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    Kerrville Renovated Cottage with Bungalows Title is generated by Realmo AI

    1524 N Water St, Kerrville, TX 78028

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    For Sale
    $649,000

    COMMERCIAL - Kerrville, TX

    Property size:
    3,318 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $195/SF
    Added:
    Mar 31, 2026
    Days on Market:
    47
    Last Refresh:
    May 16 at 3:06 pm

    Property Features for 1524 N Water St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    MU
    Standard status
    Active
    Size
    3,318 SF
    Lot size
    0.16 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central, Electric (Heating)
    Cooling system
    Electric, Central Air

    Building Details

    Year built
    1926
    Floors in Building
    2
    Number of units
    4
    Flooring type
    Simulated wood, Wood
    Building materials
    HardiPlank Type, Rock Veneer
    Roof type
    Metal

    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# 123930

    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

    • Main house (3/2, 1524 sq ft) plus three additional renovated 1935 industrial‑style bungalows offer flexible living/rental options.
    • Fully furnished, including appliances, allowing for immediate use as a residence or rental property.
    • Each bungalow features individual mini‑split systems for heating/cooling and tankless hot water heaters.
    • Conveniently located near trendy restaurants, walking trails, music venues, and shopping.
    • Renovated 1920s cottage with HardiPlank Type and Rock Veneer construction, metal roof, and wood/simulated wood flooring.
    • Private patios and firepit provide outdoor relaxation space.

    Overview

    This property features a renovated single-story cottage, originally built in the 1920s, configured as a 3-bedroom, 2-bathroom residence with a full kitchen, living area, and dining space. The main house encompasses 1524 square feet. Additionally, there are three industrial-style bungalows constructed in 1935. Each bungalow is equipped with mini-split systems for heating and cooling, as well as tankless hot water heaters. The property, totaling 3318 square feet on a 0.16-acre lot, is currently used as an AirBnB. All furnishings and appliances are included, excluding wall art. Located in Kerrville, Texas, the property is zoned MU (Mixed-Use). The location provides convenient access to restaurants, walking trails, music venues, and shopping. Each unit has private patios and a firepit.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Booker's Porta Potties Building Supply

    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.

    Location Insight

    • Map
    • Local Demand
    City
    Kerrville
    County
    Kerr
    State
    Texas
    Longitude
    -99.1359213
    Latitude
    30.0371226

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    FAQs

    What type of property is this?
    Short term rental property - Renovated cottage with industrial bungalows near Kerrville's attractions.
    Where is this short term rental property located?
    The property is located at 1524 N Water St Kerrville, TX.
    What is the asking price?
    The asking price for this property is $649,000.
    What are key features of this property?
    This property features: Main house (3/2, 1524 sq ft) plus three additional renovated 1935 industrial‑style bungalows offer flexible living/rental options.; Fully furnished, including appliances, allowing for immediate use as a residence or rental property.; Each bungalow features individual mini‑split systems for heating/cooling and tankless hot water heaters.
    (830) 459-6886
    We can help!
    Listing Contact
    Kari Bock
    Kari Bock
    Real Estate License ID: 592974
    Learn More
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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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