Updated Duplex with Outdoor
For Sale
$299,900
18460 Interstate 37 S, Elmendorf, TX 78112
Updated duplex with two leased 1-bedroom, 1-bath units and outdoor space for parking and future improvements.
Property Size1,152 SF
Price / SF$260.33
Days on Market304
Property Features for 18460 Interstate 37 S
General Information
Standard status
Active
Size
1,152 SF
Occupancy
100%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,008
Listing Agency:
Xsellence Realty
Listed By:
Robert Saenz
(210) 592-4285
Source:
Exprealty
Added: Nov 6, 2025
Changed: Sep 3
Last Checked: Sep 5 at 12:34PM
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 Xsellence Realty
Investment Insights
Based on property information with market context.
This updated duplex features two separate units, each offering 1 bedroom and 1 bath with modern finishes. The property includes generous outdoor space that supports day-to-day use and provides room for RV, boat, or truck parking. Additional space is also available for potential future structures.
Located at 18460 Interstate 37 S in Elmendorf, TX 78112, the home is described as right by the lake and is approximately 15 minutes from SE Military Dr. The listing also notes proximity to shopping and dining.
Both units are currently leased, providing an immediate income component for an owner-occupant or investor.
Located at 18460 Interstate 37 S in Elmendorf, TX 78112, the home is described as right by the lake and is approximately 15 minutes from SE Military Dr. The listing also notes proximity to shopping and dining.
Both units are currently leased, providing an immediate income component for an owner-occupant or investor.
Key Highlights
- Updated duplex with two 1‑bedroom, 1‑bath units
- Both units are currently leased
- Modern finishes throughout both units
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
$12,134
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
4.05%
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%
$242,680
$242.7K
Cap Rate 7%
$173,343
$173.3K
Cap Rate 9%
$134,822
$134.8K
Market Conditions
NOI Build-Up for 1,152 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
$18.7K $16.20/SF
− Vacancy
−$1.3K −$1.15/SF
EGI
$17.3K $15.05/SF
− OpEx
−$5.2K −$4.51/SF
NOI
$12.1K $10.53/SF
Area
Bexar County, TX
Vacancy
7.12%
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%
$242,680
Cap Rate 7%
$173,343
Cap Rate 9%
$134,822
Alternative Uses
Best Use
Multifamily LT 5
$173.3K
$151.7K – $202.2K
NOI $12,134 @ 7.0% cap · market cap 4.05%
Second Best
Apartment 5plus
$150.7K
$131.9K – $175.8K
NOI $10,549 @ 7.0% cap · market cap 3.52%
Theoretical Best
Office A
$311.8K
$272.8K – $363.8K
NOI $21,826 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Explore this area
Business Placement
Demographics for 78112, TX
9,591
Population
3,695
Households
2.6
Avg Household Size
34
Median Age
9%
College-Educated
78%
High-School Grad
51.4 sq mi
ZIP Area
187
Density / Sq Mi
$54,445
Median Household Income
$38,397
Median Earnings
$1,271
Median Rent
$120,400
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?
Duplex - Updated duplex with two leased 1-bedroom, 1-bath units and outdoor space for parking and future improvements.
Where is this duplex located?
The property is located at 18460 Interstate 37 S Elmendorf, TX.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Updated duplex with two 1‑bedroom, 1‑bath units; Both units are currently leased; Modern finishes throughout both units
