Leased Two-Unit
New
For Sale
$699,000
1215 Oney Hervey Dr 1213, College Station, TX 77840
Fully occupied residential income property with leases extending through July 2027.
Property Size2,898 SF
Price / SF$241.20
Days on Market7
Property Features for 1215 Oney Hervey Dr 1213
General Information
Standard status
Active
Size
2,898 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Gross Income
$54,000
Multifamily Units
2
Building Details
Year Built
2000
Listing Agency:
Walsh &Mangan Premier RE Group
Listed By:
Allison Bauerschlag · License #0677022
(832) 423-0609
Source:
Allcentraltxhomesforsale
Added: Sep 2
Changed: Sep 7
Last Checked: Sep 8 at 8:49AM
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 Walsh &Mangan Premier RE Group
Investment Insights
Based on property information with market context.
Built in 2000, this 2,898-square-foot duplex contains two occupied residential units and is fully leased. Existing lease commitments extend through July 2027, providing established tenancy at the property.
The duplex is located at 1215 Oney Hervey Dr 1213 in College Station, approximately 5 miles from Kyle Field and Texas A&M University. Shopping, dining, entertainment, and major roadways are also identified in the surrounding area, placing the property near campus-related amenities and transportation routes.
The duplex is located at 1215 Oney Hervey Dr 1213 in College Station, approximately 5 miles from Kyle Field and Texas A&M University. Shopping, dining, entertainment, and major roadways are also identified in the surrounding area, placing the property near campus-related amenities and transportation routes.
Key Highlights
- Two occupied units in a fully leased duplex
- 2,898 square feet of building area
- Leases in place through July 2027
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
$31,154
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
4.46%
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%
$623,080
$623.1K
Cap Rate 7%
$445,057
$445.1K
Cap Rate 9%
$346,156
$346.2K
Market Conditions
NOI Build-Up for 2,898 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
$46.9K $16.20/SF
− Vacancy
−$2.4K −$0.84/SF
EGI
$44.5K $15.36/SF
− OpEx
−$13.4K −$4.61/SF
NOI
$31.2K $10.75/SF
Area
College Station, TX
Vacancy
5.20%
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%
$623,080
Cap Rate 7%
$445,057
Cap Rate 9%
$346,156
Alternative Uses
Best Use
Multifamily LT 5
$445.1K
$389.4K – $519.2K
NOI $31,154 @ 7.0% cap · market cap 4.46%
Second Best
Apartment 5plus
$397.2K
$347.5K – $463.4K
NOI $27,801 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$713.6K
$624.4K – $832.5K
NOI $49,952 @ 7.0% cap · market cap 7.15%
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
262
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied residential income property with leases extending through July 2027.
Where is this duplex located?
The property is located at 1215 Oney Hervey Dr 1213 College Station, TX.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Two occupied units in a fully leased duplex; 2,898 square feet of building area; Leases in place through July 2027
