Live-Work Property with
For Sale
$570,000
829 State Highway 21, Cedar Creek, TX 78612
CommercialSale, Cedar Creek, TX
Property Size4,572 SF
Lot Size2.05 Acres
Price / SF$124.67
Days on Market194
Property Features for 829 State Highway 21
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Litton, Addison
Lot features
One To Three Acres, Outside City Limits
High school
Bastrop High School
Elementary school district
Bastrop ISD
Middle school district
Bastrop ISD
High school district
Bastrop ISD
Directions
Proceed south on Hwy 21 from Hwy 71 toward Cedar Creek---3.7 miles--see signs on left. Property is south of the Cedar Creek football stadium and north of Cedar Creek.
Standard status
Active
APN
25908
Size
4,572 SF
Lot size
2.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
A45 LITTON, ADDISON, ACRES 2.0542
Tax Annual Amount
9175
Legal Description
A45 LITTON, ADDISON, ACRES 2.0542
Utilities
Sewer type
Septic Tank
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2000
Floors in Building
2
Flooring type
Vinyl, Hardwood, Concrete, Laminate
Building materials
WoodSiding
Listing Agency:
TS Realty
(210) 269-9940
Listed By:
Elizabeth Schmidtberger · License #0690215
(512) 376-9903
Added: Feb 23
Changed: Aug 20
Last Checked: Sep 5 at 9:06PM
MLS# 605277
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 live-work property combines a five-bedroom residence with multiple commercial improvements on 2.0542 acres at 829 State Highway 21 in Cedar Creek. The home includes an open kitchen, 2.5 bathrooms, a wraparound deck, central heating, central air, and a mix of vinyl, hardwood, concrete, and laminate flooring. Built in 2000, the property also includes a detached shop.
Commercial improvements include a 2,492-square-foot warehouse with dedicated office and bathroom space; the warehouse is currently rented. A separate 1,200-square-foot pole barn adds covered capacity for equipment, storage, or other operational needs. The property uses a septic tank and is positioned along State Highway 21 with access to Cedar Creek, Bastrop, and the Austin metro corridor.
Commercial improvements include a 2,492-square-foot warehouse with dedicated office and bathroom space; the warehouse is currently rented. A separate 1,200-square-foot pole barn adds covered capacity for equipment, storage, or other operational needs. The property uses a septic tank and is positioned along State Highway 21 with access to Cedar Creek, Bastrop, and the Austin metro corridor.
Key Highlights
- 2.0542‑acre live‑work property at 829 State Highway 21, Cedar Creek, TX 78612
- Five‑bedroom home with 2.5 bathrooms, open kitchen, and wraparound deck
- 2,492‑square‑foot warehouse with office and bathroom; currently rented
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
$46,030
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
8.08%
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%
$920,600
$920.6K
Cap Rate 7%
$657,571
$657.6K
Cap Rate 9%
$511,444
$511.4K
Market Conditions
NOI Build-Up for 4,572 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
$68.0K $14.88/SF
− Vacancy
−$13.9K −$3.04/SF
EGI
$54.2K $11.84/SF
− OpEx
−$8.1K −$1.78/SF
NOI
$46.0K $10.07/SF
Area
Bastrop County, TX
Vacancy
20.40%
Lease Rate
$14.88 /SF/Yr
Expense Ratio
15.00%
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%
$920,600
Cap Rate 7%
$657,571
Cap Rate 9%
$511,444
Alternative Uses
Best Use
Office B
$1.56M
$1.36M – $1.82M
NOI $109,022 @ 7.0% cap · market cap 19.13%
Second Best
Mixed Use
$1.08M
$943.0K – $1.26M
NOI $75,438 @ 7.0% cap · market cap 13.23%
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,413 @ 7.0% cap · market cap 22.00%
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
43
Businesses Nearby
Explore this area
Business Placement
Demographics for 78612, TX
16,265
Population
5,981
Households
2.7
Avg Household Size
37
Median Age
21%
College-Educated
74%
High-School Grad
99.1 sq mi
ZIP Area
164
Density / Sq Mi
$90,925
Median Household Income
$39,263
Median Earnings
$1,642
Median Rent
$239,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Combined residential and commercial improvements include a five-bedroom home, rented warehouse, detached shop, and pole barn.
Where is this live-work space located?
The property is located at 829 State Highway 21 Cedar Creek, TX.
What is the asking price?
The asking price for this property is $570,000.
What are key features of this property?
This property features: 2.0542‑acre live‑work property at 829 State Highway 21, Cedar Creek, TX 78612; Five‑bedroom home with 2.5 bathrooms, open kitchen, and wraparound deck; 2,492‑square‑foot warehouse with office and bathroom; currently rented
