Two-Home Manufactured
For Sale
Contact for pricing
382 County Road 4450, Kempner, TX 76539
Two manufactured homes occupy a residential acreage parcel with fenced outdoor areas and mature shade trees.
Property Size2,128 SF
Lot Size2.50 Acres
Price / SF$166.35
Days on Market104
Property Features for 382 County Road 4450
General Information
Standard status
Active
Size
2,128 SF
Lot size
2.50 Acres
Property subtype
Multifamily, Hospitality
Zoning
Residential
Investment Type
Stabilized
Units
Unit Mix
1 x 4BR/3BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
fenced yard
front entertaining area
screened-in porch
mature shade trees
Building Details
Year Built
1996
Year Renovated
2026
Buildings
2
Stories
1
Units
4
Construction
manufactured
Listing Agency:
Texas Real Estate Sales
Listed By:
Abe & Leah Caruthers · License #561403
Source:
Crexi
Added: May 18
Changed: Aug 29
Last Checked: Aug 29 at 1:27PM
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 Real Estate Sales
Investment Insights
Based on property information with market context.
This residential duplex property includes two well-maintained manufactured homes on 2.5 acres. The larger residence contains 2,128 square feet with four bedrooms, three bathrooms, a small fenced yard, mature shade trees, and a front entertaining area. The second home offers 1,250 square feet, three bedrooms, two bathrooms, a screened-in porch, and fenced front and rear yards.
Both residences are connected to a single water meter, creating a shared utility arrangement across the property. The homes have an established income-producing history, and the property is zoned Residential. The larger home accommodates a broad household layout, while the second residence provides a separate three-bedroom configuration on the same parcel.
Both residences are connected to a single water meter, creating a shared utility arrangement across the property. The homes have an established income-producing history, and the property is zoned Residential. The larger home accommodates a broad household layout, while the second residence provides a separate three-bedroom configuration on the same parcel.
Key Highlights
- 2.5‑acre residential property with two manufactured homes
- Main residence measures 2,128 square feet with 4 bedrooms and 3 bathrooms
- Second residence offers 1,250 square feet with 3 bedrooms and 2 bathrooms
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
$18,393
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
5.20%
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%
$367,860
$367.9K
Cap Rate 7%
$262,757
$262.8K
Cap Rate 9%
$204,367
$204.4K
Market Conditions
NOI Build-Up for 2,128 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
$28.1K $13.20/SF
− Vacancy
−$1.8K −$0.85/SF
EGI
$26.3K $12.35/SF
− OpEx
−$7.9K −$3.70/SF
NOI
$18.4K $8.64/SF
Area
Lampasas County, TX
Vacancy
6.46%
Lease Rate
$13.20 /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%
$367,860
Cap Rate 7%
$262,757
Cap Rate 9%
$204,367
Alternative Uses
Best Use
Multifamily LT 5
$262.8K
$229.9K – $306.6K
NOI $18,393 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$243.1K
$212.7K – $283.6K
NOI $17,017 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$511.1K
$447.2K – $596.3K
NOI $35,779 @ 7.0% cap · market cap 10.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Explore this area
Business Placement
Demographics for 76539, TX
8,960
Population
3,718
Households
2.4
Avg Household Size
45
Median Age
23%
College-Educated
93%
High-School Grad
121.1 sq mi
ZIP Area
74
Density / Sq Mi
$95,899
Median Household Income
$42,538
Median Earnings
$1,354
Median Rent
$255,800
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 manufactured homes occupy a residential acreage parcel with fenced outdoor areas and mature shade trees.
Where is this duplex located?
The property is located at 382 County Road 4450 Kempner, TX.
What is the asking price?
The asking price for this property is $354,000.
What are key features of this property?
This property features: 2.5‑acre residential property with two manufactured homes; Main residence measures 2,128 square feet with 4 bedrooms and 3 bathrooms; Second residence offers 1,250 square feet with 3 bedrooms and 2 bathrooms
