2-Unit Duplex with Fenced
For Sale
$365,000
1509 Park Ln, Georgetown, TX 78628
Two-unit residential property near shopping, restaurants, retail, I-35, and Downtown Georgetown.
Property Size1,376 SF
Price / SF$265.26
Days on Market45
Property Features for 1509 Park Ln
General Information
Standard status
Active
Size
1,376 SF
Property subtype
Multi-Family
Building Details
Year Built
1970
Listing Agency:
Lewis Properties
(512) 948-5306
Listed By:
Caylee Lewis, Peyton Lewis · License #0626208
Source:
Brandyerocca
Added: Jul 20
Changed: Aug 29
Last Checked: Sep 1 at 9:24PM
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 Lewis Properties
Investment Insights
Based on property information with market context.
This 1970-built duplex contains two separate residences: Unit A offers two bedrooms and one bathroom, while Unit B includes one bedroom and one bathroom. Each unit has a fenced backyard. The exterior features stone on three sides, along with recent exterior paint and cedar fencing.
The property is in Georgetown, minutes from I-35 and Downtown Georgetown. Multiple new developments with shopping, restaurants, and retail are nearby. Interior improvements remain possible, and the existing layout provides two residential units for continued rental use or ownership planning.
The property is in Georgetown, minutes from I-35 and Downtown Georgetown. Multiple new developments with shopping, restaurants, and retail are nearby. Interior improvements remain possible, and the existing layout provides two residential units for continued rental use or ownership planning.
Key Highlights
- Two‑unit duplex with a 2‑bedroom, 1‑bath Unit A and 1‑bedroom, 1‑bath Unit B
- Both units include fenced backyards
- Stone exterior on three sides
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
$23,074
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
6.32%
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%
$461,480
$461.5K
Cap Rate 7%
$329,629
$329.6K
Cap Rate 9%
$256,378
$256.4K
Market Conditions
NOI Build-Up for 1,376 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
$34.7K $25.20/SF
− Vacancy
−$1.7K −$1.24/SF
EGI
$33.0K $23.96/SF
− OpEx
−$9.9K −$7.19/SF
NOI
$23.1K $16.77/SF
Area
Williamson 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%
$461,480
Cap Rate 7%
$329,629
Cap Rate 9%
$256,378
Alternative Uses
Best Use
Multifamily LT 5
$329.6K
$288.4K – $384.6K
NOI $23,074 @ 7.0% cap · market cap 6.32%
Second Best
Apartment 5plus
$301.3K
$263.7K – $351.6K
NOI $21,093 @ 7.0% cap · market cap 5.78%
Theoretical Best
Office A
$575.2K
$503.3K – $671.1K
NOI $40,264 @ 7.0% cap · market cap 11.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
843
Businesses Nearby
Explore this area
Business Placement
Demographics for 78628, TX
40,378
Population
17,738
Households
2.3
Avg Household Size
42
Median Age
53%
College-Educated
94%
High-School Grad
64.7 sq mi
ZIP Area
624
Density / Sq Mi
$117,198
Median Household Income
$58,328
Median Earnings
$1,552
Median Rent
$467,700
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 - Two-unit residential property near shopping, restaurants, retail, I-35, and Downtown Georgetown.
Where is this duplex located?
The property is located at 1509 Park Ln Georgetown, TX.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Two‑unit duplex with a 2‑bedroom, 1‑bath Unit A and 1‑bedroom, 1‑bath Unit B; Both units include fenced backyards; Stone exterior on three sides
