Six-Unit Apartment
New
For Sale
$990,000
1402 N Adams St, Fredericksburg, TX 78624
Fully occupied multifamily property with fixed-term leases and access to Historic Main Street.
Property Size4,646 SF
Price / SF$213.09
Days on Market2
Property Features for 1402 N Adams St
General Information
Standard status
Active
Size
4,646 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
6
Building Details
Year Built
1980
Listing Agency:
Compass RE Texas, LLC - SA
Listed By:
Kimberly Bowling · License #533286
(936) 203-3351
Source:
Pomparealtygroupsa
Added: Sep 1
Last Checked: Sep 1 at 9:08PM
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 Compass RE Texas, LLC - SA
Investment Insights
Based on property information with market context.
This apartment property at 1402 N. Adams St. in Fredericksburg contains six residential units across approximately 4,646 square feet. Built in 1980, the property is currently occupied, with every unit leased under fixed-term agreements.
The property offers access to Historic Main Street along with nearby shopping, restaurants, schools, healthcare services, local employers, and area wineries. Its six-unit configuration provides an established multifamily asset with existing occupancy and documented lease terms.
The property offers access to Historic Main Street along with nearby shopping, restaurants, schools, healthcare services, local employers, and area wineries. Its six-unit configuration provides an established multifamily asset with existing occupancy and documented lease terms.
Key Highlights
- Six residential units in an apartment property
- Approximately 4,646 square feet
- All six units occupied and leased under fixed‑term agreements
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
$32,651
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
3.30%
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%
$653,020
$653.0K
Cap Rate 7%
$466,443
$466.4K
Cap Rate 9%
$362,789
$362.8K
Market Conditions
NOI Build-Up for 4,646 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
$67.5K $14.52/SF
− Vacancy
−$8.1K −$1.74/SF
EGI
$59.4K $12.78/SF
− OpEx
−$26.7K −$5.75/SF
NOI
$32.7K $7.03/SF
Area
Gillespie County, TX
Vacancy
12.00%
Lease Rate
$14.52 /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%
$653,020
Cap Rate 7%
$466,443
Cap Rate 9%
$362,789
Alternative Uses
Best Use
Apartment 5plus
$466.4K
$408.1K – $544.2K
NOI $32,651 @ 7.0% cap · market cap 3.30%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$3.52M
$3.08M – $4.10M
NOI $246,284 @ 7.0% cap · market cap 24.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
322
Businesses Nearby
Explore this area
Business Placement
Demographics for 78624, TX
23,080
Population
12,421
Households
1.9
Avg Household Size
52
Median Age
37%
College-Educated
89%
High-School Grad
742.3 sq mi
ZIP Area
31
Density / Sq Mi
$67,987
Median Household Income
$37,047
Median Earnings
$1,347
Median Rent
$439,600
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?
Apartment building - Fully occupied multifamily property with fixed-term leases and access to Historic Main Street.
Where is this apartment building located?
The property is located at 1402 N Adams St Fredericksburg, TX.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: Six residential units in an apartment property; Approximately 4,646 square feet; All six units occupied and leased under fixed‑term agreements
