Leased Duplex with Updated
For Sale
$699,000
4008 Cima Serena Drive Unit A/B, Austin, TX 78759
Turnkey duplex with both units currently leased, recent 2025 roof, and mostly updated interior finishes.
Property Size2,388 SF
Price / SF$292.71
Days on Market129
Property Features for 4008 Cima Serena Drive Unit A/B
General Information
Standard status
Active
Size
2,388 SF
Total Parking Spaces
6
Property subtype
Residential Income / Duplex
Taxes and HOA fees
Annual Taxes
$13,655
Building Details
Year Built
1976
Listing Agency:
Compass
Listed By:
Lindsay Neuren · License #0695144
(512) 913-6987
Source:
Compass
Added: Apr 29
Changed: Sep 3
Last Checked: Aug 8 at 12:18PM
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 Compass
Investment Insights
Based on property information with market context.
This turnkey duplex features two distinct residences, with both units currently leased and performing. The exterior has seen significant recent capital improvements, including a new roof installed in 2025, along with a reworked chimney crown and professional brick repointing. Interiors include mostly updated finishes and separate floor plans designed for comfortable, functional living.
Unit A is a two-story layout with three bedrooms on the upper level, a cozy fireplace, and a large fenced backyard with a covered patio. Unit B offers a single-story flow, highlighted by a primary suite with a private patio, walk-in closet, and double vanity. Both residences benefit from carports with integrated storage and private outdoor retreats.
Located in the Westover Hills community in Northwest Hills, the property is positioned near Hill Elementary and Anderson High School. The area is also described as minutes from retail hubs including The Domain and Arbor Walk, with convenient access to Whole Foods, Costco, and Randalls, and UT Austin is approximately a 12-minute drive.
Unit A is a two-story layout with three bedrooms on the upper level, a cozy fireplace, and a large fenced backyard with a covered patio. Unit B offers a single-story flow, highlighted by a primary suite with a private patio, walk-in closet, and double vanity. Both residences benefit from carports with integrated storage and private outdoor retreats.
Located in the Westover Hills community in Northwest Hills, the property is positioned near Hill Elementary and Anderson High School. The area is also described as minutes from retail hubs including The Domain and Arbor Walk, with convenient access to Whole Foods, Costco, and Randalls, and UT Austin is approximately a 12-minute drive.
Key Highlights
- Turnkey duplex in Westover Hills (built 1976) with both units currently leased and generating income
- Brand‑new roof installed in 2025, plus reworked chimney crown and professional brick repointing
- Unit A: two‑story layout with 3 bedrooms on the upper level, a fireplace, and a large fenced backyard with covered patio
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
$35,276
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
5.05%
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%
$705,520
$705.5K
Cap Rate 7%
$503,943
$503.9K
Cap Rate 9%
$391,956
$392.0K
Market Conditions
NOI Build-Up for 2,388 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
$53.0K $22.20/SF
− Vacancy
−$2.6K −$1.10/SF
EGI
$50.4K $21.10/SF
− OpEx
−$15.1K −$6.33/SF
NOI
$35.3K $14.77/SF
Area
Austin, TX
Vacancy
4.94%
Lease Rate
$22.20 /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%
$705,520
Cap Rate 7%
$503,943
Cap Rate 9%
$391,956
Alternative Uses
Best Use
Multifamily LT 5
$503.9K
$441.0K – $587.9K
NOI $35,276 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$463.2K
$405.3K – $540.4K
NOI $32,422 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$935.8K
$818.8K – $1.09M
NOI $65,504 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,508
Businesses Nearby
Explore this area
Business Placement
Demographics for 78759, TX
42,333
Population
23,843
Households
1.8
Avg Household Size
38
Median Age
69%
College-Educated
97%
High-School Grad
14.3 sq mi
ZIP Area
2,960
Density / Sq Mi
$102,799
Median Household Income
$67,807
Median Earnings
$1,680
Median Rent
$634,400
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 - Turnkey duplex with both units currently leased, recent 2025 roof, and mostly updated interior finishes.
Where is this duplex located?
The property is located at 4008 Cima Serena Drive Unit A/B Austin, TX.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Turnkey duplex in Westover Hills (built 1976) with both units currently leased and generating income; Brand‑new roof installed in 2025, plus reworked chimney crown and professional brick repointing; Unit A: two‑story layout with 3 bedrooms on the upper level, a fireplace, and a large fenced backyard with covered patio
