Duplex with
For Sale
$229,500
307/309 W 2nd Street, Lampasas, TX 76550
Residential, Lampasas, TX
Property Size1,760 SF
Lot Size0.16 Acres
Price / SF$130.40
Days on Market86
Property Features for 307/309 W 2nd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 1, Bedroom 4
Parking features
Carport
Patio and Porch features
Porch
Interior features
AllBedroomsDown, CeilingFans, CarbonMonoxideDetector, SplitBedrooms, Storage, TubShower, KitchenDiningCombo, SolidSurfaceCounters
Exterior features
Porch
Appliances
Dryer, ElectricCooktop, ElectricWaterHeater, Refrigerator, Washer, SomeElectricAppliances, BuiltInOven, Cooktop
Subdivision
L S C 1st
Lot features
Level, Less Than Quarter Acre
Elementary school
Kline Whitis
Middle school
Lampasas Middle School
High school
Lampasas High School
Elementary school district
Lampasas ISD
Middle school district
Lampasas ISD
High school district
Lampasas ISD
Directions
North on 183 then a left onto West 2nd St. Go past South Broad St. and property will be on your right.
Standard status
Active
APN
1338
Size
1,760 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT: E 62 LT 8/E 62 OF S1/2 7 BLK: 34 ADDN: L S C 1ST
Tax Annual Amount
3960
Legal Description
LOT: E 62 LT 8/E 62 OF S1/2 7 BLK: 34 ADDN: L S C 1ST
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Attic Fan
Water source
Public
Amenities
in-unit washer/dryer hookups
available fiber internet
included refrigerators
Building Details
Year built
1985
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Building materials
Brick, Masonry
Roof type
Shingle, Composition
Architectural style
Other
Additional Structures
Storage
Listing Agency:
My Castle Realty
(713) 683-0054
Listed By:
Gary Bisha · License #0508227
(713) 828-2208
Added: Jun 10
Changed: Aug 21
Last Checked: Sep 3 at 5:06PM
MLS# 616442
Copyright © 2026 Central Texas Multiple Listing Service. 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 1,760-square-foot duplex contains two separate 880-square-foot residences, each arranged with two bedrooms and one bathroom. Built in 1985, the property has received recent interior and exterior updates. Both units include refrigerators, electric appliances, central air conditioning, electric heat, vinyl flooring, storage, and porch space. Washer/dryer hookups and available fiber internet add practical utility for occupants.
The property occupies 0.155 acres in Lampasas, approximately 0.4 miles from H-E-B and within walking distance of local dining, shops, and coffee businesses. Public water and public sewer serve the property. Brick and masonry construction, composition shingle roofing, and carport parking complete the existing improvements.
The property occupies 0.155 acres in Lampasas, approximately 0.4 miles from H-E-B and within walking distance of local dining, shops, and coffee businesses. Public water and public sewer serve the property. Brick and masonry construction, composition shingle roofing, and carport parking complete the existing improvements.
Key Highlights
- Two‑unit duplex with 1,760 SF total and 880 SF per residence
- Each side offers 2 bedrooms and 1 bathroom
- Recent updates completed inside and outside
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
$15,212
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
6.63%
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%
$304,240
$304.2K
Cap Rate 7%
$217,314
$217.3K
Cap Rate 9%
$169,022
$169.0K
Market Conditions
NOI Build-Up for 1,760 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
$23.2K $13.20/SF
− Vacancy
−$1.5K −$0.85/SF
EGI
$21.7K $12.35/SF
− OpEx
−$6.5K −$3.70/SF
NOI
$15.2K $8.64/SF
Area
Lampasas County, TX
Vacancy
6.46%
Lease Rate
$13.20 /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%
$304,240
Cap Rate 7%
$217,314
Cap Rate 9%
$169,022
Alternative Uses
Best Use
Multifamily LT 5
$217.3K
$190.2K – $253.5K
NOI $15,212 @ 7.0% cap · market cap 6.63%
Second Best
Apartment 5plus
$201.1K
$175.9K – $234.6K
NOI $14,074 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$422.7K
$369.9K – $493.2K
NOI $29,592 @ 7.0% cap · market cap 12.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
678
Businesses Nearby
Explore this area
Business Placement
Demographics for 76550, TX
12,840
Population
6,129
Households
2.1
Avg Household Size
44
Median Age
22%
College-Educated
90%
High-School Grad
541.5 sq mi
ZIP Area
24
Density / Sq Mi
$73,697
Median Household Income
$34,970
Median Earnings
$902
Median Rent
$237,600
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 - Two residences provide two bedrooms, one bathroom, kitchen-dining areas, and washer/dryer hookups on each side.
Where is this duplex located?
The property is located at 307/309 W 2nd Street Lampasas, TX.
What is the asking price?
The asking price for this property is $229,500.
What are key features of this property?
This property features: Two‑unit duplex with 1,760 SF total and 880 SF per residence; Each side offers 2 bedrooms and 1 bathroom; Recent updates completed inside and outside
