Brick Fourplex with Covered
New
For Sale
$825,000
1405 N Crockett Dr, Fredericksburg, TX 78624
Residential Income, Fredericksburg, TX
Property Size3,818 SF
Lot Size0.34 Acres
Price / SF$216.08
Days on Market2
Property Features for 1405 N Crockett Dr
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Gillespie
Appliances
Electric Water Heater, Refrigerator
Subdivision
Sand Castle (GILL)
Lot features
Corner Lot
Elementary school
Fredericksburg
Standard status
Active
Size
3,818 SF
Lot size
0.34 Acres
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1984
Floors in Building
1
Number of units
4
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 8:06PM
MLS# 125330
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 four-unit multifamily property was built in 1984 and includes four two-bedroom, two-bath residences. Brick veneer construction, vinyl flooring, central air, electric heating, and a composition roof provide the core physical profile. Covered onsite parking serves the property, while refrigerators and electric water heating are included among the reported features.
The property occupies 0.34 acres at 1405 N Crockett Dr in Fredericksburg, Texas 78624. Public water and public sewer serve the site, with cable availability also reported. Its location is minutes from Historic Main Street, providing a central Fredericksburg setting for the residences.
The property occupies 0.34 acres at 1405 N Crockett Dr in Fredericksburg, Texas 78624. Public water and public sewer serve the site, with cable availability also reported. Its location is minutes from Historic Main Street, providing a central Fredericksburg setting for the residences.
Key Highlights
- Four two‑bedroom, two‑bath residences
- Approximately 0.34 acres at 1405 N Crockett Dr, Fredericksburg, TX 78624
- Brick veneer construction with a composition roof
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
$29,268
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
3.55%
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%
$585,360
$585.4K
Cap Rate 7%
$418,114
$418.1K
Cap Rate 9%
$325,200
$325.2K
Market Conditions
NOI Build-Up for 3,818 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
$47.2K $12.36/SF
− Vacancy
−$5.4K −$1.41/SF
EGI
$41.8K $10.95/SF
− OpEx
−$12.5K −$3.29/SF
NOI
$29.3K $7.67/SF
Area
Gillespie County, TX
Vacancy
11.40%
Lease Rate
$12.36 /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%
$585,360
Cap Rate 7%
$418,114
Cap Rate 9%
$325,200
Alternative Uses
Best Use
Multifamily LT 5
$418.1K
$365.9K – $487.8K
NOI $29,268 @ 7.0% cap · market cap 3.55%
Second Best
Apartment 5plus
$383.3K
$335.4K – $447.2K
NOI $26,832 @ 7.0% cap · market cap 3.25%
Theoretical Best
Hotel Hospitality
$2.89M
$2.53M – $3.37M
NOI $202,392 @ 7.0% cap · market cap 24.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
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?
Quadplex - Four two-bedroom, two-bath residences with vinyl flooring and central electric heating and cooling.
Where is this quadplex located?
The property is located at 1405 N Crockett Dr Fredericksburg, TX.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Four two‑bedroom, two‑bath residences; Approximately 0.34 acres at 1405 N Crockett Dr, Fredericksburg, TX 78624; Brick veneer construction with a composition roof
