Two-Unit
For Sale
$449,900
9211 Canyon, Converse, TX 78109
Each residence offers a three-bedroom, two-bathroom layout with bright living areas.
Property Size2,702 SF
Price / SF$166.51
Days on Market10
Property Features for 9211 Canyon
General Information
Standard status
Active
Size
2,702 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
2021
Listing Agency:
Signature Real Estate
(713) 952-3200
Listed By:
Erion Shehaj · License #0516948
Source:
Thebranchinc
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 29 at 5:22PM
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 Signature Real Estate
Investment Insights
Based on property information with market context.
Built in 2021, this 2,702 SF duplex includes two residential units with matching three-bedroom, two-bathroom configurations. The interiors feature practical layouts, natural light, and comfortable living spaces. Both units are fully leased, and professional property management is already in place. Owner occupancy is also identified as an available use option.
The property is located at 9211 Canyon in Converse, Texas, minutes from dining, shopping, and entertainment amenities. Its two-unit design and established occupancy provide a straightforward configuration for buyers evaluating a leased residential income property or a home with an additional rental unit.
The property is located at 9211 Canyon in Converse, Texas, minutes from dining, shopping, and entertainment amenities. Its two-unit design and established occupancy provide a straightforward configuration for buyers evaluating a leased residential income property or a home with an additional rental unit.
Key Highlights
- 2,702 SF duplex built in 2021
- Two units, each with 3 bedrooms and 2 bathrooms
- Fully leased at present
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
$28,459
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
6.33%
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%
$569,180
$569.2K
Cap Rate 7%
$406,557
$406.6K
Cap Rate 9%
$316,211
$316.2K
Market Conditions
NOI Build-Up for 2,702 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
$43.8K $16.20/SF
− Vacancy
−$3.1K −$1.15/SF
EGI
$40.7K $15.05/SF
− OpEx
−$12.2K −$4.51/SF
NOI
$28.5K $10.53/SF
Area
Bexar County, TX
Vacancy
7.12%
Lease Rate
$16.20 /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%
$569,180
Cap Rate 7%
$406,557
Cap Rate 9%
$316,211
Alternative Uses
Best Use
Multifamily LT 5
$406.6K
$355.7K – $474.3K
NOI $28,459 @ 7.0% cap · market cap 6.33%
Second Best
Apartment 5plus
$353.5K
$309.3K – $412.4K
NOI $24,744 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$731.3K
$639.9K – $853.2K
NOI $51,192 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
36
Businesses Nearby
Explore this area
Business Placement
Demographics for 78109, TX
52,093
Population
19,279
Households
2.7
Avg Household Size
33
Median Age
31%
College-Educated
92%
High-School Grad
27.8 sq mi
ZIP Area
1,874
Density / Sq Mi
$87,635
Median Household Income
$44,182
Median Earnings
$1,645
Median Rent
$241,100
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 - Each residence offers a three-bedroom, two-bathroom layout with bright living areas.
Where is this duplex located?
The property is located at 9211 Canyon Converse, TX.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 2,702 SF duplex built in 2021; Two units, each with 3 bedrooms and 2 bathrooms; Fully leased at present
