Remodeled Fully Leased
For Sale
$480,000
621 Greenlawn BLVD, Round Rock, TX 78664
Fully leased duplex updated in 2016 with vinyl plank flooring and LED lighting throughout.
Property Size2,124 SF
Days on Market77
Property Features for 621 Greenlawn BLVD
General Information
Standard status
Active
Size
2,124 SF
Property subtype
Duplex
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,421
Building Details
Building Size
2,124 SF
Year Built
1985
Year Renovated
2016
Tenancy
Multi
Listing Agency:
Buono & Associates
Listed By:
James Buono
(512) 956-3114
Source:
Localcolorrealestateaustin
Added: Jun 30
Changed: Sep 8
Last Checked: Sep 13 at 11:27AM
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 Buono & Associates
Investment Insights
Based on property information with market context.
This fully leased duplex was remodeled in 2016 and includes in-unit appliances such as a refrigerator, dishwasher, and microwave. The units feature ceiling fans throughout and LED lighting throughout, with vinyl plank flooring throughout and no carpet.
The property offers easy access to IH-35, I-45, I-30, Mopac, and 620, and it is close to Dell and other employers.
With a duplex configuration and current occupancy, the property presents a straightforward residential income asset for an owner or investor seeking established rental operations.
The property offers easy access to IH-35, I-45, I-30, Mopac, and 620, and it is close to Dell and other employers.
With a duplex configuration and current occupancy, the property presents a straightforward residential income asset for an owner or investor seeking established rental operations.
Key Highlights
- Fully leased duplex in Round Rock
- Remodeled in 2016 with vinyl plank flooring throughout (no carpet)
- Kitchen appliances included: refrigerator, dishwasher, and microwave
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
$21,846
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
4.55%
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%
$436,920
$436.9K
Cap Rate 7%
$312,086
$312.1K
Cap Rate 9%
$242,733
$242.7K
Market Conditions
NOI Build-Up for 2,124 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
$36.2K $17.04/SF
− Vacancy
−$5.0K −$2.35/SF
EGI
$31.2K $14.69/SF
− OpEx
−$9.4K −$4.41/SF
NOI
$21.8K $10.29/SF
Area
Round Rock, TX
Vacancy
13.77%
Lease Rate
$17.04 /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%
$436,920
Cap Rate 7%
$312,086
Cap Rate 9%
$242,733
Alternative Uses
Best Use
Multifamily LT 5
$312.1K
$273.1K – $364.1K
NOI $21,846 @ 7.0% cap · market cap 4.55%
Second Best
Apartment 5plus
$274.0K
$239.7K – $319.6K
NOI $19,177 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$672.9K
$588.8K – $785.0K
NOI $47,102 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
455
Businesses Nearby
Explore this area
Business Placement
Demographics for 78664, TX
60,287
Population
24,259
Households
2.5
Avg Household Size
34
Median Age
35%
College-Educated
90%
High-School Grad
16.6 sq mi
ZIP Area
3,632
Density / Sq Mi
$85,919
Median Household Income
$45,700
Median Earnings
$1,645
Median Rent
$317,400
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 - Fully leased duplex updated in 2016 with vinyl plank flooring and LED lighting throughout.
Where is this duplex located?
The property is located at 621 Greenlawn BLVD Round Rock, TX.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Fully leased duplex in Round Rock; Remodeled in 2016 with vinyl plank flooring throughout (no carpet); Kitchen appliances included: refrigerator, dishwasher, and microwave
