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    Kerrville Cottage with Commercial Potential Title is generated by Realmo AI

    1520 Water St, Kerrville, TX 78028

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    For Sale
    $299,000

    MULTI_FAMILY - Cottage - Kerrville, TX

    Property size:
    1,536 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $194/SF
    Added:
    Mar 31, 2026
    Days on Market:
    60
    Last Refresh:
    May 29 at 5:06 pm

    Property Features for 1520 Water St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    MU
    Rooms
    Laundry Room
    Parking features
    Carport
    Accessibility
    Accessible Approach with Ramp
    Appliances
    Electric Water Heater, Water Heater Installed, Dishwasher, Electric Range, Refrigerator
    Standard status
    Active
    Size
    1,536 SF
    Lot size
    0.16 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    2012
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Vinyl
    Building materials
    HardiPlank Type
    Roof type
    Metal
    Architectural style
    Cottage

    We can help!

    Listing Contact
    Kari Bock
    Kari Bock

    Listing agent Kari Bock License #592974

    Listing office Bock & Co LLC 924 Barnett St, Ingram, TX

    Listing date Mar 31, 2026

    MLS# 123929 Listing URL

    Copyright © 2026 Kerrville Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Current AirBnB property with furnishings included
    • Potential for conversion to permanent bedrooms
    • MU zoning allows for commercial use
    • Walking distance to river trail, restaurants, shopping, and music venues
    • Great room and private bunk rooms ideal for large groups
    • Built in 2012 with modern amenities including central heating and air, dishwasher, and electric range

    Overview

    This 1,536 square foot property, currently configured as Hank's Bunkhouse, is located in Kerrville, Texas. The property features six twin beds and one double Murphy bed. While currently operating as an AirBnB, the sale includes the property and furnishings, excluding wall art and saddles. The layout is suited for accommodating larger groups, with a great room and private bunk rooms, making it ideal for gatherings. Alternatively, the rear of the building could be converted into separate, permanent bedrooms. Zoned MU, the property also presents commercial use possibilities. Its location offers proximity to the river trail, restaurants, shopping, and music venues. The lot size is 0.1607 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bed & breakfasts

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Gastehaus Schmidt — Kerrville, TX 78028
    • River Run B&B — 120 Francisco Lemos St, Kerrville, TX 78028
    • Thompson House Sober Living — 406 Thompson Dr, Kerrville, TX 78028
    • Filling Station Bungalow — 300 Guadalupe St, Kerrville, TX 78028
    • River House Rental — 132 Loop 13, Kerrville, TX 78028

    Location Insight

    • Map
    • Local Demand
    City
    Kerrville
    County
    Kerr
    State
    Texas
    Longitude
    -99.1358739
    Latitude
    30.0372651

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    FAQs

    What type of property is this?
    Bed & breakfast - Unique cottage near river trail, restaurants, and shopping.
    Where is this bed & breakfast located?
    The property is located at 1520 Water St Kerrville, TX.
    What is the asking price?
    The asking price for this property is $299,000.
    What are key features of this property?
    This property features: Current AirBnB property with furnishings included; Potential for conversion to permanent bedrooms; MU zoning allows for commercial use
    (830) 459-6886
    We can help!
    Listing Contact
    Kari Bock
    Kari Bock
    Real Estate License ID: 592974
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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