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    1004 S Key Avenue Lampasas, TX 76550

    View on Map
    For Lease
    Under Contract
    $2,000 /Mo

    COMMERCIAL - Lampasas, TX

    Property size:
    960 SF
    Lot size:
    0.25 Acres
    Added:
    Mar 12, 2026
    Days on Market:
    29
    Last Refresh:
    Apr 8 at 11:06 pm

    Property Features for 1004 S Key Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    R
    Parking
    12
    Standard status
    Active Under Contract
    APN
    1665
    Size
    960 SF
    Lot size
    0.25 Acres

    Taxes and HOA fees

    Tax Description
    LOT:N PT OF 2,S1/2 OF 3, BLK: 92 ADDN: L S C 1ST & 31 OF N PT OF 3

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1940
    Floors in Building
    1
    Flooring type
    Paintedstained, Concrete
    Building materials
    Frame, Stone
    Roof type
    Flat

    We can help!

    Listing Contact
    Leah Caruthers
    Leah Caruthers

    Listing agent Leah Caruthers License #0561403

    Listing office Texas Real Estate Sales 1902-A S US Hwy 281, TX

    Listing date Mar 12, 2026

    MLS# 607205

    Copyright © 2026 Central Texas Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Lampasas Restaurant Space For Rent

    This ready-to-go restaurant space is located on a busy highway with excellent frontage and sidewalk traffic. The property is situated between Mojos and Donut Palace. The interior provides ample indoor seating, and there is potential for establishing outdoor seating. The property includes an ADA restroom and additional rooms for storage. The lot size is 0.251 acres and the property size is 960 square feet. The property is located in Lampasas, Texas, where three major US highways converge. The property is zoned R.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Western Avenue Dawgs Restaurant

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lampasas
    County
    Lampasas
    State
    Texas
    Longitude
    -98.180285
    Latitude
    31.058755

    Nearby Similar for Lease

    • Contact for pricing

      Office with Warehouse on Highway

      Office and warehouse space with highway visibility in Lampasas, TX.
      2237 E Highway 190, Lampasas, TX 76550
      View Details
    • Contact for pricing

      Business - Lampasas, TX

      1004 S Key Avenue, Lampasas, TX 76550
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Restaurant space for rent with highway frontage and sidewalk traffic.
    Where is this conventional restaurant located?
    The property is located at 1004 S Key Avenue Lampasas, TX.
    What is the lease rate?
    The lease rate is $2,000 /Mo.
    What are key features of this property?
    This property features: High‑traffic highway frontage on Key Avenue, a major thoroughfare.; Existing restaurant space, ready for immediate occupancy.; Located between two established and busy businesses (Mojos and Donut Palace).
    (512) 627-6670
    We can help!
    Listing Contact
    Leah Caruthers
    Leah Caruthers
    Real Estate License ID: 0561403
    Learn More
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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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