Land with Partially Built
For Sale
$215,900
137 Ranchette Street lot 24, Bastrop, TX 78602
Land, Bastrop, TX
Property Size1,024 SF
Lot Size3.54 Acres
Price / SF$210.84
Days on Market84
Property Features for 137 Ranchette Street lot 24
General Information
Property type
Land
Property subtype
Other
Zoning description
SFR
Subdivision
Lake Bastrop Ranchettes
Lot features
Mature Trees, Outside City Limits, Acreage
Elementary school
Emile Elementary
Middle school
Bastrop Middle School
High school
Bastrop High School
Elementary school district
Bastrop ISD
Middle school district
Bastrop ISD
High school district
Bastrop ISD
Directions
From Buc-ee's 1700 E State Highway 71, Bastrop 450 ft Turn right onto SH-21 0.3 miles Turn right onto Chestnut St 5.8 miles Turn left onto FM-1441 4.1 miles Turn right onto Old 1441 0.2 miles Turn left onto Green Valley Dr 1.6 miles Turn right onto Ranchette St 0.2 miles The destination is on your right 137 Ranchette St 137 Ranchette St, Bastrop
Standard status
Active
APN
29817
Size
1,024 SF
Lot size
3.54 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LAKE BASTROP RANCHETTES BLK 1 LOT 24
Tax Annual Amount
2584
Legal Description
LAKE BASTROP RANCHETTES BLK 1 LOT 24
Building Details
Additional Structures
Workshop
Listing Agency:
RE/MAX Freedom
(512) 668-4787
Listed By:
Dee Rodgers · License #0699541
(830) 263-1555
Added: Jun 2
Changed: Aug 20
Last Checked: Aug 24 at 3:06AM
MLS# 614394
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.
Investment Insights
Based on property information with market context.
This offering consists of 3.5+ acres formed by two adjoining lots in Lake Bastrop Estates. The property includes a large concrete-floored, partially built warehouse that is already in place and can support storage, workspace, or a business setup with room for further expansion. An older homestead sits on a concrete slab and is currently not habitable; it can be reworked or removed, with the option to build again on the existing slab.
Utilities and site improvements include one water meter on site. Electric poles are present but will need to be reconnected. A septic system is in place, though its condition is unknown and no guarantees are being offered.
The parcel offers flexibility for a range of uses on a quieter dead-end road setting, surrounded by mature trees and Loblolly pines, with proximity to Lake Bastrop amenities and access to Bastrop shopping and dining.
Utilities and site improvements include one water meter on site. Electric poles are present but will need to be reconnected. A septic system is in place, though its condition is unknown and no guarantees are being offered.
The parcel offers flexibility for a range of uses on a quieter dead-end road setting, surrounded by mature trees and Loblolly pines, with proximity to Lake Bastrop amenities and access to Bastrop shopping and dining.
Key Highlights
- 3.5+ acres of two adjoining lots in Lake Bastrop Estates
- Partially built large concrete‑floored warehouse on site, suitable for storage/workspace with room to expand
- Older homestead on a concrete slab (currently not habitable), with option to rework or remove and rebuild on the slab
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
$10,309
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
4.77%
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%
$206,180
$206.2K
Cap Rate 7%
$147,271
$147.3K
Cap Rate 9%
$114,544
$114.5K
Market Conditions
NOI Build-Up for 1,024 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
$15.2K $14.88/SF
− Vacancy
−$3.1K −$3.04/SF
EGI
$12.1K $11.84/SF
− OpEx
−$1.8K −$1.78/SF
NOI
$10.3K $10.07/SF
Area
Bastrop County, TX
Vacancy
20.40%
Lease Rate
$14.88 /SF/Yr
Expense Ratio
15.00%
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%
$206,180
Cap Rate 7%
$147,271
Cap Rate 9%
$114,544
Alternative Uses
Best Use
Warehouse
$147.3K
$128.9K – $171.8K
NOI $10,309 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$401.3K
$351.1K – $468.2K
NOI $28,089 @ 7.0% cap · market cap 13.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
17
Businesses Nearby
Explore this area
Business Placement
Demographics for 78602, TX
33,759
Population
13,485
Households
2.5
Avg Household Size
40
Median Age
27%
College-Educated
87%
High-School Grad
195.3 sq mi
ZIP Area
173
Density / Sq Mi
$86,976
Median Household Income
$41,644
Median Earnings
$1,331
Median Rent
$310,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - 3.5+ acres of two adjoining lots with a partially built, concrete-floored warehouse and an older homestead on slab.
Where is this residential land & home lot located?
The property is located at 137 Ranchette Street lot 24 Bastrop, TX.
What is the asking price?
The asking price for this property is $215,900.
What are key features of this property?
This property features: 3.5+ acres of two adjoining lots in Lake Bastrop Estates; Partially built large concrete‑floored warehouse on site, suitable for storage/workspace with room to expand; Older homestead on a concrete slab (currently not habitable), with option to rework or remove and rebuild on the slab
