Triplex with Direct Colorado River
For Sale
$675,000
315 Riverwood Drive, Bastrop, TX 78602
MULTI_FAMILY - Other - Bastrop, TX
Property Size3,222 SF
Lot Size1.52 Acres
Price / SF$209.50
Days on Market176
Property Features for 315 Riverwood Drive
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
10
Full bathrooms
10
Rooms
Bedroom 3, Bathroom 3, Bathroom 2, Bedroom 1, Bathroom 4, Bedroom 6, Bedroom 2, Bathroom 8, Bedroom 10, Bathroom 5, Bedroom 7, Bathroom 1, Bathroom 6, Bedroom 8, Bedroom 4, Bathroom 10, Bedroom 9, Bathroom 7, Bedroom 5, Bathroom 9
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
Septic Tank, Public Sewer
Heating system
Central, Propane (Heating)
Cooling system
Central Air, Electric, Window Unit(s)
Water source
Public
Water front
1
Amenities
riverside pavilion
fire pits
fishing
kayaking
covered patio
private river-view deck
Building Details
Year built
1960
Floors in Building
2
Number of units
2
Flooring type
Tile, Hardwood, Vinyl
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: Aug 7
Last Checked: Aug 11 at 5:06PM
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.
Triplex property offering three separate living spaces plus a rustic log cabin that can function as an office, studio, guest house, or potential fourth unit. The studio apartment includes a full kitchen and bath. The three-bedroom residence features custom tile, an open living area, a covered patio, and river views. The owner’s suite includes antique wood floors, custom woodwork, a gourmet kitchen, an oversized walk-in closet, a spa-inspired bath with a clawfoot tub, and a private river-view deck with elevator access.
Outside, the property provides direct Colorado River access along with a riverside pavilion, two fire pits, and opportunities for fishing and kayaking. Additional outdoor amenities include a shaded, tree-lined drive, and a covered patio. Interior features include central vacuum, granite counters, kitchen island and kitchenette elements, wired-for-data, and multiple storage options.
Built in 1960, the home sits on 1.523 acres and totals 3,222 square feet. Construction is frame with a metal roof. Utilities include public water with both septic tank and public sewer. Heating is propane and central, cooling is electric with window units and central air. Parking is provided by a garage, with accessibility supported by an installed elevator.
Outside, the property provides direct Colorado River access along with a riverside pavilion, two fire pits, and opportunities for fishing and kayaking. Additional outdoor amenities include a shaded, tree-lined drive, and a covered patio. Interior features include central vacuum, granite counters, kitchen island and kitchenette elements, wired-for-data, and multiple storage options.
Built in 1960, the home sits on 1.523 acres and totals 3,222 square feet. Construction is frame with a metal roof. Utilities include public water with both septic tank and public sewer. Heating is propane and central, cooling is electric with window units and central air. Parking is provided by a garage, with accessibility supported by an installed elevator.
Key Highlights
- 1.523‑acre triplex property on the Colorado River with 3,222 SF total
- Three separate living spaces plus a rustic log cabin for flexible use
- Direct Colorado River access with riverside pavilion, fishing, and kayaking
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
19
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
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 - Triplex property with multiple living spaces and direct Colorado River access, including an accessible elevator and outdoor pavilion.
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: 1.523‑acre triplex property on the Colorado River with 3,222 SF total; Three separate living spaces plus a rustic log cabin for flexible use; Direct Colorado River access with riverside pavilion, fishing, and kayaking
