Flooring type
Vinyl, Tile, Laminate
Building materials
FiberglassSiding, StoneVeneer
Roof type
Composition, Shingle
Architectural style
Other
Listing Agency:
Real Broker
(855) 450-0442
Listed By:
Ricardo Hernandez · License #0766573
(956) 424-5724
Added: Aug 3
Changed: Sep 16
Last Checked: Sep 18 at 6:06PM
MLS# 621386
Copyright © 2026 Central Texas Multiple Listing Service. 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.
Located at 108 Leona Street in Lockhart, this two-unit residential property provides approximately 2,348 square feet across a two-story layout. Each residence has a separate living area and kitchen, along with an upstairs bedroom arrangement, laundry connection area, garage function, and a downstairs half bath. The upper level includes two vanity and toilet areas connected by a shared tub and shower.
Interior finishes include tile, laminate, and vinyl flooring, ceiling fans, window coverings, solid-surface counters, breakfast bars, and eat-in kitchen areas. Appliances include dishwashers, electric ranges, refrigerators, and range hoods. The building has central heating and central air conditioning, a composition shingle roof, fiberglass siding, and stone veneer accents. The 0.1458-acre lot includes off-street parking, while public water and public sewer serve the property. Built in 1986.
Interior finishes include tile, laminate, and vinyl flooring, ceiling fans, window coverings, solid-surface counters, breakfast bars, and eat-in kitchen areas. Appliances include dishwashers, electric ranges, refrigerators, and range hoods. The building has central heating and central air conditioning, a composition shingle roof, fiberglass siding, and stone veneer accents. The 0.1458-acre lot includes off-street parking, while public water and public sewer serve the property. Built in 1986.
Key Highlights
- Approximately 2,348 total square feet per appraisal district
- 2 separate residential units in a two‑story layout
- 0.1458‑acre lot with off‑street parking
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
$39,373
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
8.95%
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%
$787,460
$787.5K
Cap Rate 7%
$562,471
$562.5K
Cap Rate 9%
$437,478
$437.5K
Market Conditions
NOI Build-Up for 2,348 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
$59.2K $25.20/SF
− Vacancy
−$2.9K −$1.24/SF
EGI
$56.2K $23.96/SF
− OpEx
−$16.9K −$7.19/SF
NOI
$39.4K $16.77/SF
Area
Caldwell County, TX
Vacancy
4.94%
Lease Rate
$25.20 /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%
$787,460
Cap Rate 7%
$562,471
Cap Rate 9%
$437,478
Alternative Uses
Best Use
Multifamily LT 5
$562.5K
$492.2K – $656.2K
NOI $39,373 @ 7.0% cap · market cap 8.95%
Second Best
Apartment 5plus
$514.2K
$449.9K – $599.9K
NOI $35,993 @ 7.0% cap · market cap 8.18%
Theoretical Best
Office A
$981.5K
$858.8K – $1.15M
NOI $68,707 @ 7.0% cap · market cap 15.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
199
Businesses Nearby
Explore this area
Business Placement
Demographics for 78644, TX
20,813
Population
7,660
Households
2.7
Avg Household Size
38
Median Age
19%
College-Educated
87%
High-School Grad
179.9 sq mi
ZIP Area
116
Density / Sq Mi
$72,155
Median Household Income
$40,085
Median Earnings
$1,162
Median Rent
$242,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-story residential income property with separate kitchens, laundry connections, and split-bath arrangements.
Where is this duplex located?
The property is located at 108 Leona Street Lockhart, TX.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Approximately 2,348 total square feet per appraisal district; 2 separate residential units in a two‑story layout; 0.1458‑acre lot with off‑street parking
