Flex Workshop with Two
For Sale
$279,000
1920 N Chadbourne Street, San Angelo, TX 76903
COMMERCIAL - San Angelo, TX
Property Size3,098 SF
Lot Size0.29 Acres
Price / SF$90.06
Days on Market29
Property Features for 1920 N Chadbourne Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
General Commercial
Security features
Security System
Fencing
Privacy, Fenced
Subdivision
Lasker
Standard status
Active
APN
17-31200-0031-001-00
Size
3,098 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Description
Acres: 0.289 Lot: 1 & W 40 Ft Of Lot 2 Blk: 31 Subd: Lasker Addition
Legal Description
Acres: 0.289 Lot: 1 & W 40 Ft Of Lot 2 Blk: 31 Subd: Lasker Addition
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Heating system
Forced Air, Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Amenities
paint cleaning station with sink
heated & cooled large workshop
security system
covered carport area
Building Details
Year built
1957
Flooring type
Concrete
Building materials
Concrete, Frame
Roof type
Metal
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Tiffany Sellers · License #0702183
(325) 450-8806
Added: Jul 16
Changed: Aug 4
Last Checked: Aug 13 at 5:06AM
MLS# 200532
Copyright © 2026 San Angelo Association of Realtors. 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 flex/industrial property includes two large offices, one bathroom, and a paint/cleaning station with a sink. The main workshop is heated and cooled, and there are two garage bays with one electric door. The site is enclosed with completely private metal fencing, and additional workshop space with storage is included.
The property also features a small parking lot and a covered carport area, along with a security system. A heated and cooled workshop and dedicated work areas make the layout suitable for businesses needing both office functionality and enclosed shop space.
Total improvements include the office and workshop areas, paint/cleaning station, bathroom, garage bays, additional workshop storage, and secured outdoor space within the fenced perimeter.
The property also features a small parking lot and a covered carport area, along with a security system. A heated and cooled workshop and dedicated work areas make the layout suitable for businesses needing both office functionality and enclosed shop space.
Total improvements include the office and workshop areas, paint/cleaning station, bathroom, garage bays, additional workshop storage, and secured outdoor space within the fenced perimeter.
Key Highlights
- Year built 1957 with concrete and frame construction and concrete flooring
- Metal roof with central heating/cooling plus additional electric and forced‑air heating
- Utilities include electricity; served by public water and public sewer
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
$22,110
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
7.92%
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%
$442,200
$442.2K
Cap Rate 7%
$315,857
$315.9K
Cap Rate 9%
$245,667
$245.7K
Market Conditions
NOI Build-Up for 3,098 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
$37.2K $12.00/SF
− Vacancy
−$3.2K −$1.02/SF
EGI
$34.0K $10.98/SF
− OpEx
−$11.9K −$3.84/SF
NOI
$22.1K $7.14/SF
Area
Tom Green County, TX
Vacancy
8.50%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
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%
$442,200
Cap Rate 7%
$315,857
Cap Rate 9%
$245,667
Alternative Uses
Best Use
Flex RnD
$315.9K
$276.4K – $368.5K
NOI $22,110 @ 7.0% cap · market cap 7.92%
Second Best
Warehouse
$276.7K
$242.2K – $322.9K
NOI $19,372 @ 7.0% cap · market cap 6.94%
Theoretical Best
Multifamily LT 5
$2.37M
$2.08M – $2.77M
NOI $166,007 @ 7.0% cap · market cap 59.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
70
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 76903, TX
32,215
Population
14,169
Households
2.3
Avg Household Size
37
Median Age
16%
College-Educated
78%
High-School Grad
25.0 sq mi
ZIP Area
1,289
Density / Sq Mi
$49,045
Median Household Income
$33,077
Median Earnings
$1,051
Median Rent
$115,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Similar Off Market Nearby
- BBQ Brothers — 1405 N Bryant Blvd, San Angelo, TX 76903
Frequently Asked Questions
What type of property is this?
Flex space - Flex/warehouse facility includes two offices, a heated and cooled workshop, and two garage bays with a private fenced yard.
Where is this flex space located?
The property is located at 1920 N Chadbourne Street San Angelo, TX.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Year built 1957 with concrete and frame construction and concrete flooring; Metal roof with central heating/cooling plus additional electric and forced‑air heating; Utilities include electricity; served by public water and public sewer
