Two-Unit Duplex with Private
New
For Sale
$535,000
321 High Low Drive, New Braunfels, TX 78132
MULTI_FAMILY - Other - New Braunfels, TX
Property Size1,615 SF
Lot Size1.30 Acres
Price / SF$331.27
Days on Market1
Property Features for 321 High Low Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 5, Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 3
Interior features
CeilingFans, KitchenFamilyRoomCombo, KitchenDiningCombo
Fireplace
1
Subdivision
Rolling Acres
Lot features
One To Three Acres, Outside City Limits
Elementary school district
Comal ISD
Middle school district
Comal ISD
High school district
Comal ISD
Directions
From IH-35 in New Braunfels, take Exit 191 toward FM 306/FM 483. Continue east on FM 306, then turn right onto FM 1101 N/Freiheit Rd. Continue on FM 1101, then turn onto High Low Dr. Follow High Low Dr to 321 High Low Dr. Property will be on your [left/right].
Standard status
Active
APN
51859
Size
1,615 SF
Lot size
1.30 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
ROLLING ACRES, BLOCK 1, LOT 6
Tax Annual Amount
5739
Legal Description
ROLLING ACRES, BLOCK 1, LOT 6
Utilities
Water source
Public
Building Details
Year built
1977
Floors in Building
1
Number of units
2
Flooring type
Carpet, Stone, Hardwood
Building materials
Brick, VinylSiding
Roof type
Composition, Shingle
Architectural style
Other
Listing Agency:
D Lee Edwards Realty, Inc
(830) 620-7653
Listed By:
D. Lee Edwards · License #0435290
(830) 708-2319
Added: Aug 12
Last Checked: Aug 12 at 8:06PM
MLS# 622498
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 duplex contains two distinct residential units within a 1,615-square-foot property on 1.3 acres. Each unit has a private entrance and its own kitchen, allowing the residences to function independently. The room configuration includes five bedrooms and three bathrooms overall, with kitchen, dining, and family-room combinations noted among the interior features.
Built in 1977, the property combines brick and vinyl siding with composition and shingle roofing. Interior finishes include carpet, stone, and hardwood flooring, while ceiling fans and a fireplace add further documented features. Public water serves the property, which is located at 321 High Low Drive in New Braunfels, Texas.
Built in 1977, the property combines brick and vinyl siding with composition and shingle roofing. Interior finishes include carpet, stone, and hardwood flooring, while ceiling fans and a fireplace add further documented features. Public water serves the property, which is located at 321 High Low Drive in New Braunfels, Texas.
Key Highlights
- Two separate residential units with private entrances
- Each unit includes its own kitchen
- 1.3‑acre property with 1,615 square feet
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
$16,574
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
3.10%
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%
$331,480
$331.5K
Cap Rate 7%
$236,771
$236.8K
Cap Rate 9%
$184,156
$184.2K
Market Conditions
NOI Build-Up for 1,615 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
$26.2K $16.20/SF
− Vacancy
−$2.5K −$1.54/SF
EGI
$23.7K $14.66/SF
− OpEx
−$7.1K −$4.40/SF
NOI
$16.6K $10.26/SF
Area
Comal County, TX
Vacancy
9.50%
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%
$331,480
Cap Rate 7%
$236,771
Cap Rate 9%
$184,156
Alternative Uses
Best Use
Multifamily LT 5
$236.8K
$207.2K – $276.2K
NOI $16,574 @ 7.0% cap · market cap 3.10%
Second Best
Apartment 5plus
$205.6K
$179.9K – $239.8K
NOI $14,390 @ 7.0% cap · market cap 2.69%
Theoretical Best
Office A
$412.0K
$360.5K – $480.6K
NOI $28,837 @ 7.0% cap · market cap 5.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Explore this area
Business Placement
Demographics for 78132, TX
37,475
Population
15,356
Households
2.4
Avg Household Size
43
Median Age
53%
College-Educated
96%
High-School Grad
179.3 sq mi
ZIP Area
209
Density / Sq Mi
$126,934
Median Household Income
$63,870
Median Earnings
$1,531
Median Rent
$570,900
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?
Duplex - Two independent living spaces include private entrances and separate kitchens, supporting flexible occupancy within a single duplex property.
Where is this duplex located?
The property is located at 321 High Low Drive New Braunfels, TX.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Two separate residential units with private entrances; Each unit includes its own kitchen; 1.3‑acre property with 1,615 square feet
