Four-Duplex Multifamily
For Sale
$1,498,000
182 Joiner Dr, Bandera, TX 78003
Existing rental buildings occupy a substantial site with water and electricity available for additional construction.
Property Size5,968 SF
Lot Size5.00 Acres
Price / SF$251.01
Days on Market23
Property Features for 182 Joiner Dr
General Information
Standard status
Active
Size
5,968 SF
Lot size
5.00 Acres
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Multifamily Units
8
Building Details
Year Built
1999
Buildings
4
Listing Agency:
RE/MAX Preferred, REALTORS
(210) 483-5000
Listed By:
Charles Acosta
Source:
Thebranchinc
Added: Aug 7
Changed: Aug 28
Last Checked: Aug 28 at 3:40PM
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 RE/MAX Preferred, REALTORS
Investment Insights
Based on property information with market context.
Located at 182 Joiner Dr, this multifamily property includes four duplexes totaling 5,968 SF on approximately 5 acres. The improvements were built in 1999, providing an established residential income asset outside the city limits of Bandera.
Approximately 2 additional acres are identified for future development, with water and electricity available to support construction. The property is 7 minutes from downtown Bandera and remains near shopping, dining, schools, and entertainment while maintaining a setting outside the city limits.
Approximately 2 additional acres are identified for future development, with water and electricity available to support construction. The property is 7 minutes from downtown Bandera and remains near shopping, dining, schools, and entertainment while maintaining a setting outside the city limits.
Key Highlights
- Four duplexes on approximately 5 acres
- 5,968 SF of multifamily improvements
- Built in 1999
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
$61,248
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
4.09%
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%
$1,224,960
$1.2M
Cap Rate 7%
$874,971
$875.0K
Cap Rate 9%
$680,533
$680.5K
Market Conditions
NOI Build-Up for 5,968 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
$96.7K $16.20/SF
− Vacancy
−$9.2K −$1.54/SF
EGI
$87.5K $14.66/SF
− OpEx
−$26.2K −$4.40/SF
NOI
$61.2K $10.26/SF
Area
Bandera 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%
$1,224,960
Cap Rate 7%
$874,971
Cap Rate 9%
$680,533
Alternative Uses
Best Use
Multifamily LT 5
$875.0K
$765.6K – $1.02M
NOI $61,248 @ 7.0% cap · market cap 4.09%
Second Best
Apartment 5plus
$759.6K
$664.7K – $886.3K
NOI $53,175 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,563 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 78003, TX
9,595
Population
5,194
Households
1.8
Avg Household Size
53
Median Age
24%
College-Educated
91%
High-School Grad
226.7 sq mi
ZIP Area
42
Density / Sq Mi
$54,500
Median Household Income
$35,179
Median Earnings
$1,096
Median Rent
$233,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Existing rental buildings occupy a substantial site with water and electricity available for additional construction.
Where is this multifamily property located?
The property is located at 182 Joiner Dr Bandera, TX.
What is the asking price?
The asking price for this property is $1,498,000.
What are key features of this property?
This property features: Four duplexes on approximately 5 acres; 5,968 SF of multifamily improvements; Built in 1999
