Unrestricted Duplex Rental
For Sale
$349,000
23699 W Hwy 290, Harper, TX 78631
SINGLE_FAMILY - Harper, TX
Property Size1,558 SF
Lot Size0.87 Acres
Price / SF$224.01
Days on Market93
Property Features for 23699 W Hwy 290
General Information
Property type
Residential
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
Electric (Heating), Wall Furnace
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) 326-8676
Added: May 11
Changed: Aug 4
Last Checked: Aug 11 at 5:06AM
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.
This unrestricted duplex-style farmhouse was built in 1900 and spans 0.865 acres, with approximately 1,558 square feet under roof. The home is currently operating as two separate rental spaces, offering flexibility for a variety of occupancy setups. Inside, it provides three bedrooms and two full baths, along with kitchenette areas.
The property is positioned along heavily traveled W Hwy 290 in Harper, Texas. Multiple decks are located outdoors, and parking is available along W Hwy 290 with additional space at the rear of the property.
The home’s exterior includes wood siding and a metal roof. Utilities include water serviced by Aqua and a septic system, with cable available. Heating is provided by wall furnaces and electric heating, and cooling is supported by wall unit(s) with electric cooling.
The property is positioned along heavily traveled W Hwy 290 in Harper, Texas. Multiple decks are located outdoors, and parking is available along W Hwy 290 with additional space at the rear of the property.
The home’s exterior includes wood siding and a metal roof. Utilities include water serviced by Aqua and a septic system, with cable available. Heating is provided by wall furnaces and electric heating, and cooling is supported by wall unit(s) with electric cooling.
Key Highlights
- Unrestricted duplex‑style farmhouse built in 1900
- Operating as two separate rental spaces with kitchenette areas
- 3 bedrooms and 2 full baths
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
$11,943
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
3.42%
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%
$238,860
$238.9K
Cap Rate 7%
$170,614
$170.6K
Cap Rate 9%
$132,700
$132.7K
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
$19.3K $12.36/SF
− Vacancy
−$2.2K −$1.41/SF
EGI
$17.1K $10.95/SF
− OpEx
−$5.1K −$3.29/SF
NOI
$11.9K $7.67/SF
Area
Gillespie County, TX
Vacancy
11.40%
Lease Rate
$12.36 /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%
$238,860
Cap Rate 7%
$170,614
Cap Rate 9%
$132,700
Alternative Uses
Best Use
Multifamily LT 5
$170.6K
$149.3K – $199.1K
NOI $11,943 @ 7.0% cap · market cap 3.42%
Second Best
Apartment 5plus
$156.4K
$136.9K – $182.5K
NOI $10,949 @ 7.0% cap · market cap 3.14%
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
41
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
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 - Duplex-style farmhouse operates as two separate rental spaces with three bedrooms and two full baths.
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: Unrestricted duplex‑style farmhouse built in 1900; Operating as two separate rental spaces with kitchenette areas; 3 bedrooms and 2 full baths
