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    San Marcos Multifamily Investment Opportunity Title is generated by Realmo AI

    540-566 Crest Circle Dr, San Marcos, TX 78666

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    Claim this Listing
    For Sale
    $1,800,000

    Rare 12-unit portfolio in high-demand Texas market.

    Type:Commercial
    Added:
    Apr 24, 2026
    Days on Market:
    41
    Last Refresh:
    Apr 24 at 4:04 pm

    Property Features for 540-566 Crest Circle Dr

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    2012

    We can help!

    Listing Contact
    Andrew Phillips
    Andrew Phillips

    Listing agent Andrew Phillips License #0672721

    Listing office Andrew Phillips, Broker

    Listing date Apr 24, 2026

    Source Elliman

    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 Andrew Phillips, Broker

    HighLights

    • Rare opportunity to acquire 12 units, providing immediate scale and operational efficiency.
    • Proven income with consistent rental income growth since 2022.
    • Units are priced below replacement cost compared to new construction.
    • Significant rental upside potential with current rents below market comparables.
    • Located in a high‑demand area between Austin and San Antonio, near Texas State University.
    • Twelve contiguous units allow for consolidated management and reduced operating costs.

    Overview

    This rare portfolio acquisition opportunity features 12 units in the high-demand Central Texas market, offering immediate scale and a diversified income stream. All units feature a 2BR/2BA configuration, which simplifies management and capital planning. Located in San Marcos, at the nexus of the I-35 corridor between Austin and San Antonio, the property benefits from its proximity to a growing population. Hays County has ranked among the fastest-growing counties in the nation for over a decade. Texas State University, with an enrollment of over 38,000, drives consistent renter demand, while nearby Austin's tech economy and San Antonio's healthcare and military sectors add further depth. Gross rental income has grown every year since 2022, with projected income in 2025. Current rents are below market comparables, representing upside as leases renew. Built in 2012, the property has a strong remaining useful life on all major systems. The twelve contiguous units across three adjacent parcels create exceptional leverage with one property manager, consolidated vendors, portfolio insurance, and unified accounting.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Real Estate Agency Building Supply Big Box & Wholesale Store Auto Repair Shop Auto Parts Store Department Store Bar & Pub Travel Agency Locksmith

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Marcos
    County
    Hays
    State
    Texas
    Longitude
    -97.9584191
    Latitude
    29.7879579

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    FAQs

    What type of property is this?
    Apartment building - Rare 12-unit portfolio in high-demand Texas market.
    Where is this apartment building located?
    The property is located at 540-566 Crest Circle Dr San Marcos, TX.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: Rare opportunity to acquire 12 units, providing immediate scale and operational efficiency.; Proven income with consistent rental income growth since 2022.; Units are priced below replacement cost compared to new construction.
    (830) 237-5356
    We can help!
    Listing Contact
    Andrew Phillips
    Andrew Phillips
    Real Estate License ID: 0672721
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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