Four-Unit Duplex
For Sale
$1,000,000
151-201 Springlake Drive, Dripping Springs, TX 78620
Two duplex buildings accompany an additional vacant commercial lot within the city limits of Dripping Springs.
Property Size3,796 SF
Lot Size1.72 Acres
Price / SF$263.44
Days on Market1551
Property Features for 151-201 Springlake Drive
General Information
Standard status
Active
Size
3,796 SF
Total Parking Spaces
8
Lot size
1.72 Acres
Property subtype
Commercial Sale / Multi Family
Zoning
ZONED CS THROUGH THE CITY
Additional Details
Land Use
commercial
Taxes and HOA fees
Annual Taxes
$20,250
Building Details
Year Built
1982
Buildings
2
Stories
2
Listing Agency:
Randy Hutto, Realtors
Listed By:
Randy Hutto · License #0328942
(512) 894-0288
Source:
Compass
Added: Jul 22, 2022
Changed: Oct 19
Last Checked: Oct 19 at 9:08AM
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 Randy Hutto, Realtors
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Investment Insights
Based on property information with market context.
The property combines two two-story duplex buildings with a separate vacant lot. The improved portion contains four one-bedroom, one-bath units totaling 3,796 square feet and was built in 1982. These units occupy approximately 0.68 acres, while the additional parcel contains 1.04 acres.
Both lots are zoned CS through the City of Dripping Springs and are located within the city limits. The combined property encompasses 1.72 acres at 151-201 Springlake Drive in Dripping Springs, Texas, providing an assemblage of existing residential income property and undeveloped land.
Both lots are zoned CS through the City of Dripping Springs and are located within the city limits. The combined property encompasses 1.72 acres at 151-201 Springlake Drive in Dripping Springs, Texas, providing an assemblage of existing residential income property and undeveloped land.
Key Highlights
- Two two‑story duplex buildings with four total units
- Four 1‑bedroom, 1‑bath units totaling 3,796 square feet
- Improved lot contains 0.68 acres
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$63,654
Cap Rate
6.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,273,080
$1.3M
Cap Rate 7%
$909,343
$909.3K
Cap Rate 9%
$707,267
$707.3K
Market Conditions
NOI Build-Up for 3,796 SF
Gross rent
$95.7K $25.20/SF
− Vacancy
−$4.7K −$1.24/SF
EGI
$90.9K $23.96/SF
− OpEx
−$27.3K −$7.19/SF
NOI
$63.7K $16.77/SF
Area
Hays 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 Rate 5%
$1,273,080
Cap Rate 7%
$909,343
Cap Rate 9%
$707,267
Alternative Uses
Best Use
Multifamily LT 5
$909.3K
$795.7K – $1.06M
NOI $63,654 @ 7.0% cap · market cap 6.37%
Second Best
Apartment 5plus
$831.3K
$727.4K – $969.8K
NOI $58,189 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $111,078 @ 7.0% cap · market cap 11.11%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Location Intelligence
Trade Area within ½ mile
111
Businesses Nearby
Explore this area
Business Placement
Demographics for 78620, TX
20,493
Population
7,929
Households
2.6
Avg Household Size
43
Median Age
62%
College-Educated
97%
High-School Grad
175.6 sq mi
ZIP Area
117
Density / Sq Mi
$146,551
Median Household Income
$58,583
Median Earnings
$1,674
Median Rent
$624,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two duplex buildings accompany an additional vacant commercial lot within the city limits of Dripping Springs.
Where is this duplex located?
The property is located at 151-201 Springlake Drive Dripping Springs, TX.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Two two‑story duplex buildings with four total units; Four 1‑bedroom, 1‑bath units totaling 3,796 square feet; Improved lot contains 0.68 acres
