Farmhouse Duplex with Rental
For Sale
$349,000
23699 W Hwy 290, Harper, TX 78631
Unrestricted property with two independent rental areas, kitchenettes, decks, and on-site parking.
Property Size1,558 SF
Price / SF$224.01
Days on Market138
Property Features for 23699 W Hwy 290
General Information
Standard status
Active
Size
1,558 SF
Property subtype
Retail
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Amenities
decks
kitchenettes
Electric, A/C - Other, Wall Air Conditioning
3
Other, Wood
Metal
4 Parking Spaces.
.8650
US Highway, Concrete Road, Open.
Building Details
Year Built
1900
Buildings
1
Construction
farmhouse
Listing Agency:
R-Bar Realty
(254) 326-8676
Listed By:
Jessica Robinson
(254) 326-8676
Source:
Xome
Added: Apr 15
Changed: Aug 30
Last Checked: Aug 30 at 9:59AM
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 R-Bar Realty
Investment Insights
Based on property information with market context.
Built in 1900, this 1,558-square-foot farmhouse is configured as a duplex with two separate rental spaces. The home includes three bedrooms, two full bathrooms, kitchenettes, wall air conditioning, and multiple decks. The layout supports continued residential leasing or a live-work arrangement, subject to applicable requirements.
The property occupies .8650 acres at 23699 W Hwy 290 in Harper, with access from a concrete US Highway road. Four parking spaces are available near the highway, with additional parking area behind the home. Water service is provided by Aqua, and wastewater is handled by a septic system. The property is unrestricted and includes open outdoor space around the residence.
The property occupies .8650 acres at 23699 W Hwy 290 in Harper, with access from a concrete US Highway road. Four parking spaces are available near the highway, with additional parking area behind the home. Water service is provided by Aqua, and wastewater is handled by a septic system. The property is unrestricted and includes open outdoor space around the residence.
Key Highlights
- 1,558‑square‑foot farmhouse built in 1900
- Two separate rental spaces within the home
- Three bedrooms, two full bathrooms, and kitchenettes
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
$20,823
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
5.97%
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%
$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
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
$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 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%
$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
Hotel Hospitality
$1.18M
$1.03M – $1.38M
NOI $82,590 @ 7.0% cap · market cap 23.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
83
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Unrestricted property with two independent rental areas, kitchenettes, decks, and on-site parking.
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 the home; Three bedrooms, two full bathrooms, and kitchenettes
