Two-Unit Duplex with
New
For Sale
$440,000
108 LEONA ST, Lockhart, TX 78644
Multi-Family (2-8 Units), Lockhart, TX
Property Size2,348 SF
Lot Size0.15 Acres
Price / SF$187.39
Days on Market2
Property Features for 108 LEONA ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school
Navarro Elementary
Elementary school district
LOCKHART ISD
Middle school district
LOCKHART ISD
High school district
LOCKHART ISD
Subdivision
3100
Standard status
Active
Size
2,348 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
6932
Utilities
Cooling system
Central Air
Amenities
garage access
laundry connections
ceiling fans
Building Details
Year built
1986
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Santa Perez
(214) 202-7615
Added: Sep 16
Last Checked: Sep 17 at 10:06PM
MLS# 2016977
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.
Built in 1986, this 2,348-square-foot duplex contains two distinct residential units, each arranged across two levels. Both residences include a private kitchen, upstairs bedrooms, a main-level half bath, and an upstairs split-bath configuration with separate vanity and toilet areas sharing a tub and shower. Garage access and laundry connections are provided for each side, while central air serves the property.
The building occupies 0.146 acres at 108 Leona St in Lockhart, Texas. Exterior materials include rock and stone accents beneath a composition roof. Interior features include tile and wood-look flooring, ceiling fans, and natural light. Off-street parking accommodates both units, and the separate layouts provide functional division between the residences.
The building occupies 0.146 acres at 108 Leona St in Lockhart, Texas. Exterior materials include rock and stone accents beneath a composition roof. Interior features include tile and wood-look flooring, ceiling fans, and natural light. Off-street parking accommodates both units, and the separate layouts provide functional division between the residences.
Key Highlights
- Duplex with 2 residential units across 2,348 square feet
- Each unit includes a private kitchen, upstairs bedrooms, and a main‑level half bath
- Separate garage access and laundry connections for both units
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
$39,373
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
8.95%
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%
$787,460
$787.5K
Cap Rate 7%
$562,471
$562.5K
Cap Rate 9%
$437,478
$437.5K
Market Conditions
NOI Build-Up for 2,348 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
$59.2K $25.20/SF
− Vacancy
−$2.9K −$1.24/SF
EGI
$56.2K $23.96/SF
− OpEx
−$16.9K −$7.19/SF
NOI
$39.4K $16.77/SF
Area
Caldwell County, TX
Vacancy
4.94%
Lease Rate
$25.20 /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%
$787,460
Cap Rate 7%
$562,471
Cap Rate 9%
$437,478
Alternative Uses
Best Use
Multifamily LT 5
$562.5K
$492.2K – $656.2K
NOI $39,373 @ 7.0% cap · market cap 8.95%
Second Best
Apartment 5plus
$514.2K
$449.9K – $599.9K
NOI $35,993 @ 7.0% cap · market cap 8.18%
Theoretical Best
Office A
$981.5K
$858.8K – $1.15M
NOI $68,707 @ 7.0% cap · market cap 15.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
199
Businesses Nearby
Explore this area
Business Placement
Demographics for 78644, TX
20,813
Population
7,660
Households
2.7
Avg Household Size
38
Median Age
19%
College-Educated
87%
High-School Grad
179.9 sq mi
ZIP Area
116
Density / Sq Mi
$72,155
Median Household Income
$40,085
Median Earnings
$1,162
Median Rent
$242,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-level duplex with separate kitchens, laundry connections, garage access, and off-street parking for each residence.
Where is this duplex located?
The property is located at 108 LEONA ST Lockhart, TX.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Duplex with 2 residential units across 2,348 square feet; Each unit includes a private kitchen, upstairs bedrooms, and a main‑level half bath; Separate garage access and laundry connections for both units
