Flex Space with Warehouse
For Sale
$1,200,000
1034 Canyon Bend Dr C, Dripping Springs, TX 78620
The property combines air-conditioned office space with insulated warehouse areas and multiple overhead doors.
Property Size4,800 SF
Price / SF$250
Days on Market33
Property Features for 1034 Canyon Bend Dr C
General Information
Standard status
Active
Size
4,800 SF
Warehouse & Industrial
Office Build-Out
640 SF
Conditioned Warehouse
No
Amenities
reception area
break area
restroom
private office
Building Details
Year Built
2004
Buildings
1
Listing Agency:
Stanberry REALTORS
(512) 422-5677
Listed By:
Cathy Coneway · License #492342
Source:
Olverabolton
Added: Jul 30
Changed: Aug 31
Last Checked: Aug 30 at 8:50PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Stanberry REALTORS
Investment Insights
Based on property information with market context.
Located at 1034 Canyon Bend Dr C in Dripping Springs, this 4800 SF flex property includes two distinct commercial components within Building C. Side C-1 contains 3200 SF, including 640 SF of air-conditioned office space with reception, a break area, restroom, and private office. Its 2560 SF warehouse area is insulated and includes 2 windows, 3 overhead doors, and 2 service doors. Side C-2 adds 1600 SF of insulated space with a restroom, windows on two sides, 1 overhead door, and 1 service door.
Built in 2004, the building occupies 2.09 acres of condominium land shared with two other warehouse buildings. On-site parking is available for the property.
Built in 2004, the building occupies 2.09 acres of condominium land shared with two other warehouse buildings. On-site parking is available for the property.
Key Highlights
- 4800 SF flex/warehouse building on 2.09 acres of condominium land
- Side C‑1 includes 3200 SF with 640 SF of air‑conditioned office space
- C‑1 warehouse area has 3 overhead doors and 2 service doors
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
$48,325
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
4.03%
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%
$966,500
$966.5K
Cap Rate 7%
$690,357
$690.4K
Cap Rate 9%
$536,944
$536.9K
Market Conditions
NOI Build-Up for 4,800 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
$71.4K $14.88/SF
− Vacancy
−$14.6K −$3.04/SF
EGI
$56.9K $11.84/SF
− OpEx
−$8.5K −$1.78/SF
NOI
$48.3K $10.07/SF
Area
Hays 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%
$966,500
Cap Rate 7%
$690,357
Cap Rate 9%
$536,944
Alternative Uses
Best Use
Office B
$1.64M
$1.43M – $1.91M
NOI $114,458 @ 7.0% cap · market cap 9.54%
Second Best
Warehouse
$690.4K
$604.1K – $805.4K
NOI $48,325 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$2.01M
$1.76M – $2.34M
NOI $140,456 @ 7.0% cap · market cap 11.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
211
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 78620, TX
20,493
Population
7,929
Households
2.6
Avg Household Size
43
Median Age
62%
College-Educated
97%
High-School Grad
175.6 sq mi
ZIP Area
117
Density / Sq Mi
$146,551
Median Household Income
$58,583
Median Earnings
$1,674
Median Rent
$624,800
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 - The property combines air-conditioned office space with insulated warehouse areas and multiple overhead doors.
Where is this flex space located?
The property is located at 1034 Canyon Bend Dr C Dripping Springs, TX.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 4800 SF flex/warehouse building on 2.09 acres of condominium land; Side C‑1 includes 3200 SF with 640 SF of air‑conditioned office space; C‑1 warehouse area has 3 overhead doors and 2 service doors
