Brick Fourplex Near Main
New
For Sale
$825,000
1405 N Crockett St, Fredericksburg, TX 78624
Four two-bedroom residences with covered onsite parking and access to Fredericksburg schools, shopping, dining, and healthcare.
Property Size3,813 SF
Price / SF$216.37
Days on Market2
Property Features for 1405 N Crockett St
General Information
Standard status
Active
Size
3,813 SF
Property subtype
Multi-Family
Building Details
Year Built
1984
Listing Agency:
Compass RE Texas, LLC - SA
Listed By:
Kimberly Bowling · License #533286
(936) 203-3351
Source:
Theswinneygroup
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 2 at 2:22AM
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.
Built in 1984, this Fredericksburg fourplex contains four residential units, each configured with two bedrooms and two bathrooms. The property features durable brick exteriors and covered onsite parking, providing a practical multifamily configuration at 1405 N Crockett St.
The property is located minutes from Historic Main Street, with convenient access to schools, shopping, restaurants, medical facilities, entertainment, local employers, and Hill Country wineries. Its four-unit layout provides separate residences within one multifamily asset and supports an income-producing residential use.
The property is located minutes from Historic Main Street, with convenient access to schools, shopping, restaurants, medical facilities, entertainment, local employers, and Hill Country wineries. Its four-unit layout provides separate residences within one multifamily asset and supports an income-producing residential use.
Key Highlights
- Four income‑producing residential units
- Each residence offers 2 bedrooms and 2 bathrooms
- Brick exterior construction
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
$29,229
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
3.54%
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%
$584,580
$584.6K
Cap Rate 7%
$417,557
$417.6K
Cap Rate 9%
$324,767
$324.8K
Market Conditions
NOI Build-Up for 3,813 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
$47.1K $12.36/SF
− Vacancy
−$5.4K −$1.41/SF
EGI
$41.8K $10.95/SF
− OpEx
−$12.5K −$3.29/SF
NOI
$29.2K $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%
$584,580
Cap Rate 7%
$417,557
Cap Rate 9%
$324,767
Alternative Uses
Best Use
Multifamily LT 5
$417.6K
$365.4K – $487.2K
NOI $29,229 @ 7.0% cap · market cap 3.54%
Second Best
Apartment 5plus
$382.8K
$335.0K – $446.6K
NOI $26,797 @ 7.0% cap · market cap 3.25%
Theoretical Best
Hotel Hospitality
$2.89M
$2.53M – $3.37M
NOI $202,127 @ 7.0% cap · market cap 24.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 residences with covered onsite parking and access to Fredericksburg schools, shopping, dining, and healthcare.
Where is this quadplex located?
The property is located at 1405 N Crockett St 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 income‑producing residential units; Each residence offers 2 bedrooms and 2 bathrooms; Brick exterior construction
