Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    507 N Race St, Unit 5 Lampasas, TX 76550

    Sponsored
    Picture of Residential land & home lots at N Race St 507, Lampasas, TX
    For Sale
    Contact for pricing

    LAND - Lampasas, TX

    Lot size:
    0.10 Acres
    Days on Market:
    1
    Last Refresh:
    Feb 6 at 6:06 pm

    Property Features for 507 N Race St

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    1490
    Lot size
    0.10 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Additional Structures
    Residence

    We can help!

    Listing Contact
    Kenneth Murray

    Keller Williams Realty (512) 346-3550

    Listing agent Kenneth Murray (512) 346-3550 License #0746188

    Listing date Feb 6, 2026

    MLS# 603351 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Lampasas, TX Corner Lot

    This corner lot is located in an established neighborhood of Lampasas. The lot size is 0.104 acres. The property offers many possibilities for revitalization.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Lampasas
    County
    Lampasas
    State
    Texas
    Longitude
    -98.190324
    Latitude
    31.070067

    Nearby Similar for Sale

    • $9,500,000
      4,203 SF

      Texas Exotic Game Ranch Retreat

      367-acre ranch with luxury home, barns, and recreational opportunities.
      6101 County Road 208, Lampasas, TX 76550
      View Details
    • $7,777,000
      378.00 Acres

      Historical Lampasas Gem Ranch

      378-acre high-fenced ranch featuring Sulphur Creek and event facilities.
      190 Private Road 3011, Lampasas, TX 76550
      View Details
    • $22,273,260
      2,819.40 Acres

      Expansive Ranch in Lampasas County

      2819.4-acre ranch with residences, hunting cabins, and abundant wildlife.
      7947 Cr 1255, Lampasas, TX 76550
      View Details
    • $395,000
      2,454 SF

      Lampasas Retail/Office Ready Space

      Well-maintained retail/office space with versatile layout and recent updates.
      611 Central Texas Expy, Lampasas, TX 76550
      View Details
    • $425,000
      29.37 Acres

      Texas Hill Country Ranch Land

      29-acre ranch near Lampasas with pond, trees, and building site.
      Rd 106, Lampasas, TX 76550
      View Details
    • $240,000
      3,515 SF

      Charming Commercial Property in Lampasas

      Versatile commercial space with historic charm and modern potential.
      107 W 5Th St, Lampasas, TX 76550
      View Details
    • $550,000
      5,306 SF

      Lampasas Triplex with Highway Frontage

      Well-maintained triplex near shopping with owner-occupancy potential.
      613 Central Texas Expy #A, Lampasas, TX 76550
      View Details
    • $225,000
      2,240 SF

      Lampasas Commercial Investment Opportunity

      Highway frontage property with rental income potential in Lampasas, TX.
      309 S Key Ave, Lampasas, TX 76550
      View Details
    • $690,000
      2,331 SF

      Commercial Office Building in Lampasas

      Commercial office building with four offices, reception, and kitchenette.
      408 N Key Ave, Lampasas, TX 76550
      View Details
    • $380,000
      6,088 SF

      Lampasas Commercial Investment Opportunity

      Commercial property with three units and highway frontage in Lampasas.
      S Key Ave, Lampasas, TX 76550
      View Details
    • $475,000
      2,520 SF

      Prime Commercial Building in Lampasas

      Commercial building in the heart of Lampasas with high visibility.
      904 S Key Ave, Lampasas, TX 76550
      View Details
    • $425,000
      0.29 Acres

      Lampasas Steel-Framed Commercial Building

      2500 SF steel building on corner lot in Lampasas.
      107 W 10Th St, Lampasas, TX 76550
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Corner lot in established Lampasas neighborhood, ready for revitalization.
    Where is this residential land & home lot located?
    The property is located at 507 N Race St, Unit 5 Lampasas, TX.
    What is the asking price?
    The asking price for this property is $15,000.
    What are key features of this property?
    This property features: - Corner lot in an established neighborhood; - Many possibilities for the lot; - Public water source and public sewer
    (512) 346-3550
    Request Owner's contact information
    507 N Race St, Unit 5 Lampasas, TX 76550
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    507 N Race St, Unit 5
    Lampasas, TX 76550
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    507 N Race St, Unit 5 Lampasas, TX 76550
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Kenneth Murray
    Real Estate License ID: 0746188
    (512) 346-3550
    Learn more
    Google sign-in failed. Please try again or use another login method.