Apartment Building with Six
For Sale
$560,000
237 Signal Street, Kempner, TX 76539
COMMERCIAL - Kempner, TX
Property Size5,824 SF
Lot Size1.46 Acres
Price / SF$96.15
Days on Market323
Property Features for 237 Signal Street
General Information
Property type
Commercial Sale
Property subtype
Other
Interior features
BedroomOnMainLevel, FullBathOnMainLevel
Subdivision
Town Of Kempner
Lot features
One To Three Acres, City Lot
Directions
HWY 190 West, in Kempner, at the traffic light turn right over the train track. Turn right on Signal.
Standard status
Active
APN
4602
Size
5,824 SF
Lot size
1.46 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT: N/A BLK: PT 1 S&E 2 TRS ADDN: TOWN OF KEMPNER
Tax Annual Amount
9766
Legal Description
LOT: N/A BLK: PT 1 S&E 2 TRS ADDN: TOWN OF KEMPNER
Utilities
Sewer type
Septic Tank, Public Sewer
Cooling system
Window Unit(s)
Building Details
Year built
2004
Floors in Building
1
Flooring type
Vinyl
Building materials
BoardAndBattenSiding
Roof type
Shingle, Composition
Listing Agency:
Keller Williams Coastal Bend · Keller Williams Realty
(361) 225-7900
Listed By:
Jessica Rock · License #0687100
(361) 695-1956
Added: Sep 27, 2025
Changed: Aug 4
Last Checked: Aug 15 at 2:06AM
MLS# 593890
Copyright © 2026 Central Texas Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This apartment building features six well-maintained two-bedroom, one-bath homes. The property sits on a 1.459-acre lot and has a total property size of 5,824 square feet. Construction includes board and batten siding, vinyl flooring, and window unit cooling, with bedroom and full bath on the main level.
The roofs were replaced just a couple of years ago, and a shared well services the residences. Sewer includes a septic tank and public sewer connections. All homes are currently tenant-occupied under 12-month leases.
Built in 2004, this multifamily offering is positioned for immediate occupancy with consistent lease terms and straightforward on-site utilities supporting the rental homes.
The roofs were replaced just a couple of years ago, and a shared well services the residences. Sewer includes a septic tank and public sewer connections. All homes are currently tenant-occupied under 12-month leases.
Built in 2004, this multifamily offering is positioned for immediate occupancy with consistent lease terms and straightforward on-site utilities supporting the rental homes.
Key Highlights
- Six tenant‑occupied two‑bedroom, one‑bath homes
- 1.459‑acre property with 5,824 SF total
- Roofs replaced just a couple of years ago
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
$46,572
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
8.32%
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%
$931,440
$931.4K
Cap Rate 7%
$665,314
$665.3K
Cap Rate 9%
$517,467
$517.5K
Market Conditions
NOI Build-Up for 5,824 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
$90.9K $15.60/SF
− Vacancy
−$6.2K −$1.06/SF
EGI
$84.7K $14.54/SF
− OpEx
−$38.1K −$6.54/SF
NOI
$46.6K $8.00/SF
Area
Lampasas County, TX
Vacancy
6.80%
Lease Rate
$15.60 /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%
$931,440
Cap Rate 7%
$665,314
Cap Rate 9%
$517,467
Alternative Uses
Best Use
Apartment 5plus
$665.3K
$582.2K – $776.2K
NOI $46,572 @ 7.0% cap · market cap 8.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.22M – $1.63M
NOI $97,921 @ 7.0% cap · market cap 17.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
63
Businesses Nearby
Explore this area
Business Placement
Demographics for 76539, TX
8,960
Population
3,718
Households
2.4
Avg Household Size
45
Median Age
23%
College-Educated
93%
High-School Grad
121.1 sq mi
ZIP Area
74
Density / Sq Mi
$95,899
Median Household Income
$42,538
Median Earnings
$1,354
Median Rent
$255,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Six tenant-occupied two-bedroom homes with 12-month leases on a shared well near Kempner amenities.
Where is this apartment building located?
The property is located at 237 Signal Street Kempner, TX.
What is the asking price?
The asking price for this property is $560,000.
What are key features of this property?
This property features: Six tenant‑occupied two‑bedroom, one‑bath homes; 1.459‑acre property with 5,824 SF total; Roofs replaced just a couple of years ago
