Farmhouse Duplex Along Highway
For Sale
$349,000
23699 W Hwy 290, Harper, TX 78631
Commercial Sale, Harper, TX
Property Size1,558 SF
Lot Size0.87 Acres
Price / SF$224.01
Days on Market77
Property Features for 23699 W Hwy 290
General Information
Property type
Commercial Sale
Property subtype
Retail
Parking
4
Lot features
Open Lot
Elementary school
Harper
Subdivision
84-Gillespie County
Standard status
Active
Size
1,558 SF
Lot size
0.87 Acres
Utilities
Utilities
Cable Available
Heating system
Wall Furnace, Electric (Heating)
Cooling system
Wall Unit(s), Electric
Amenities
multiple decks
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Wood
Building materials
Wood Siding
Roof type
Metal
Listing Agency:
R-Bar Realty
(254) 326-8676
Listed By:
Jessica Robinson
(254) 435-3001
Added: Jul 12
Changed: Sep 16
Last Checked: Sep 26 at 9:06AM
MLS# 124189
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.
Investment Insights
Based on property information with market context.
Built in 1900, this wood-sided farmhouse contains 1,558 square feet and is arranged as two separate rental spaces. The property includes three bedrooms, two full baths, kitchenettes, wood flooring, multiple decks, a metal roof, electric heating, wall furnaces, and electric cooling through wall units. Water service is provided by Aqua, with a septic system in place.
The 0.865-acre property fronts W Hwy 290 in Harper, with parking available along the highway and additional rear space. Its unrestricted status supports continued rental use or other property plans permitted under applicable requirements. Cable is available, and the address is 23699 W Hwy 290, Harper, TX 78631.
The 0.865-acre property fronts W Hwy 290 in Harper, with parking available along the highway and additional rear space. Its unrestricted status supports continued rental use or other property plans permitted under applicable requirements. Cable is available, and the address is 23699 W Hwy 290, Harper, TX 78631.
Key Highlights
- 1,558‑square‑foot farmhouse built in 1900
- Two separate rental spaces within a 3‑bedroom, 2‑bath layout
- 0.865‑acre property at 23699 W Hwy 290, Harper, TX 78631
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
$20,823
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
5.97%
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%
$416,460
$416.5K
Cap Rate 7%
$297,471
$297.5K
Cap Rate 9%
$231,367
$231.4K
Market Conditions
NOI Build-Up for 1,558 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
$37.0K $23.76/SF
− Vacancy
−$9.3K −$5.94/SF
EGI
$27.8K $17.82/SF
− OpEx
−$6.9K −$4.46/SF
NOI
$20.8K $13.37/SF
Area
Gillespie County, TX
Vacancy
25.00%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
25.00%
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%
$416,460
Cap Rate 7%
$297,471
Cap Rate 9%
$231,367
Alternative Uses
Best Use
Office B
$297.5K
$260.3K – $347.1K
NOI $20,823 @ 7.0% cap · market cap 5.97%
Second Best
Multifamily LT 5
$170.6K
$149.3K – $199.1K
NOI $11,943 @ 7.0% cap · market cap 3.42%
Theoretical Best
Hotel Hospitality
$1.18M
$1.03M – $1.38M
NOI $82,590 @ 7.0% cap · market cap 23.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
89
Businesses Nearby
Explore this area
Business Placement
Demographics for 78631, TX
2,698
Population
1,462
Households
1.8
Avg Household Size
52
Median Age
20%
College-Educated
88%
High-School Grad
299.8 sq mi
ZIP Area
9
Density / Sq Mi
$73,646
Median Household Income
$40,699
Median Earnings
$1,188
Median Rent
$339,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Unrestricted two-unit property with separate rental spaces, multiple decks, and on-site water and septic service.
Where is this duplex located?
The property is located at 23699 W Hwy 290 Harper, TX.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 1,558‑square‑foot farmhouse built in 1900; Two separate rental spaces within a 3‑bedroom, 2‑bath layout; 0.865‑acre property at 23699 W Hwy 290, Harper, TX 78631
