Updated 2-Unit
For Sale
$415,000
108-110 Whisper Way, Boerne, TX 78006
Two residences offer refreshed interiors, private outdoor areas, and flexible owner-occupant or rental use.
Property Size2,114 SF
Price / SF$196.31
Days on Market222
Property Features for 108-110 Whisper Way
General Information
Standard status
Active
Size
2,114 SF
Property subtype
Multi-Family / One Story
Occupancy
100%
Net Operating Income
$31,000
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,305
Amenities
Ceramic Tile
Composition
Slab
Conventional, FHA, VA
Patio Slab, Covered Patio
Building Details
Year Built
1988
Listing Agency:
Welcome Home Real Estate
Listed By:
Michele Vaughn
(210) 838-5094
Source:
Compass
Added: Jan 23
Changed: Aug 30
Last Checked: Aug 30 at 7:30AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Welcome Home Real Estate
Investment Insights
Based on property information with market context.
This 2,114-square-foot duplex, built in 1988, contains two updated residences with 2 bedrooms and 2 baths on each side. Interior details include vaulted ceilings, open living arrangements, ceramic tile, breakfast bars, and dedicated dining areas. Each residence also has a private backyard with a patio. The roof was replaced in 2018.
Both units are currently rented, with one tenancy structured month to month. The property is located within Boerne and offers walkable access to shops, the Cibolo Nature Center, the Saturday Farmers Market, and Bakery Lorraine. New retail is also coming to the surrounding area.
Both units are currently rented, with one tenancy structured month to month. The property is located within Boerne and offers walkable access to shops, the Cibolo Nature Center, the Saturday Farmers Market, and Bakery Lorraine. New retail is also coming to the surrounding area.
Key Highlights
- 2,114‑SF duplex with two 2‑bedroom, 2‑bath residences
- Both sides currently rented; one side is month to month
- Updated interiors with vaulted ceilings and open floor plans
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
$21,695
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
5.23%
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%
$433,900
$433.9K
Cap Rate 7%
$309,929
$309.9K
Cap Rate 9%
$241,056
$241.1K
Market Conditions
NOI Build-Up for 2,114 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
$34.2K $16.20/SF
− Vacancy
−$3.3K −$1.54/SF
EGI
$31.0K $14.66/SF
− OpEx
−$9.3K −$4.40/SF
NOI
$21.7K $10.26/SF
Area
Kendall County, TX
Vacancy
9.50%
Lease Rate
$16.20 /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%
$433,900
Cap Rate 7%
$309,929
Cap Rate 9%
$241,056
Alternative Uses
Best Use
Multifamily LT 5
$309.9K
$271.2K – $361.6K
NOI $21,695 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$269.1K
$235.5K – $313.9K
NOI $18,836 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$554.5K
$485.2K – $646.9K
NOI $38,813 @ 7.0% cap · market cap 9.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
876
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer refreshed interiors, private outdoor areas, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 108-110 Whisper Way Boerne, TX.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 2,114‑SF duplex with two 2‑bedroom, 2‑bath residences; Both sides currently rented; one side is month to month; Updated interiors with vaulted ceilings and open floor plans
