2-Unit Duplex with Separate
For Sale
$295,000
22806 Shady Forest Dr, Elmendorf, TX 78112
Fully occupied duplex with two independently serviced residences and fenced outdoor areas.
Property Size2,240 SF
Price / SF$131.70
Days on Market32
Property Features for 22806 Shady Forest Dr
General Information
Standard status
Active
Size
2,240 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Gross Income
$39,600
Amenities
fully fenced
separate back yards
Building Details
Year Built
2019
Listing Agency:
Resi Realty, LLC
(210) 267-7047
Listed By:
Andre Espinoza
Source:
Theswinneygroup
Added: Jul 30
Changed: Aug 29
Last Checked: Aug 25 at 5:44AM
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 Resi Realty, LLC
Investment Insights
Based on property information with market context.
Built in 2019, this duplex contains two residences totaling 2,240 square feet. Each unit provides 1,120 square feet with three bedrooms, two full bathrooms, and an open-concept layout. Separate HVAC systems and water heaters serve the units individually. The interiors are designed for straightforward upkeep without carpet, and each residence includes a refrigerator and electric stove.
The property is fully occupied and includes fencing with a private backyard for each unit. The two-unit configuration, dedicated mechanical systems, and separately defined outdoor areas support practical day-to-day operation for a residential income property.
The property is fully occupied and includes fencing with a private backyard for each unit. The two-unit configuration, dedicated mechanical systems, and separately defined outdoor areas support practical day-to-day operation for a residential income property.
Key Highlights
- Two‑unit duplex totaling 2,240 square feet
- Each unit offers 3 bedrooms, 2 full baths, and 1,120 square feet
- Built in 2019 and fully occupied
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
$23,593
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
8.00%
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%
$471,860
$471.9K
Cap Rate 7%
$337,043
$337.0K
Cap Rate 9%
$262,144
$262.1K
Market Conditions
NOI Build-Up for 2,240 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
$36.3K $16.20/SF
− Vacancy
−$2.6K −$1.15/SF
EGI
$33.7K $15.05/SF
− OpEx
−$10.1K −$4.51/SF
NOI
$23.6K $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%
$471,860
Cap Rate 7%
$337,043
Cap Rate 9%
$262,144
Alternative Uses
Best Use
Multifamily LT 5
$337.0K
$294.9K – $393.2K
NOI $23,593 @ 7.0% cap · market cap 8.00%
Second Best
Apartment 5plus
$293.0K
$256.4K – $341.9K
NOI $20,513 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$606.3K
$530.5K – $707.3K
NOI $42,439 @ 7.0% cap · market cap 14.39%
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
29
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 - Fully occupied duplex with two independently serviced residences and fenced outdoor areas.
Where is this duplex located?
The property is located at 22806 Shady Forest Dr Elmendorf, TX.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,240 square feet; Each unit offers 3 bedrooms, 2 full baths, and 1,120 square feet; Built in 2019 and fully occupied
