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    2523 Memorial Blvd Kerrville, TX 78028

    Sponsored
    For Sale
    $1,199,000

    SINGLE_FAMILY - Kerrville, TX

    Type:Retail
    Property size:
    600 SF
    Lot size:
    2.84 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 3 at 6:06 pm

    Property Features for 2523 Memorial Blvd

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Standard status
    Active
    Zoning
    C-2
    Parking
    30
    Exterior features
    Lighting, Storage
    Accessibility
    Accessible Approach with Ramp
    Size
    600 SF
    Lot size
    2.84 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Central
    Cooling system
    Electric, Central Air
    Water source
    Public
    Water front features
    Waterfront
    Water front
    1

    Building Details

    Year built
    1965
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Simulated wood
    Building materials
    Stucco
    Roof type
    Wood, Metal
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Lisa McGehee

    Fore Premier Properties (830) 257-4000

    Listing agent Lisa McGehee (830) 285-5856

    Listing date Mar 3, 2026

    MLS# 122651

    Copyright © 2026 Kerrville Board 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.

    Learn more

    Property Insight Report

    Overview

    Kerrville Commercial Opportunity on Hwy 27

    This commercial property is located on Hwy 27 \/ Memorial Blvd in Kerrville and features Guadalupe River frontage. The main commercial building offers approximately 1,200 SF and has been extensively renovated with soaring exposed wood beam ceilings, modern track lighting, updated flooring, and an open-concept layout. It is suitable for retail, office, restaurant, bar, art gallery or event venue. Large windows provide natural light and river views. Improvements also include asphalt parking and site enhancements supporting strong on-site parking capacity and easy highway access. A separate 600 SF remodeled riverfront casita features a full kitchen, living area, bedroom, full bath with walk-in shower, and private deck overlooking the Guadalupe River. It is perfect for rental, or owner's quarters, executive office, or live\/work use. Situated on approximately 2.84 acres and offering divisibility, this property provides flexibility for future development, expansion, or resale configuration. The property has high visibility, C-2 zoning, river frontage, multiple structures, & income potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Alex's Tacos Restaurant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Kerrville
    County
    Kerr
    State
    Texas
    Longitude
    -99.1258153
    Latitude
    30.02198403

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    FAQs

    What type of property is this?
    Retail space - C-2 zoned property with Guadalupe River frontage and income potential.
    Where is this retail space located?
    The property is located at 2523 Memorial Blvd Kerrville, TX.
    What is the asking price?
    The asking price for this property is $1,199,000.
    What are key features of this property?
    This property features: - Prime C-2 Zoned Commercial Property with Guadalupe River Frontage and High Visibility on Hwy 27 / Memorial Blvd.; - Divisible 2.84 Acre Lot Offering Flexibility.; - Renovated 1,200 SF Main Commercial Building with Open-Concept Layout.
    (830) 285-5856
    Request Owner's contact information
    2523 Memorial Blvd Kerrville, TX 78028
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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
    2523 Memorial Blvd Kerrville, TX 78028
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    We can help!
    Listing Contact
    Lisa McGehee
    Real Estate License ID: 0649099
    (830) 285-5856 (830) 997-4400 (830) 257-4000
    Learn more
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