Six-Unit Apartment
New
For Sale
$990,000
1402 N Adams St., Fredericksburg, TX 78624
Residential Income, Fredericksburg, TX
Property Size4,646 SF
Lot Size0.28 Acres
Price / SF$213.09
Days on Market2
Property Features for 1402 N Adams St.
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Fredericksburg
Parking features
None
Window features
Double Pane Windows
Appliances
Electric Water Heater, Dishwasher, Electric Range, Refrigerator
Subdivision
Sand Castle (GILL)
Lot features
Corner Lot
Elementary school
Fredericksburg
Standard status
Active
Size
4,646 SF
Lot size
0.28 Acres
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1980
Floors in Building
1
Number of units
6
Flooring type
Vinyl
Building materials
Brick Veneer
Roof type
Composition
Architectural style
Other
Listing Agency:
Compass RE Texas, LLC
(214) 814-8100
Listed By:
Kimberly Bowling · License #0533286
(936) 203-3351
Added: Aug 31
Last Checked: Sep 1 at 2:06PM
MLS# 125331
Copyright © 2026 Kerrville Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1980 apartment building contains six units within approximately 4,646 square feet on 0.2812 acres. The property features brick veneer construction, vinyl flooring, central electric heating and cooling, composition roofing, and electric water heating. Unit appliances include dishwashers, electric ranges, and refrigerators.
All six units are occupied under fixed-term lease agreements. The property is located at 1402 N Adams St. in Fredericksburg, with public water and public sewer service. Cable is available, and the site has no designated parking features. Residents have access to Historic Main Street, shopping, restaurants, schools, healthcare, local employers, and area wineries in Fredericksburg.
All six units are occupied under fixed-term lease agreements. The property is located at 1402 N Adams St. in Fredericksburg, with public water and public sewer service. Cable is available, and the site has no designated parking features. Residents have access to Historic Main Street, shopping, restaurants, schools, healthcare, local employers, and area wineries in Fredericksburg.
Key Highlights
- Six apartment units within approximately 4,646 square feet
- All six units occupied under fixed‑term lease agreements
- 0.2812‑acre site at 1402 N Adams St., Fredericksburg, TX 78624
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
Multi-tenant
Tenancy
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 - Brick veneer apartments with central electric HVAC, public water and sewer, and in-place leases across the unit mix.
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 apartment units within approximately 4,646 square feet; All six units occupied under fixed‑term lease agreements; 0.2812‑acre site at 1402 N Adams St., Fredericksburg, TX 78624
