Duplex with Separate Guest
New
For Sale
$675,000
811/ 813 S Commerce St, Lockhart, TX 78644
A tenant-occupied second residence has its own kitchen, driveway, and private backyard.
Property Size2,513 SF
Days on Market2
Property Features for 811/ 813 S Commerce St
General Information
Standard status
Active
Size
2,513 SF
Property subtype
Commercial
Units
Unit Mix
1 x 3BR/2.5BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,207
Amenities
covered front porch
stone fireplace
covered deck
storage shed
gated side yard
Building Details
Building Size
2,513 SF
Year Built
1920
Buildings
2
Listing Agency:
TS Realty
Listed By:
Elizabeth Schmidtberger · License #0690215
(210) 269-9940
Source:
Elliman
Added: Sep 26
Changed: Sep 27
Last Checked: Sep 27 at 2:00AM
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 TS Realty
Investment Insights
Based on property information with market context.
At 811 S. Commerce St, the property pairs a three-bedroom, 2.5-bath main residence with a distinct two-bedroom, one-bath guest home. The main house has an open living and dining area, a stone fireplace, an updated kitchen, and a covered front porch. Its upstairs bedroom has a private full bath. A covered rear deck, shaded yard, storage shed, and gated side parking area round out the exterior features.
The guest residence at 813 S. Commerce St includes a kitchen, separate driveway, and private backyard. It is currently tenant-occupied. The property is a few blocks from downtown Lockhart shops and restaurants.
The guest residence at 813 S. Commerce St includes a kitchen, separate driveway, and private backyard. It is currently tenant-occupied. The property is a few blocks from downtown Lockhart shops and restaurants.
Key Highlights
- Two separate residences: a 3‑bedroom, 2.5‑bath main home and a 2‑bedroom, 1‑bath guest home
- Guest home has its own kitchen, driveway, and private backyard; currently tenant‑occupied
- Main residence features an open living and dining area with a stone fireplace
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
$42,139
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
6.24%
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%
$842,780
$842.8K
Cap Rate 7%
$601,986
$602.0K
Cap Rate 9%
$468,211
$468.2K
Market Conditions
NOI Build-Up for 2,513 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
$63.3K $25.20/SF
− Vacancy
−$3.1K −$1.24/SF
EGI
$60.2K $23.96/SF
− OpEx
−$18.1K −$7.19/SF
NOI
$42.1K $16.77/SF
Area
Caldwell County, TX
Vacancy
4.94%
Lease Rate
$25.20 /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%
$842,780
Cap Rate 7%
$601,986
Cap Rate 9%
$468,211
Alternative Uses
Best Use
Multifamily LT 5
$602.0K
$526.7K – $702.3K
NOI $42,139 @ 7.0% cap · market cap 6.24%
Second Best
Apartment 5plus
$550.3K
$481.5K – $642.0K
NOI $38,522 @ 7.0% cap · market cap 5.71%
Theoretical Best
Office A
$1.05M
$919.2K – $1.23M
NOI $73,535 @ 7.0% cap · market cap 10.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
613
Businesses Nearby
Explore this area
Business Placement
Demographics for 78644, TX
20,813
Population
7,660
Households
2.7
Avg Household Size
38
Median Age
19%
College-Educated
87%
High-School Grad
179.9 sq mi
ZIP Area
116
Density / Sq Mi
$72,155
Median Household Income
$40,085
Median Earnings
$1,162
Median Rent
$242,900
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 - A tenant-occupied second residence has its own kitchen, driveway, and private backyard.
Where is this duplex located?
The property is located at 811/ 813 S Commerce St Lockhart, TX.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Two separate residences: a 3‑bedroom, 2.5‑bath main home and a 2‑bedroom, 1‑bath guest home; Guest home has its own kitchen, driveway, and private backyard; currently tenant‑occupied; Main residence features an open living and dining area with a stone fireplace
