Quadplex With Four Leased
For Sale
$964,000
1000 Advance Street, San Marcos, TX 78666
Four-unit residential income property with refreshed secondary-unit finishes, SF6 zoning, and a private in-ground pool.
Property Size5,548 SF
Price / SF$173.76
Days on Market701
Property Features for 1000 Advance Street
General Information
Standard status
Active
Size
5,548 SF
Property subtype
Fourplex
Zoning
SF6
Occupancy
100%
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
4
Amenities
in-ground pool
Window Air Conditioning, Electric, Window/Wall Unit, Ceiling Fan(s)
3
Ceramic Tile, Vinyl, Wood
Dishwasher, Disposal, Electric Appliances, Microwave, Exhaust Fan/Hood
Beamed, Kitchen Island
Metal, Composition, Shingle
No Fence
Patio, Covered, Deck
Deck.
2 Carport Spaces.
Wood, HardeePlank, Stone Veneer
In-ground, Private
City Road.
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Keller Williams Realty- Hays C
(512) 312-1626
Listed By:
Adrianne Craft · License #0598981
(512) 312-1626
Source:
Xome
Added: Oct 1, 2024
Changed: Aug 30
Last Checked: Aug 31 at 12:45PM
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 Keller Williams Realty- Hays C
Investment Insights
Based on property information with market context.
This quadplex property comprises 4 lots, 3 homes, and an efficiency apartment. The primary residence provides 3 bedrooms, 2 full baths, storage areas, flexible-use spaces, and a covered front deck. The three secondary units have refreshed finishes, and all four units are currently leased. Exterior features include an in-ground private pool, patio areas, deck space, and 2 carport spaces.
The property is located at 1000 Advance Street in San Marcos, Texas, with access from a city road. Current zoning is SF6, classified for single-family use. The fourth lot has been cleared, while the pool requires maintenance. Buildings date to 1900, and interior finishes include ceramic tile, vinyl, and wood along with window or wall air-conditioning units and ceiling fans.
The property includes electric appliances, a kitchen island, storage areas, and multiple residential structures across the four-lot configuration.
The property is located at 1000 Advance Street in San Marcos, Texas, with access from a city road. Current zoning is SF6, classified for single-family use. The fourth lot has been cleared, while the pool requires maintenance. Buildings date to 1900, and interior finishes include ceramic tile, vinyl, and wood along with window or wall air-conditioning units and ceiling fans.
The property includes electric appliances, a kitchen island, storage areas, and multiple residential structures across the four-lot configuration.
Key Highlights
- 4 lots with 3 homes and an efficiency apartment
- All units currently leased
- Primary home includes 3 bedrooms, 2 full baths, storage, and flex areas
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
$85,046
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
8.82%
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%
$1,700,920
$1.7M
Cap Rate 7%
$1,214,943
$1.2M
Cap Rate 9%
$944,956
$945.0K
Market Conditions
NOI Build-Up for 5,548 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
$163.1K $29.40/SF
− Vacancy
−$8.5K −$1.53/SF
EGI
$154.6K $27.87/SF
− OpEx
−$69.6K −$12.54/SF
NOI
$85.0K $15.33/SF
Area
Hays County, TX
Vacancy
5.20%
Lease Rate
$29.40 /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%
$1,700,920
Cap Rate 7%
$1,214,943
Cap Rate 9%
$944,956
Alternative Uses
Best Use
Multifamily LT 5
$1.33M
$1.16M – $1.55M
NOI $93,032 @ 7.0% cap · market cap 9.65%
Second Best
Apartment 5plus
$1.21M
$1.06M – $1.42M
NOI $85,046 @ 7.0% cap · market cap 8.82%
Theoretical Best
Office A
$2.32M
$2.03M – $2.71M
NOI $162,344 @ 7.0% cap · market cap 16.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
208
Businesses Nearby
Explore this area
Business Placement
Demographics for 78666, TX
86,584
Population
36,354
Households
2.4
Avg Household Size
27
Median Age
35%
College-Educated
89%
High-School Grad
192.4 sq mi
ZIP Area
450
Density / Sq Mi
$55,478
Median Household Income
$25,890
Median Earnings
$1,294
Median Rent
$271,900
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?
Quadplex - Four-unit residential income property with refreshed secondary-unit finishes, SF6 zoning, and a private in-ground pool.
Where is this quadplex located?
The property is located at 1000 Advance Street San Marcos, TX.
What is the asking price?
The asking price for this property is $964,000.
What are key features of this property?
This property features: 4 lots with 3 homes and an efficiency apartment; All units currently leased; Primary home includes 3 bedrooms, 2 full baths, storage, and flex areas
