Medical Office Property with
For Sale
$495,000
602 N Gray Street, Caldwell, TX 77836
Commercial, Caldwell, TX
Property Size3,422 SF
Lot Size0.36 Acres
Price / SF$144.65
Days on Market40
Property Features for 602 N Gray Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Burleson
Lot features
Yard Area
Elementary school district
Caldwell
Middle school district
Caldwell
High school district
Caldwell
Directions
From Intersection of Hwy 21 (Presidential Corridor) and Hwy 36 in Caldwell, go west on Hwy 21. Turn Rt on Gray street (at City Library). The property will be on the right just behind the City Library.
Standard status
Active
APN
602 Gray 603
Size
3,422 SF
Lot size
0.36 Acres
Building Details
Year built
1971
Flooring type
Tile, Laminate
Roof type
Metal
Listing Agency:
Home & Ranch Real Estate
(979) 272-1759
Listed By:
Melinda Scott · License #527396
(979) 574-9228
Added: Jul 28
Changed: Sep 4
Last Checked: Sep 5 at 3:06AM
MLS# 26009590
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.
This medical office property comprises a 2,200-square-foot primary building with laminate and tile flooring, a metal roof, and a 1971 construction date. The layout has supported a family practice for more than 25 years and can accommodate office, medical, retail, health, beauty, or salon-oriented operations as described. A detached metal building adds over 1,200 square feet of specialty work rooms, a staff break area with kitchenette, a bathroom, workout space, and climate-controlled storage.
The property is located at 602 N Gray Street in Caldwell, Texas, just off Hwy 21. The 0.3618-acre site includes an asphalt parking area serving staff and visitors. Total property size is 3,422 square feet.
The property is located at 602 N Gray Street in Caldwell, Texas, just off Hwy 21. The 0.3618-acre site includes an asphalt parking area serving staff and visitors. Total property size is 3,422 square feet.
Key Highlights
- 2,200‑square‑foot primary building with laminate and tile flooring
- Detached metal building provides over 1,200 square feet of additional space
- Specialty work rooms, staff break area with kitchenette, bathroom, and workout space
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
$45,004
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
9.09%
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%
$900,080
$900.1K
Cap Rate 7%
$642,914
$642.9K
Cap Rate 9%
$500,044
$500.0K
Market Conditions
NOI Build-Up for 3,422 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
$71.9K $21.00/SF
− Vacancy
−$11.9K −$3.47/SF
EGI
$60.0K $17.54/SF
− OpEx
−$15.0K −$4.38/SF
NOI
$45.0K $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%
$900,080
Cap Rate 7%
$642,914
Cap Rate 9%
$500,044
Alternative Uses
Best Use
Office B
$642.9K
$562.6K – $750.1K
NOI $45,004 @ 7.0% cap · market cap 9.09%
Second Best
Healthcare Medical
$570.2K
$498.9K – $665.2K
NOI $39,914 @ 7.0% cap · market cap 8.06%
Theoretical Best
Office A
$842.6K
$737.3K – $983.1K
NOI $58,984 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
420
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?
Medical Office Space - Established medical-office space includes a detached work building, climate-controlled storage, and asphalt parking.
Where is this medical office space located?
The property is located at 602 N Gray Street Caldwell, TX.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 2,200‑square‑foot primary building with laminate and tile flooring; Detached metal building provides over 1,200 square feet of additional space; Specialty work rooms, staff break area with kitchenette, bathroom, and workout space
