Character-Rich Office
New
For Sale
$340,000
204 N Liberty Street, Victoria, TX 77901
CommercialSale, Victoria, TX
Property Size1,561 SF
Lot Size0.04 Acres
Price / SF$217.81
Days on Market2
Property Features for 204 N Liberty Street
General Information
Property type
Commercial Sale
Property subtype
Office
Parking features
Garage
Subdivision
West-Rein Sub 1 Resub 1
Lot features
City Lot
Elementary school district
Victoria ISD
Middle school district
Victoria ISD
High school district
Victoria ISD
Directions
From US-59 N, take the exit toward Downtown Victoria. Continue onto N Main St, turn onto W Santa Rosa St, then turn onto N Liberty St. The property will be on the right.
Standard status
Active
APN
20374164
Size
1,561 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WEST-REIN SUBD NO 1 RESUB NO 1, BLOCK 145, LOT 2R-B, ACRES .0448
Tax Annual Amount
2791
Legal Description
WEST-REIN SUBD NO 1 RESUB NO 1, BLOCK 145, LOT 2R-B, ACRES .0448
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air, Electric
Water source
Public
Amenities
reception/foyer
conference room
break room/kitchenette
storage/file room
upper loft
Building Details
Year built
1950
Floors in Building
2
Flooring type
Slate, Hardwood, Carpet
Building materials
Brick
Roof type
Metal
Listing Agency:
eXp Realty LLC
(888) 519-7431
Listed By:
Stephanie Ferguson · License #0761380
(361) 550-6200
Added: Sep 9
Last Checked: Sep 10 at 6:06AM
MLS# 622438
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 1,561-square-foot office property, built in 1950, combines four private offices with a reception and foyer, conference room, break room and kitchenette, storage and file room, and two half baths. The offices are arranged in two connected groupings, with a primary entrance for each office and interior connecting doors within each grouping. An upper loft provides additional workspace and storage potential.
Interior details include high ceilings, embossed metal ceiling treatments, slate tile, hand-scraped wood flooring, carpeted offices, and an iron-and-wood spiral staircase. The building is constructed of brick and includes public water and public sewer service, natural gas heat, central air, electric cooling, a metal roof, and garage parking. Electrical and plumbing were completed as part of the office build-out, the HVAC condenser was recently replaced, and the roof was repaired in 2024.
The property is located at 204 N Liberty Street in downtown Victoria, with street parking and rear alley access. It is two blocks from the Victoria County Courthouse and one block from the downtown square.
Interior details include high ceilings, embossed metal ceiling treatments, slate tile, hand-scraped wood flooring, carpeted offices, and an iron-and-wood spiral staircase. The building is constructed of brick and includes public water and public sewer service, natural gas heat, central air, electric cooling, a metal roof, and garage parking. Electrical and plumbing were completed as part of the office build-out, the HVAC condenser was recently replaced, and the roof was repaired in 2024.
The property is located at 204 N Liberty Street in downtown Victoria, with street parking and rear alley access. It is two blocks from the Victoria County Courthouse and one block from the downtown square.
Key Highlights
- 1,561 SF office property built in 1950
- Four private offices arranged in two connected groupings
- Reception area, conference room, kitchenette, storage/file room, and two half baths
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
$26,111
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
7.68%
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%
$522,220
$522.2K
Cap Rate 7%
$373,014
$373.0K
Cap Rate 9%
$290,122
$290.1K
Market Conditions
NOI Build-Up for 1,561 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
$48.0K $30.72/SF
− Vacancy
−$13.1K −$8.42/SF
EGI
$34.8K $22.30/SF
− OpEx
−$8.7K −$5.58/SF
NOI
$26.1K $16.73/SF
Area
Victoria County, TX
Vacancy
27.40%
Lease Rate
$30.72 /SF/Yr
Expense Ratio
25.00%
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%
$522,220
Cap Rate 7%
$373,014
Cap Rate 9%
$290,122
Alternative Uses
Best Use
Office B
$373.0K
$326.4K – $435.2K
NOI $26,111 @ 7.0% cap · market cap 7.68%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$17.15M
$15.01M – $20.01M
NOI $1,200,445 @ 7.0% cap · market cap 353.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,159
Businesses Nearby
Explore this area
Business Placement
Demographics for 77901, TX
40,062
Population
17,438
Households
2.3
Avg Household Size
35
Median Age
15%
College-Educated
76%
High-School Grad
18.1 sq mi
ZIP Area
2,213
Density / Sq Mi
$57,728
Median Household Income
$33,127
Median Earnings
$1,105
Median Rent
$133,900
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - Flexible professional workspace with private offices, reception, conference, and support areas in a distinctive brick building.
Where is this office units located?
The property is located at 204 N Liberty Street Victoria, TX.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: 1,561 SF office property built in 1950; Four private offices arranged in two connected groupings; Reception area, conference room, kitchenette, storage/file room, and two half baths
