Two-Unit Townhome
For Sale
$650,000
1198 Jones Butler Road Multi, College Station, TX 77840
Two four-bedroom residences feature private ensuite baths, granite kitchens, and access to extensive community amenities.
Property Size3,616 SF
Price / SF$179.76
Days on Market12
Property Features for 1198 Jones Butler Road Multi
General Information
Standard status
Active
Size
3,616 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 4BR/4.5BA
Multifamily Units
2
Parking per Unit
4
Additional Details
Public Transit
Yes
Amenities
resort-style pool
hot tub
clubhouse
fitness center
movie theater
basketball court
gated entry
Building Details
Year Built
2010
Listing Agency:
Wendy Cline Properties Group
(281) 858-3451
Listed By:
Wendy Cline · License #0561297
Source:
Doorstephomegroup
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 28 at 8:51PM
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 Wendy Cline Properties Group
Investment Insights
Based on property information with market context.
This offering includes two townhome units built in 2010, with each residence providing four bedrooms, 4.5 bathrooms, and 1,808 square feet. Interior layouts feature first-floor living space, granite-counter kitchen areas, walk-in pantries, laundry rooms, and half baths. Each upstairs bedroom includes a private ensuite bathroom. Four assigned parking spaces accompany each unit.
The gated Lakeridge Townhomes community is located at 1198 Jones Butler Rd in College Station, approximately 1 mile from Texas A&M. The property is served by TAMU Bus Routes #35 and #36 and is described as a 10-minute bike ride from West Campus. Community facilities include a pool, hot tub, clubhouse, fitness center, movie theater, and basketball court. HOA dues cover cable, high-speed internet, and water. Unit 2708 is fully rented through July 2027, while unit 203 is listed as pre-lease.
The gated Lakeridge Townhomes community is located at 1198 Jones Butler Rd in College Station, approximately 1 mile from Texas A&M. The property is served by TAMU Bus Routes #35 and #36 and is described as a 10-minute bike ride from West Campus. Community facilities include a pool, hot tub, clubhouse, fitness center, movie theater, and basketball court. HOA dues cover cable, high-speed internet, and water. Unit 2708 is fully rented through July 2027, while unit 203 is listed as pre-lease.
Key Highlights
- Two 4‑bedroom, 4.5‑bathroom townhome units, each measuring 1,808 sq. ft.
- Each residence includes four assigned parking spaces
- Approximately 1 mile from Texas A&M with access to TAMU Bus Routes #35 & #36
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
$34,689
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
5.34%
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%
$693,780
$693.8K
Cap Rate 7%
$495,557
$495.6K
Cap Rate 9%
$385,433
$385.4K
Market Conditions
NOI Build-Up for 3,616 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
$66.4K $18.36/SF
− Vacancy
−$3.3K −$0.92/SF
EGI
$63.1K $17.44/SF
− OpEx
−$28.4K −$7.85/SF
NOI
$34.7K $9.59/SF
Area
College Station, TX
Vacancy
5.00%
Lease Rate
$18.36 /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%
$693,780
Cap Rate 7%
$495,557
Cap Rate 9%
$385,433
Alternative Uses
Best Use
Apartment 5plus
$495.6K
$433.6K – $578.2K
NOI $34,689 @ 7.0% cap · market cap 5.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$890.4K
$779.1K – $1.04M
NOI $62,328 @ 7.0% cap · market cap 9.59%
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
187
Businesses Nearby
Explore this area
Business Placement
Demographics for 77840, TX
55,180
Population
25,423
Households
2.2
Avg Household Size
25
Median Age
46%
College-Educated
91%
High-School Grad
10.0 sq mi
ZIP Area
5,518
Density / Sq Mi
$31,278
Median Household Income
$14,521
Median Earnings
$1,085
Median Rent
$241,000
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?
Multifamily property - Two four-bedroom residences feature private ensuite baths, granite kitchens, and access to extensive community amenities.
Where is this multifamily property located?
The property is located at 1198 Jones Butler Road Multi College Station, TX.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two 4‑bedroom, 4.5‑bathroom townhome units, each measuring 1,808 sq. ft.; Each residence includes four assigned parking spaces; Approximately 1 mile from Texas A&M with access to TAMU Bus Routes #35 & #36
