Flex Space with Living
For Sale
$275,000
405 N Johnston Street, Caldwell, TX 77836
Commercial, Caldwell, TX
Property Size1,836 SF
Lot Size0.14 Acres
Price / SF$149.78
Days on Market146
Property Features for 405 N Johnston Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Burleson
Elementary school district
Caldwell
Middle school district
Caldwell
High school district
Caldwell
Directions
At the intersection of Hwy 21 and Hwy 36 travel W on Hwy 21. Turn left to Johnston St. The property will be the second building on the right.
Standard status
Active
APN
405 Johnston 603
Size
1,836 SF
Lot size
0.14 Acres
Building Details
Year built
2010
Flooring type
Concrete
Roof type
Metal
Listing Agency:
Home & Ranch Real Estate
(979) 272-1759
Listed By:
Melinda Scott · License #0527396
(979) 574-9228
Added: Apr 16
Changed: Aug 19
Last Checked: Sep 8 at 11:06AM
MLS# 26004722
Copyright © 2026 Bryan-College Station Regional MLS. 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.
Built in 2010, this 1,836-square-foot flex property combines a durable metal building with integrated living quarters. The main area features high ceilings, exposed beams, overhead lighting, ceiling fans, concrete flooring, custom wood shelving, and two large roll-up garage doors. A utility area includes a sink and washer/dryer hookups.
The attached covered side area provides additional space for storage, covered work functions, or equipment staging. A wide concrete driveway supports parking and vehicle circulation. The property also contains one bedroom, one bathroom, a kitchen, and a living area within the building, along with a 0.139-acre site at 405 N Johnston Street in Caldwell, Texas.
The configuration brings workspace and on-site living areas together in a single commercial property, with features suited to operational, storage, and management needs.
The attached covered side area provides additional space for storage, covered work functions, or equipment staging. A wide concrete driveway supports parking and vehicle circulation. The property also contains one bedroom, one bathroom, a kitchen, and a living area within the building, along with a 0.139-acre site at 405 N Johnston Street in Caldwell, Texas.
The configuration brings workspace and on-site living areas together in a single commercial property, with features suited to operational, storage, and management needs.
Key Highlights
- 1,836‑square‑foot flex property on a 0.139‑acre site
- Two large roll‑up garage doors provide vehicle and equipment access
- Integrated 1 bedroom, 1 bath living quarters with kitchen and living area
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
$24,146
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
8.78%
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%
$482,920
$482.9K
Cap Rate 7%
$344,943
$344.9K
Cap Rate 9%
$268,289
$268.3K
Market Conditions
NOI Build-Up for 1,836 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
$38.6K $21.00/SF
− Vacancy
−$6.4K −$3.47/SF
EGI
$32.2K $17.54/SF
− OpEx
−$8.0K −$4.38/SF
NOI
$24.1K $13.15/SF
Area
Burleson County, TX
Vacancy
16.50%
Lease Rate
$21.00 /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%
$482,920
Cap Rate 7%
$344,943
Cap Rate 9%
$268,289
Alternative Uses
Best Use
Office B
$344.9K
$301.8K – $402.4K
NOI $24,146 @ 7.0% cap · market cap 8.78%
Second Best
Mixed Use
$286.4K
$250.6K – $334.2K
NOI $20,049 @ 7.0% cap · market cap 7.29%
Theoretical Best
Office A
$452.1K
$395.6K – $527.5K
NOI $31,647 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 77836, TX
11,721
Population
5,990
Households
2
Avg Household Size
45
Median Age
22%
College-Educated
86%
High-School Grad
431.1 sq mi
ZIP Area
27
Density / Sq Mi
$79,567
Median Household Income
$45,291
Median Earnings
$869
Median Rent
$199,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Metal construction, roll-up access, and integrated living amenities support varied commercial operations.
Where is this flex space located?
The property is located at 405 N Johnston Street Caldwell, TX.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 1,836‑square‑foot flex property on a 0.139‑acre site; Two large roll‑up garage doors provide vehicle and equipment access; Integrated 1 bedroom, 1 bath living quarters with kitchen and living area
