Building Details

Year built 1972

Listing Agency: Real Broker, LLC t***@joinreal.com Show Phone

Listed By: Vilma Pineda Show Phone

Added: Jul 3 Changed: Jul 28 Last Checked: Aug 13 at 1:06AM

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MLS# 1997288

Copyright © 2026 LERA MLS. 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 well-maintained duplex at 317-319 Gaiety Lane in Kirby offers comfortable, practical living space with income-generating potential. The property includes 2,393 square feet across two units, built in 1972. Each unit features two bedrooms and one full bathroom, along with abundant natural light and a fully equipped kitchen that includes a refrigerator, stove, and microwave. A dedicated utility room adds convenience with a washer and dryer, and central HVAC provides year-round comfort.

Recent updates include a new metal roof. Outside, each unit benefits from a two-car carport, a private storage room, a patio, and a fenced side yard. One unit is currently occupied by long-term tenants.

Additional community access is described through a nearby community pool, tennis courts, and park. The property is noted as conveniently close to shopping and schools, with access to IH-10 and Loop 410 and an easy commute to Fort Sam Houston and Randolph Air Force Base.

Key Highlights

• 2,393 SF duplex on 0.344 acres at 317‑319 Gaiety Lane, Kirby
• Two units: each has 2 bedrooms and 1 full bathroom with central air
• Fully equipped kitchens with refrigerator, stove, and microwave in each unit

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

$25,204

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%

$504,080 $504.1K

Cap Rate 7%

$360,057 $360.1K

Cap Rate 9%

$280,044 $280.0K

Market Conditions

NOI Build-Up for 2,393 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

$38.8K $16.20/SF

− Vacancy

−$2.8K −$1.15/SF

EGI

$36.0K $15.05/SF

− OpEx

−$10.8K −$4.51/SF

NOI

$25.2K $10.53/SF

Area

Bexar County, TX

Vacancy

7.12%

Lease Rate

$16.20 /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%

$504,080

Cap Rate 7%

$360,057

Cap Rate 9%

$280,044

Alternative Uses

Best Use

Multifamily LT 5

$360.1K

$315.1K – $420.1K (±1% cap)

NOI $25,204 @ 7.0% cap · market cap 8.00%

Second Best

Apartment 5plus

$313.1K

$273.9K – $365.2K (±1% cap)

NOI $21,914 @ 7.0% cap · market cap 6.96%

Theoretical Best

Office A

$647.7K

$566.7K – $755.6K (±1% cap)

NOI $45,338 @ 7.0% cap · market cap 14.39%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Pharmacy Law Firm Nail Salon Restaurant Kitchen & Bath Showroom Gym & Fitness Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

238

Businesses Nearby

Explore this area Business Placement

Demographics for 78219, TX

16,509

Population

6,303

Households

2.6

Avg Household Size

33

Median Age

13%

College-Educated

77%

High-School Grad

15.7 sq mi

ZIP Area

1,052

Density / Sq Mi

$52,147

Median Household Income

$31,608

Median Earnings

$1,128

Median Rent

$155,200

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Well-maintained duplex with central air, two bedrooms per unit, and fenced side yards, plus patios and two-car carports.

Where is this duplex located?

The property is located at 317-319 Gaiety Lane Kirby, TX.

What is the asking price?

The asking price for this property is $315,000.

What are key features of this property?

This property features: 2,393 SF duplex on 0.344 acres at 317‑319 Gaiety Lane, Kirby; Two units: each has 2 bedrooms and 1 full bathroom with central air; Fully equipped kitchens with refrigerator, stove, and microwave in each unit