Eight-Unit Multifamily
For Sale
Contact for pricing
208-210 N Vanderveer Street, Burnet, TX 78611
Eight-unit multifamily property with four two-bedroom and four one-bedroom residences, partially under leases through 2027.
Property Size5,944 SF
Price / SF$112.72
Days on Market61
Property Features for 208-210 N Vanderveer Street
General Information
Standard status
Active
Size
5,944 SF
Class
C
Property subtype
Multifamily
Occupancy
87%
Investment Type
Stabilized
Net Operating Income
$48,093
Additional Details
Multifamily Units
8
Building Details
Year Built
1977
Buildings
2
Units
8
Tenancy
Multi
Listing Agency:
REspace LLC
Listed By:
Tony Lazarov · License #TX 9005423
(512) 762-8669
Source:
Crexi
Added: Jul 9
Changed: Aug 31
Last Checked: Sep 3 at 6:50AM
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 REspace LLC
Investment Insights
Based on property information with market context.
208-210 N Vanderveer is an eight-unit multifamily community consisting of four two-bedroom residences and four one-bedroom residences. The property is professionally managed by ManagePro LLC and is currently owned by SANN Investments, Inc.
Five units are occupied under leases extending into 2027, with three additional units in active lease-up. Owner-paid water and sewer service is partially recovered through tenant utility chargebacks, while electricity is tenant-paid.
This is a residential income property configured as a small eight-unit apartment community, with a mix of one- and two-bedroom layouts and current occupancy that includes both leased and in-lease-up units.
Five units are occupied under leases extending into 2027, with three additional units in active lease-up. Owner-paid water and sewer service is partially recovered through tenant utility chargebacks, while electricity is tenant-paid.
This is a residential income property configured as a small eight-unit apartment community, with a mix of one- and two-bedroom layouts and current occupancy that includes both leased and in-lease-up units.
Key Highlights
- Eight‑unit multifamily community built in 1977
- Unit mix includes four 2‑bedroom and four 1‑bedroom residences
- Five units currently occupied under leases extending into 2027
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
$53,920
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
8.05%
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%
$1,078,400
$1.1M
Cap Rate 7%
$770,286
$770.3K
Cap Rate 9%
$599,111
$599.1K
Market Conditions
NOI Build-Up for 5,944 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
$104.9K $17.64/SF
− Vacancy
−$6.8K −$1.15/SF
EGI
$98.0K $16.49/SF
− OpEx
−$44.1K −$7.42/SF
NOI
$53.9K $9.07/SF
Area
Burnet County, TX
Vacancy
6.50%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
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%
$1,078,400
Cap Rate 7%
$770,286
Cap Rate 9%
$599,111
Alternative Uses
Best Use
Apartment 5plus
$770.3K
$674.0K – $898.7K
NOI $53,920 @ 7.0% cap · market cap 8.05%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$4.48M
$3.92M – $5.22M
NOI $313,397 @ 7.0% cap · market cap 46.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
677
Businesses Nearby
Explore this area
Business Placement
Demographics for 78611, TX
14,839
Population
7,417
Households
2
Avg Household Size
47
Median Age
28%
College-Educated
91%
High-School Grad
274.1 sq mi
ZIP Area
54
Density / Sq Mi
$78,243
Median Household Income
$40,062
Median Earnings
$1,111
Median Rent
$291,400
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?
Apartment building - Eight-unit multifamily property with four two-bedroom and four one-bedroom residences, partially under leases through 2027.
Where is this apartment building located?
The property is located at 208-210 N Vanderveer Street Burnet, TX.
What is the asking price?
The asking price for this property is $670,000.
What are key features of this property?
This property features: Eight‑unit multifamily community built in 1977; Unit mix includes four 2‑bedroom and four 1‑bedroom residences; Five units currently occupied under leases extending into 2027
