Single-Story Four-Unit
For Sale
$525,000
17 Fm 473, Comfort, TX 78013
Each residence offers two bedrooms, a full bathroom, ceramic tile flooring, and wood-paneled walls.
Property Size3,101 SF
Price / SF$169.30
Days on Market245
Property Features for 17 Fm 473
General Information
Standard status
Active
Size
3,101 SF
Property subtype
Multi-Family / One Story
Net Operating Income
$30,055
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,553
Amenities
Ceramic Tile
Composition
Slab
Conventional, FHA, VA, Cash
Not Applicable/None
Building Details
Year Built
1982
Stories
1
Listing Agency:
Real Property Management Hill Country
(210) 598-8877
Listed By:
Matthew Reed
(210) 598-8877
Source:
Compass
Added: Dec 28, 2025
Changed: Aug 29
Last Checked: Aug 29 at 8:54PM
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 Real Property Management Hill Country
Investment Insights
Based on property information with market context.
This 3,101-square-foot quadplex contains four single-story residential units. Each unit is configured with two bedrooms and a full bathroom, with ceramic tile flooring throughout and wood-paneled walls. The property was built in 1982 and includes slab construction with a composition exterior.
Located at 17 FM 473 in Comfort, the property is positioned 15 minutes from Boerne, 20 minutes from Fredericksburg, and 45 minutes from San Antonio. Comfort provides access to local restaurants, shops, and outdoor settings within the Hill Country.
The four-unit layout supports multiple residential arrangements, including occupancy of one unit alongside rental use of the remaining units, as explicitly described in the property information.
Located at 17 FM 473 in Comfort, the property is positioned 15 minutes from Boerne, 20 minutes from Fredericksburg, and 45 minutes from San Antonio. Comfort provides access to local restaurants, shops, and outdoor settings within the Hill Country.
The four-unit layout supports multiple residential arrangements, including occupancy of one unit alongside rental use of the remaining units, as explicitly described in the property information.
Key Highlights
- Four single‑story residential units in a quadplex configuration
- 3,101‑square‑foot property built in 1982
- Each unit includes two bedrooms and one full bathroom
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
$31,825
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
6.06%
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%
$636,500
$636.5K
Cap Rate 7%
$454,643
$454.6K
Cap Rate 9%
$353,611
$353.6K
Market Conditions
NOI Build-Up for 3,101 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
$50.2K $16.20/SF
− Vacancy
−$4.8K −$1.54/SF
EGI
$45.5K $14.66/SF
− OpEx
−$13.6K −$4.40/SF
NOI
$31.8K $10.26/SF
Area
Kendall County, TX
Vacancy
9.50%
Lease Rate
$16.20 /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%
$636,500
Cap Rate 7%
$454,643
Cap Rate 9%
$353,611
Alternative Uses
Best Use
Multifamily LT 5
$454.6K
$397.8K – $530.4K
NOI $31,825 @ 7.0% cap · market cap 6.06%
Second Best
Apartment 5plus
$394.7K
$345.4K – $460.5K
NOI $27,630 @ 7.0% cap · market cap 5.26%
Theoretical Best
Office A
$813.3K
$711.7K – $948.9K
NOI $56,934 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
Explore this area
Business Placement
Demographics for 78013, TX
5,868
Population
2,571
Households
2.3
Avg Household Size
49
Median Age
34%
College-Educated
92%
High-School Grad
226.3 sq mi
ZIP Area
26
Density / Sq Mi
$79,770
Median Household Income
$45,151
Median Earnings
$960
Median Rent
$396,700
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 - Each residence offers two bedrooms, a full bathroom, ceramic tile flooring, and wood-paneled walls.
Where is this quadplex located?
The property is located at 17 Fm 473 Comfort, TX.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Four single‑story residential units in a quadplex configuration; 3,101‑square‑foot property built in 1982; Each unit includes two bedrooms and one full bathroom
