Fourplex With Mixed Rental
For Sale
$575,000
811 Bracewood Cir, San Marcos, TX 78666
Two-story multifamily property with renovated kitchens, established leases, and one active short-term rental.
Property Size3,228 SF
Days on Market13
Property Features for 811 Bracewood Cir
General Information
Standard status
Active
Size
3,228 SF
Property subtype
Investment
Occupancy
75%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$9,720
Amenities
stone fireplace
breakfast bar
private entrances
balconies
porch
patio areas
mature trees
Building Details
Building Size
3,228 SF
Year Built
1981
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
(512) 731-7586
Listed By:
Chelsea Stobaugh
(512) 731-7586
Source:
Elliman
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 29 at 12:24PM
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 Chelsea Stobaugh
Investment Insights
Based on property information with market context.
This two-story fourplex was built in 1981 and contains four separate units, each with a 2-bedroom, 1-bath layout. Interiors include open living areas, stone fireplaces, and kitchens with breakfast bars. Private entrances, balconies, porch areas, and patios vary by unit, while mature trees, natural stone accents, wood siding, and views toward surrounding hills and wooded areas define the setting.
Three units are leased for long-term occupancy, and the fourth operates as an Airbnb. Completed improvements include a roof approximately two years old, remodeled kitchens, and foundation work. The property is approximately one mile from Texas State University, with access to campus by bike or car. Downtown San Marcos, dining, shopping, and recreation are also nearby.
Three units are leased for long-term occupancy, and the fourth operates as an Airbnb. Completed improvements include a roof approximately two years old, remodeled kitchens, and foundation work. The property is approximately one mile from Texas State University, with access to campus by bike or car. Downtown San Marcos, dining, shopping, and recreation are also nearby.
Key Highlights
- Four separate units, each with a 2‑bedroom, 1‑bath layout
- Three of four units currently leased for long‑term occupancy
- Fourth unit operated as an Airbnb
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
$49,483
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
8.61%
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%
$989,660
$989.7K
Cap Rate 7%
$706,900
$706.9K
Cap Rate 9%
$549,811
$549.8K
Market Conditions
NOI Build-Up for 3,228 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
$94.9K $29.40/SF
− Vacancy
−$4.9K −$1.53/SF
EGI
$90.0K $27.87/SF
− OpEx
−$40.5K −$12.54/SF
NOI
$49.5K $15.33/SF
Area
Hays County, TX
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$989,660
Cap Rate 7%
$706,900
Cap Rate 9%
$549,811
Alternative Uses
Best Use
Multifamily LT 5
$773.3K
$676.6K – $902.2K
NOI $54,129 @ 7.0% cap · market cap 9.41%
Second Best
Apartment 5plus
$706.9K
$618.5K – $824.7K
NOI $49,483 @ 7.0% cap · market cap 8.61%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,457 @ 7.0% cap · market cap 16.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
446
Businesses Nearby
Explore this area
Business Placement
Demographics for 78666, TX
86,584
Population
36,354
Households
2.4
Avg Household Size
27
Median Age
35%
College-Educated
89%
High-School Grad
192.4 sq mi
ZIP Area
450
Density / Sq Mi
$55,478
Median Household Income
$25,890
Median Earnings
$1,294
Median Rent
$271,900
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?
Quadplex - Two-story multifamily property with renovated kitchens, established leases, and one active short-term rental.
Where is this quadplex located?
The property is located at 811 Bracewood Cir San Marcos, TX.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Four separate units, each with a 2‑bedroom, 1‑bath layout; Three of four units currently leased for long‑term occupancy; Fourth unit operated as an Airbnb
