Two-Unit Duplex with Covered
For Sale
$179,000
1704 E 3rd St, Lampasas, TX 76550
Residential, Lampasas, TX
Property Size992 SF
Lot Size0.40 Acres
Price / SF$180.44
Days on Market218
Property Features for 1704 E 3rd St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning description
SF-2
Bedrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 1
Interior features
CeilingFans, MultipleClosets, Kitchenette
Fencing
Privacy
Appliances
Dryer, ElectricRange, ElectricWaterHeater, Disposal, Microwave, PlumbedForIceMaker, Refrigerator, RangeHood, Washer, SomeElectricAppliances
Lot features
City Lot, Quarter To Half Acre Lot
Elementary school district
Lampasas ISD
Middle school district
Lampasas ISD
High school district
Lampasas ISD
Directions
From Key Ave go East on 3rd Street through town and duplex will be on the right side.
Standard status
Active
APN
2021
Size
992 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Part of lots 3,4,5 Block 9-Matthews and Wilkes Addition
Legal Description
Part of lots 3,4,5 Block 9-Matthews and Wilkes Addition
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Window Unit(s), Electric
Water source
Public
Amenities
stained concrete floors
washer/dryer unit
large closets
concrete patio
covered parking
Building Details
Year built
2025
Floors in Building
1
Number of units
1
Flooring type
Paintedstained, Concrete
Building materials
HardiplankType
Roof type
Shingle, Composition
Architectural style
Other
Listing Agency:
Bear Real Estate Services
(512) 556-9321
Listed By:
Ronald Farr · License #0675789
(512) 556-1599
Added: Feb 9
Changed: Sep 13
Last Checked: Sep 15 at 6:06AM
MLS# 603736
Copyright © 2026 Central Texas Multiple Listing Service. 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 duplex contains two separate residential units within a 992-square-foot property on 0.4 acres. Each unit includes stained or painted concrete flooring, a washer and dryer, kitchen appliances, large closets, a concrete patio, and covered parking. Interior features include ceiling fans, kitchenettes, and multiple closets. The structure uses Hardiplank-type construction with composition shingle roofing and electric heating and cooling through window units. The property is under construction and was built in 2025.
Public water and public sewer serve the property, which also includes privacy fencing. Located in Lampasas near shopping, dining, and city parks, the duplex offers a two-unit configuration with separate living areas and individual household amenities.
Public water and public sewer serve the property, which also includes privacy fencing. Located in Lampasas near shopping, dining, and city parks, the duplex offers a two-unit configuration with separate living areas and individual household amenities.
Key Highlights
- Two separate residential units within a 992‑square‑foot duplex
- 0.4‑acre property with covered parking and concrete patios
- Each unit includes a washer, dryer, refrigerator, range, microwave, and disposal
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
$8,574
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
4.79%
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%
$171,480
$171.5K
Cap Rate 7%
$122,486
$122.5K
Cap Rate 9%
$95,267
$95.3K
Market Conditions
NOI Build-Up for 992 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
$13.1K $13.20/SF
− Vacancy
−$846 −$0.85/SF
EGI
$12.2K $12.35/SF
− OpEx
−$3.7K −$3.70/SF
NOI
$8.6K $8.64/SF
Area
Lampasas County, TX
Vacancy
6.46%
Lease Rate
$13.20 /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%
$171,480
Cap Rate 7%
$122,486
Cap Rate 9%
$95,267
Alternative Uses
Best Use
Multifamily LT 5
$122.5K
$107.2K – $142.9K
NOI $8,574 @ 7.0% cap · market cap 4.79%
Second Best
Apartment 5plus
$113.3K
$99.2K – $132.2K
NOI $7,933 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$238.3K
$208.5K – $278.0K
NOI $16,679 @ 7.0% cap · market cap 9.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
114
Businesses Nearby
Explore this area
Business Placement
Demographics for 76550, TX
12,840
Population
6,129
Households
2.1
Avg Household Size
44
Median Age
22%
College-Educated
90%
High-School Grad
541.5 sq mi
ZIP Area
24
Density / Sq Mi
$73,697
Median Household Income
$34,970
Median Earnings
$902
Median Rent
$237,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate units include concrete flooring, laundry appliances, full appliance packages, generous closets, and private patios.
Where is this duplex located?
The property is located at 1704 E 3rd St Lampasas, TX.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: Two separate residential units within a 992‑square‑foot duplex; 0.4‑acre property with covered parking and concrete patios; Each unit includes a washer, dryer, refrigerator, range, microwave, and disposal
