Historic Duplex with Highway
For Sale
$697,000
23717 W Hwy 290, Harper, TX 78631
COMMERCIAL - Harper, TX
Property Size5,404 SF
Lot Size1.44 Acres
Price / SF$128.98
Days on Market93
Property Features for 23717 W Hwy 290
General Information
Property type
Commercial Sale
Property subtype
Other
Accessibility
Accessible Approach with Ramp
Lot features
Open Lot
Elementary school
Harper
Subdivision
84-Gillespie County
Standard status
Active
Size
5,404 SF
Lot size
1.44 Acres
Utilities
Utilities
Cable Available
Heating system
Wall Furnace, Electric (Heating)
Cooling system
Electric, Wall Unit(s)
Building Details
Year built
1900
Number of units
3
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# 124190
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 offering pairs two properties together: a historic 1900s farmhouse and a multi-building commercial property known locally as The Station on 290. The farmhouse is currently configured as two rental units featuring 3 bedrooms, 2 baths, and kitchenettes, along with multiple decks and ample parking. Building materials include wood siding, with a metal roof, wood flooring, wall furnaces, and electric heating and cooling. An accessible approach with a ramp is noted, and cable is available.
The combined property is presented with excellent highway frontage and expansive outdoor space, with unrestricted use. The commercial component includes four tenants already in place, adding immediate occupancy within the broader offering.
Together, the duplex residence and the included commercial buildings provide a flexible setup for buyers looking to combine rental living with an income-producing commercial presence along Hwy 290.
The combined property is presented with excellent highway frontage and expansive outdoor space, with unrestricted use. The commercial component includes four tenants already in place, adding immediate occupancy within the broader offering.
Together, the duplex residence and the included commercial buildings provide a flexible setup for buyers looking to combine rental living with an income-producing commercial presence along Hwy 290.
Key Highlights
- 1.4364‑acre offering with excellent highway frontage and expansive outdoor space
- Historic 1900 build with wood siding and metal roof
- Farmhouse currently configured as two rental units with 3 bedrooms, 2 baths, and kitchenettes
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
$41,425
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
5.94%
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%
$828,500
$828.5K
Cap Rate 7%
$591,786
$591.8K
Cap Rate 9%
$460,278
$460.3K
Market Conditions
NOI Build-Up for 5,404 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
$66.8K $12.36/SF
− Vacancy
−$7.6K −$1.41/SF
EGI
$59.2K $10.95/SF
− OpEx
−$17.8K −$3.29/SF
NOI
$41.4K $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%
$828,500
Cap Rate 7%
$591,786
Cap Rate 9%
$460,278
Alternative Uses
Best Use
Retail
$1.15M
$1.00M – $1.34M
NOI $80,220 @ 7.0% cap · market cap 11.51%
Second Best
Multifamily LT 5
$591.8K
$517.8K – $690.4K
NOI $41,425 @ 7.0% cap · market cap 5.94%
Theoretical Best
Hotel Hospitality
$4.09M
$3.58M – $4.77M
NOI $286,466 @ 7.0% cap · market cap 41.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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 - Historic duplex offering two rental units with decks and ample parking, plus an included multi-tenant commercial property.
Where is this duplex located?
The property is located at 23717 W Hwy 290 Harper, TX.
What is the asking price?
The asking price for this property is $697,000.
What are key features of this property?
This property features: 1.4364‑acre offering with excellent highway frontage and expansive outdoor space; Historic 1900 build with wood siding and metal roof; Farmhouse currently configured as two rental units with 3 bedrooms, 2 baths, and kitchenettes
