Four-Home Multifamily
For Sale
$1,350,000
9477 WINDWOOD DR, Boerne, TX 78006
Multi-Family (2-8 Units), Boerne, TX
Property Size7,000 SF
Lot Size2.32 Acres
Price / SF$192.86
Days on Market36
Property Features for 9477 WINDWOOD DR
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R
Middle school
Boerne Middle S
High school
Champion
Elementary school district
Boerne
Middle school district
Boerne
High school district
Boerne
Subdivision
1005
Standard status
Active
Size
7,000 SF
Lot size
2.32 Acres
Taxes and HOA fees
Tax Annual Amount
15947
Amenities
gated
mature trees
manicured grounds
granite countertops
wood and tile flooring
updated bathrooms
pergola
enclosed patio with built-in bar
heated pool
Building Details
Year built
1975
Listing Agency:
eXp Realty
(888) 519-7431
Listed By:
Audrey Ethridge · License #TREC 0555282
(888) 519-7431
Added: Jul 21
Changed: Aug 19
Last Checked: Aug 25 at 10:06PM
MLS# 2001832
Copyright © 2026 LERA MLS. 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 gated multifamily property brings together four single-story homes on landscaped grounds. The residences include configurations of three bedrooms and two baths, one bedroom and two baths, five bedrooms and 3.5 baths, and one bedroom and one bath. The five-bedroom home was built in 2018, while the 560-square-foot residence was built in 2020. Interior features include granite countertops, wood and tile flooring, and updated bathrooms.
Outdoor improvements include a large pergola, an enclosed patio with a built-in bar, and a heated pool serving the compound. The property also includes solar power, a private well, septic service, a 4-car garage, a carport, and pad parking for up to 10 vehicles. Zoned R, the estate is located across from Fair Oaks Ranch and is served by Boerne ISD.
Outdoor improvements include a large pergola, an enclosed patio with a built-in bar, and a heated pool serving the compound. The property also includes solar power, a private well, septic service, a 4-car garage, a carport, and pad parking for up to 10 vehicles. Zoned R, the estate is located across from Fair Oaks Ranch and is served by Boerne ISD.
Key Highlights
- Four detached single‑story homes with bedroom and bath configurations ranging from 1/1 to 5/3.5
- 2.32‑acre gated property with landscaped grounds and mature trees
- Heated pool, pergola, enclosed patio, and built‑in bar
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
$62,370
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
4.62%
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%
$1,247,400
$1.2M
Cap Rate 7%
$891,000
$891.0K
Cap Rate 9%
$693,000
$693.0K
Market Conditions
NOI Build-Up for 7,000 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
$126.0K $18.00/SF
− Vacancy
−$12.6K −$1.80/SF
EGI
$113.4K $16.20/SF
− OpEx
−$51.0K −$7.29/SF
NOI
$62.4K $8.91/SF
Area
Kendall County, TX
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,247,400
Cap Rate 7%
$891,000
Cap Rate 9%
$693,000
Alternative Uses
Best Use
Apartment 5plus
$891.0K
$779.6K – $1.04M
NOI $62,370 @ 7.0% cap · market cap 4.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.84M
$1.61M – $2.14M
NOI $128,520 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
256
Businesses Nearby
Explore this area
Business Placement
Demographics for 78006, TX
40,979
Population
16,643
Households
2.5
Avg Household Size
44
Median Age
51%
College-Educated
94%
High-School Grad
345.9 sq mi
ZIP Area
118
Density / Sq Mi
$110,955
Median Household Income
$51,943
Median Earnings
$1,612
Median Rent
$502,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Gated compound with four detached homes, shared outdoor amenities, solar power, and extensive vehicle accommodations.
Where is this multifamily property located?
The property is located at 9477 WINDWOOD DR Boerne, TX.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Four detached single‑story homes with bedroom and bath configurations ranging from 1/1 to 5/3.5; 2.32‑acre gated property with landscaped grounds and mature trees; Heated pool, pergola, enclosed patio, and built‑in bar
