Farmhouse Duplex Along Highway
23699 W Hwy 290, Harper, TX 78631
For Sale
$349,000
Commercial Sale, Harper, TX
Property Size1,558 SF
Lot Size0.87 Acres
Price / SF$224.01
Days on Market122
Property Features for 23699 W Hwy 290
General Information
Property type
Property subtype
Parking
Lot features
Elementary school
Subdivision
Standard status
Size
Lot size
Tenancy & Operations
Currently Operating
Tenant in Place
Utilities
Utilities
Heating system
Cooling system
Amenities
decks
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Buildings
Listing Agency:
R-Bar Realty
Listed By:
Jessica Robinson
(254) 326-8676
Added: Jul 12
Changed: Oct 30
Last Checked: Nov 10 at 4:06PM
MLS# 124189
Copyright © 2026 Kerrville Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
Built in 1900, this wood-sided farmhouse contains 1,558 square feet and is arranged as two separate rental spaces. The property includes three bedrooms, two full baths, kitchenettes, wood flooring, multiple decks, a metal roof, electric heating, wall furnaces, and electric cooling through wall units. Water service is provided by Aqua, with a septic system in place.
The 0.865-acre property fronts W Hwy 290 in Harper, with parking available along the highway and additional rear space. Its unrestricted status supports continued rental use or other property plans permitted under applicable requirements. Cable is available, and the address is 23699 W Hwy 290, Harper, TX 78631.
The 0.865-acre property fronts W Hwy 290 in Harper, with parking available along the highway and additional rear space. Its unrestricted status supports continued rental use or other property plans permitted under applicable requirements. Cable is available, and the address is 23699 W Hwy 290, Harper, TX 78631.
Key Highlights
- 1,558‑square‑foot farmhouse built in 1900
- Two separate rental spaces within a 3‑bedroom, 2‑bath layout
- 0.865‑acre property at 23699 W Hwy 290, Harper, TX 78631
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,823
Cap Rate
5.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$416,460
$416.5K
Cap Rate 7%
$297,471
$297.5K
Cap Rate 9%
$231,367
$231.4K
Market Conditions
NOI Build-Up for 1,558 SF
Gross rent
$37.0K $23.76/SF
− Vacancy
−$9.3K −$5.94/SF
EGI
$27.8K $17.82/SF
− OpEx
−$6.9K −$4.46/SF
NOI
$20.8K $13.37/SF
Area
Gillespie County, TX
Vacancy
25.00%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$416,460
Cap Rate 7%
$297,471
Cap Rate 9%
$231,367
Alternative Uses
Best Use
Office B
$297.5K
$260.3K – $347.1K
NOI $20,823 @ 7.0% cap · market cap 5.97%
Second Best
Multifamily LT 5
$170.6K
$149.3K – $199.1K
NOI $11,943 @ 7.0% cap · market cap 3.42%
Theoretical Best
Office A
$439.1K
$384.2K – $512.3K
NOI $30,737 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
89
Businesses Nearby
Explore this area
Business Placement
Demographics for 78631, TX
2,698
Population
1,462
Households
1.8
Avg Household Size
52
Median Age
20%
College-Educated
88%
High-School Grad
299.8 sq mi
ZIP Area
9
Density / Sq Mi
$73,646
Median Household Income
$40,699
Median Earnings
$1,188
Median Rent
$339,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Duplex - Unrestricted two-unit property with separate rental spaces, multiple decks, and on-site water and septic service.
Where is this duplex located?
The property is located at 23699 W Hwy 290 Harper, TX.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 1,558‑square‑foot farmhouse built in 1900; Two separate rental spaces within a 3‑bedroom, 2‑bath layout; 0.865‑acre property at 23699 W Hwy 290, Harper, TX 78631
