Mixed-Use Property with Highway
For Sale
$697,000
23717 W Hwy 290, Harper, TX 78631
Combined residential and commercial improvements support rental, commercial, and live/work use in Harper.
Property Size5,404 SF
Price / SF$128.98
Days on Market138
Property Features for 23717 W Hwy 290
General Information
Standard status
Active
Size
5,404 SF
Property subtype
General Commercial
Amenities
multiple decks
mature trees
expansive outdoor space
Electric, A/C - Other, Wall Air Conditioning
3
Other, Wood
Metal
1.4364
US Highway, Concrete Road, Open.
Building Details
Year Built
1900
Listing Agency:
R-Bar Realty
(254) 326-8676
Listed By:
Jessica Robinson
(254) 326-8676
Source:
Xome
Added: Apr 15
Changed: Aug 29
Last Checked: Aug 29 at 4:39PM
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.
This mixed-use offering combines a 1900s farmhouse with a multi-building commercial property along W Hwy 290 in Harper. The 5,404-square-foot property includes a farmhouse configured as two rental units, with 3 bedrooms, 2 bathrooms, kitchenettes, multiple decks, and parking. The commercial component has four tenants in place and includes buildings associated with a vintage gas station and former fire station.
The property encompasses 1.4364 acres with US Highway frontage, mature trees, concrete-road access, and open outdoor areas. Wall air conditioning and other air-conditioning service are present, and the property is described as having unrestricted use. The combination of residential units and occupied commercial space supports a range of live/work and commercial operating configurations.
The property encompasses 1.4364 acres with US Highway frontage, mature trees, concrete-road access, and open outdoor areas. Wall air conditioning and other air-conditioning service are present, and the property is described as having unrestricted use. The combination of residential units and occupied commercial space supports a range of live/work and commercial operating configurations.
Key Highlights
- 5,404‑square‑foot mixed‑use property on 1.4364 acres
- Farmhouse configured as two rental units with 3 bedrooms and 2 bathrooms
- Commercial component includes multiple buildings and four tenants in place
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
$41,425
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
5.94%
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%
$828,500
$828.5K
Cap Rate 7%
$591,786
$591.8K
Cap Rate 9%
$460,278
$460.3K
Market Conditions
NOI Build-Up for 5,404 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
$66.8K $12.36/SF
− Vacancy
−$7.6K −$1.41/SF
EGI
$59.2K $10.95/SF
− OpEx
−$17.8K −$3.29/SF
NOI
$41.4K $7.67/SF
Area
Gillespie County, TX
Vacancy
11.40%
Lease Rate
$12.36 /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%
$828,500
Cap Rate 7%
$591,786
Cap Rate 9%
$460,278
Alternative Uses
Best Use
Retail
$1.15M
$1.00M – $1.34M
NOI $80,220 @ 7.0% cap · market cap 11.51%
Second Best
Multifamily LT 5
$591.8K
$517.8K – $690.4K
NOI $41,425 @ 7.0% cap · market cap 5.94%
Theoretical Best
Hotel Hospitality
$4.09M
$3.58M – $4.77M
NOI $286,466 @ 7.0% cap · market cap 41.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combined residential and commercial improvements support rental, commercial, and live/work use in Harper.
Where is this mixed-use property located?
The property is located at 23717 W Hwy 290 Harper, TX.
What is the asking price?
The asking price for this property is $697,000.
What are key features of this property?
This property features: 5,404‑square‑foot mixed‑use property on 1.4364 acres; Farmhouse configured as two rental units with 3 bedrooms and 2 bathrooms; Commercial component includes multiple buildings and four tenants in place
