Two-Unit Duplex with Attached
For Sale
$450,000
108 Leona Street, Lockhart, TX 78644
Separate residences provide individual living areas, kitchens, laundry connections, and upstairs bedrooms within a two-story layout.
Property Size2,348 SF
Price / SF$191.65
Days on Market10
Property Features for 108 Leona Street
General Information
Standard status
Active
Size
2,348 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Building Details
Building Size
2,348 SF
Year Built
1986
Stories
2
Listing Agency:
Real Broker
(956) 424-5724
Listed By:
Ricardo Hernandez · License #0766573
(956) 424-5724
Source:
Rrtsold
Added: Aug 3
Changed: Aug 11
Last Checked: Aug 11 at 12:28PM
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 Real Broker
Investment Insights
Based on property information with market context.
Built in 1986, this duplex contains approximately 2,348 total square feet across two separate residential units. Each residence includes a living area, kitchen, laundry connection area, upstairs bedrooms, and a downstairs half bath. The upper level uses a split-bath arrangement, with separate vanity and toilet areas sharing access to one tub and shower. An attached garage configuration supports each side, while off-street parking adds additional vehicle accommodation.
Interior finishes include tile and wood-look flooring, ceiling fans, window coverings, and natural light. Rock and stone accents appear on the exterior beneath a composition roof. The property is located at 108 Leona Street in Lockhart, Texas, and offers distinct two-unit separation within a manageable lot setting.
Interior finishes include tile and wood-look flooring, ceiling fans, window coverings, and natural light. Rock and stone accents appear on the exterior beneath a composition roof. The property is located at 108 Leona Street in Lockhart, Texas, and offers distinct two-unit separation within a manageable lot setting.
Key Highlights
- Approximately 2,348 total square feet per appraisal district
- Two separate residential units in a two‑story layout
- Each unit includes a living area, kitchen, upstairs bedrooms, and laundry connection area
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
8.75%
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 8.75%
Second Best
Apartment 5plus
$514.2K
$449.9K – $599.9K
NOI $35,993 @ 7.0% cap · market cap 8.00%
Theoretical Best
Office A
$981.5K
$858.8K – $1.15M
NOI $68,707 @ 7.0% cap · market cap 15.27%
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
198
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
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 - Separate residences provide individual living areas, kitchens, laundry connections, and upstairs bedrooms within a two-story layout.
Where is this duplex located?
The property is located at 108 Leona Street Lockhart, TX.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Approximately 2,348 total square feet per appraisal district; Two separate residential units in a two‑story layout; Each unit includes a living area, kitchen, upstairs bedrooms, and laundry connection area
