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    1605 Water St Kerrville, TX 78028
    Property profile & analytics

    1605 Water St Kerrville, TX 78028

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    • Commercial real estate
    Off-Market
    Property ID
    US83-2607977
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • The Lux Riverside / Apartment Complex / Apartment Building

    Property Details for 1605 Water St

    Year built
    1965
    Property type
    Commercial real estate

    Description

    This exceptional 47-unit apartment building, known as the Lux Riverside, presents a compelling value-add investment opportunity in Kerrville, Texas. Situated at 1605 Water St, 78028, this one-story, 27,470 square foot complex was built in 1965 and boasts waterfront views. The property comprises a mix of one-bedroom/one-bathroom units and studios, with an average unit size of 584 square feet. Residents enjoy access to desirable amenities including a landscaped courtyard, on-site laundry facilities, and a designated picnic area. The property's location offers proximity to major Kerrville employers, within less than two miles. Financial projections indicate a strong potential return on investment, with an estimated Year 1 cash-on-cash return of 8.6%. Further revenue generation opportunities exist, adding to the overall attractiveness of this investment. Detailed financial information is available upon request. This property offers a unique blend of established income generation and significant upside potential in a desirable Texas location. The property's waterfront setting and convenient amenities contribute to its appeal, making it an attractive option for investors seeking a strong value-add opportunity in the Kerrville market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Kerrville
    County
    Kerr
    State
    Texas
    Longitude
    -99.1364705
    Latitude
    30.0365471

    Comparable in this City

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      21-Unit Multifamily Investment Opportunity

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    • $1,100,000
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      Meticulously Maintained Kerrville Apartment Complex

      Stable, income-producing 8-unit apartment complex in Kerrville, Texas.
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      Kerrville Multifamily Investment Opportunity

      Six-unit apartment building in Kerrville, TX with recent cosmetic remodels.
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    • $897,500
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      Mixed-Use Property in Downtown Kerrville

      Mixed-use property with income potential in downtown Kerrville.
      521-601 Clay St, Kerrville, TX 78028
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    • $985,000
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      Kerrville Mobile Home Park

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    • $649,000
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      Kerrville Renovated Cottage with Bungalows

      Renovated cottage with industrial bungalows near Kerrville's attractions.
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    Similar Nearby for Sale

    • $1,100,000
      9,300 SF

      21-Unit Multifamily Investment Opportunity

      Multifamily property for sale with 21 units.
      2906 Hunt St, Kerrville, TX 78028
      View Details
    • $1,100,000
      4,896 SF

      Meticulously Maintained Kerrville Apartment Complex

      Stable, income-producing 8-unit apartment complex in Kerrville, Texas.
      Kerrville, TX 78028
      View Details
    • $600,000
      5,354 SF

      Kerrville Multifamily Investment Opportunity

      Six-unit apartment building in Kerrville, TX with recent cosmetic remodels.
      305 N Tivy St, Kerrville, TX 78028
      View Details
    • $897,500
      974 SF

      Mixed-Use Property in Downtown Kerrville

      Mixed-use property with income potential in downtown Kerrville.
      521-601 Clay St, Kerrville, TX 78028
      View Details
    • $985,000
      10.00 Acres

      Kerrville Mobile Home Park

      10-Acre, 5-Unit Income Property
      0 Tbd, Kerrville, TX 78028
      View Details
    • $649,000
      3,318 SF

      Kerrville Renovated Cottage with Bungalows

      Renovated cottage with industrial bungalows near Kerrville's attractions.
      1524 N Water St, Kerrville, TX 78028
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Kerrville Shopping Center Retail Space

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      704 Junction Hwy, Kerrville, TX 78028
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      Kerrville Commercial Property For Lease

      1200 sq ft metal building in high-traffic Kerrville area.
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      Downtown Kerrville Office Space Available

      All-inclusive office space in the heart of downtown Kerrville.
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      Kerrville Office Space For Lease

      Prime office space near medical center and hospital.
      707 Hill Country Dr, Kerrville, TX 78028
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      Kerrville Executive Office Suites

      Centrally located office suites in Kerrville, Texas, for rent.
      204 Cully Dr, Kerrville, TX 78028
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    • Contact for pricing

      Kerrville Drive-Thru Restaurant Opportunity

      Second-generation drive-thru restaurant in high-traffic Kerrville location.
      500 Sidney Baker St, Kerrville, TX 78028
      View Details
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    Kerrville, TX 78028
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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