Bastrop Riverfront Multi-Unit
For Sale
$648,000
315 River Wood Dr, Bastrop, TX 78602
Private riverfront estate ideal for living, hosting, or investing.
Property Size3,222 SF
Price / SF$201.12
Days on Market193
Property Features for 315 River Wood Dr
General Information
Standard status
Active
Size
3,222 SF
Property subtype
Multi-Family
Building Details
Year Built
1960
Listing Agency:
Texas Landera Realty LLC
Listed By:
Patricia Tuffentsamer · License #0465335
(512) 825-0073
Source:
Olverabolton
Added: Apr 21
Changed: Oct 25
Last Checked: Oct 7 at 2:37PM
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 Texas Landera Realty LLC
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This multi-generational riverfront estate in Bastrop offers water views and direct river access. The property features a rustic log cabin, suitable as an office, studio, guest space, or potential fourth unit with bath addition. There is a shaded, tree-lined drive and a pavilion, along with two fire pits. The studio apartment includes tile and laminate flooring, a full kitchen with a range, microwave, and refrigerator, and a full bath with a shower, making it suitable for guests, rental income, or extended family. The three-bedroom unit features custom tile finishes, wood cabinetry, a full kitchen, a living and dining area, a full bath, and a covered patio overlooking the backyard and river. The upstairs owner’s suite has antique wood floors, custom woodwork, a private deck with river views, a gourmet kitchen with an island cooktop and wall ovens, a 3/4 bath off the kitchen, an oversized bedroom with built-ins, a walk-in closet, laundry, and a spa-inspired bathroom with a clawfoot tub and leaded glass window. Elevator access is available. Outdoor amenities include the opportunity to fish or launch a kayak from the riverbank. The property is located minutes from Historic Downtown Bastrop, known for boutique shopping and dining. It is suitable for multi-generational living, Airbnb or short-term rental investment, a private riverfront retreat, an event-friendly property, or a work-from-home compound.
Key Highlights
- Private Riverfront Estate with Direct Access to the Colorado River
- Versatile Property Suitable for Multi‑Generational Living or Investment (Airbnb/Rental)
- Multiple Units: Main House with Owner's Suite, 3‑Bedroom Unit, and Rustic Log Cabin (Potential 4th Unit)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,391
Cap Rate
7.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$987,820
$987.8K
Cap Rate 7%
$705,586
$705.6K
Cap Rate 9%
$548,789
$548.8K
Market Conditions
NOI Build-Up for 3,222 SF
Gross rent
$94.7K $29.40/SF
− Vacancy
−$4.9K −$1.53/SF
EGI
$89.8K $27.87/SF
− OpEx
−$40.4K −$12.54/SF
NOI
$49.4K $15.33/SF
Area
Bastrop County, TX
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$987,820
Cap Rate 7%
$705,586
Cap Rate 9%
$548,789
Alternative Uses
Best Use
Apartment 5plus
$705.6K
$617.4K – $823.2K
NOI $49,391 @ 7.0% cap · market cap 7.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,382 @ 7.0% cap · market cap 13.64%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Location Intelligence
Trade Area within ½ mile
61
Businesses Nearby
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Business Placement
Demographics for 78602, TX
33,759
Population
13,485
Households
2.5
Avg Household Size
40
Median Age
27%
College-Educated
87%
High-School Grad
195.3 sq mi
ZIP Area
173
Density / Sq Mi
$86,976
Median Household Income
$41,644
Median Earnings
$1,331
Median Rent
$310,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Short term rental property - Private riverfront estate ideal for living, hosting, or investing.
Where is this short term rental property located?
The property is located at 315 River Wood Dr Bastrop, TX.
What is the asking price?
The asking price for this property is $648,000.
What are key features of this property?
This property features: Private Riverfront Estate with Direct Access to the Colorado River; Versatile Property Suitable for Multi‑Generational Living or Investment (Airbnb/Rental); Multiple Units: Main House with Owner's Suite, 3‑Bedroom Unit, and Rustic Log Cabin (Potential 4th Unit)
