Riverfront Triplex with Log
For Sale
$675,000
315 Riverwood Drive, Bastrop, TX 78602
Residential, Bastrop, TX
Property Size3,222 SF
Lot Size1.52 Acres
Price / SF$209.50
Days on Market223
Property Features for 315 Riverwood Drive
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
10
Full bathrooms
10
Rooms
Bedroom 4, Bathroom 10, Bedroom 10, Bathroom 7, Bathroom 9, Bathroom 5, Bathroom 1, Bedroom 8, Bedroom 3, Bedroom 7, Bedroom 6, Bathroom 2, Bedroom 9, Bathroom 6, Bedroom 1, Bathroom 3, Bedroom 5, Bathroom 4, Bathroom 8, Bedroom 2
Parking features
Garage
Patio and Porch features
Patio
Interior features
CeilingFans, EntranceFoyer, ShowerOnly, SeparateShower, WiredForData, WalkInClosets, WindowTreatments, CentralVacuum, EatInKitchen, GraniteCounters, KitchenIsland, Kitchenette, Pantry
Exterior features
CoveredPatio, DogRun, Elevator, FirePit, Storage
Accessibility
Accessible Elevator Installed
Appliances
DoubleOven, ElectricRange, GasCooktop, GasWaterHeater, Refrigerator, TanklessWaterHeater, SomeElectricAppliances, SomeGasAppliances, Cooktop, Range
Subdivision
Riverwood Acres
Lot features
One To Three Acres, Flood Zone, Mature Trees, Outside City Limits
View
River
Elementary school district
Bastrop ISD
Middle school district
Bastrop ISD
High school district
Bastrop ISD
Directions
From Hwy 71 in Bastrop take Hwy 150 thru downtown. Turn Left on Main St to Left on Cedar St. Then Right on Carter then Left on Riverwood. GPS will stop you way before the property. Stay on Riverwood until you see the address on the Mail box and the 'For Sale' sign.
Standard status
Active
APN
36915
Size
3,222 SF
Lot size
1.52 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
RIVERWOOD ACRES, BLOCK 1, LOT 11, ACRES 1.5230
Tax Annual Amount
6182
Legal Description
RIVERWOOD ACRES, BLOCK 1, LOT 11, ACRES 1.5230
Utilities
Sewer type
Public Sewer, Septic Tank
Heating system
Propane (Heating), Central
Cooling system
Electric, Window Unit(s), Central Air
Water source
Public
Water front
1
Amenities
riverside pavilion
fire pits
fishing
kayaking
Building Details
Year built
1960
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Hardwood, Tile
Building materials
Frame
Roof type
Metal
Architectural style
Other
Additional Structures
Storage, Outbuilding
Listing Agency:
JPAR - Killeen
(972) 836-9295
Listed By:
Tony Delgado · License #0414679
(817) 914-8010
Added: Feb 16
Changed: Sep 15
Last Checked: Sep 27 at 12:06AM
MLS# 604680
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 triplex property comprises three separate living spaces along with a rustic log cabin that may function as an office, studio, guest house, or potential fourth unit. The 3,222-square-foot property includes a studio apartment with a full kitchen and bath, plus a three-bedroom residence with an open living area, custom tile, covered patio, and river views. The owner's suite features antique wood floors, custom woodwork, a gourmet kitchen, oversized walk-in closet, spa-style bath with clawfoot tub, private deck, and elevator access.
Set on 1.523 acres at 315 Riverwood Drive in Bastrop, the property provides direct access to the Colorado River. Exterior improvements include a shaded, tree-lined drive, riverside pavilion, two fire pits, fishing and kayaking areas, storage, a dog run, and a garage. Built in 1960, the property has a metal roof, public water, and septic and public sewer systems listed among its services.
Set on 1.523 acres at 315 Riverwood Drive in Bastrop, the property provides direct access to the Colorado River. Exterior improvements include a shaded, tree-lined drive, riverside pavilion, two fire pits, fishing and kayaking areas, storage, a dog run, and a garage. Built in 1960, the property has a metal roof, public water, and septic and public sewer systems listed among its services.
Key Highlights
- Three separate living spaces plus a rustic log cabin with potential for a fourth unit
- Direct Colorado River access on 1.523 acres
- 3,222 square feet with a studio apartment and full kitchen and bath
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
$54,028
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
8.00%
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%
$1,080,560
$1.1M
Cap Rate 7%
$771,829
$771.8K
Cap Rate 9%
$600,311
$600.3K
Market Conditions
NOI Build-Up for 3,222 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
$81.2K $25.20/SF
− Vacancy
−$4.0K −$1.24/SF
EGI
$77.2K $23.96/SF
− OpEx
−$23.2K −$7.19/SF
NOI
$54.0K $16.77/SF
Area
Bastrop County, TX
Vacancy
4.94%
Lease Rate
$25.20 /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%
$1,080,560
Cap Rate 7%
$771,829
Cap Rate 9%
$600,311
Alternative Uses
Best Use
Multifamily LT 5
$771.8K
$675.4K – $900.5K
NOI $54,028 @ 7.0% cap · market cap 8.00%
Second Best
Apartment 5plus
$705.6K
$617.4K – $823.2K
NOI $49,391 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,382 @ 7.0% cap · market cap 13.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
61
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three living spaces include a studio apartment and a three-bedroom residence.
Where is this triplex located?
The property is located at 315 Riverwood Drive Bastrop, TX.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Three separate living spaces plus a rustic log cabin with potential for a fourth unit; Direct Colorado River access on 1.523 acres; 3,222 square feet with a studio apartment and full kitchen and bath
