Add Listing
    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

    606 Key Ave Lampasas, TX 76550

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $750,000

    Victorian Charm, High Traffic Location

    Property size:
    3,382 SF

    Property Features for 606 Key Ave

    General Information

    Property type
    Office properties & Spaces
    Square Feet
    3,382 SF
    Lot Size
    17,860 SF

    Building Details

    Year Built
    1920

    We can help!

    Listing Contact
    Kale Stephens
    Kale Stephens

    Listing Agency: Horseshoe Bay Living 2, LLC Listing Agent: Kale Stephens

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This stunning 3,382 square foot Victorian-style office building, situated on a 0.41-acre lot at 606 S Key Ave in Lampasas, Texas, presents a unique investment opportunity. Recently renovated, the property boasts a brand-new HVAC system, a newly installed bathroom shower, fresh exterior paint, and updated furnishings. The building's historical character is undeniable, featuring original long-leaf pine floors, exquisite woodwork, high ceilings, beautiful stained-glass windows, transoms, and two fireplaces. Adding to its charm is a large covered front porch complete with a porch swing, a claw-foot tub, and expansive picture windows. Its versatile zoning (C-1 and Residential) allows for a variety of uses, having previously served as a residence, bed and breakfast, gift shop, and law offices. The prime location on Highway 183, directly across from HEB, ensures high visibility and accessibility, with a daily traffic count of 17,287 vehicles. This exceptional property offers a blend of historical elegance and modern functionality, making it an ideal investment for discerning buyers seeking a unique and profitable venture. The property is also available for lease.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Shell & Shell Law Firm

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Lampasas
    County
    Lampasas
    State
    Texas
    Longitude
    -98.18172
    Latitude
    31.06214

    Nearby Similar for Sale

    • $849,400
      8,440 SF

      Lampasas Flex Space with Bays

      8,440 SF flex space in downtown Lampasas, Texas.
      408 S Main St, Lampasas, TX 76550
      View Details
    • New
      $425,000
      1.43 Acres

      Highway 281 Commercial Building

      Move-in-ready commercial building with high visibility on Highway 281.
      1312 N Us Highway 281, 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
    • $395,000
      2,454 SF

      Lampasas Retail/Office Space Available

      Versatile retail/office space with modern updates and functional layout.
      611 Central Texas Expy, Lampasas, TX 76550
      View Details
    • $299,000
      2,893 SF

      Lampasas Commercial Building with Warehouse

      Commercial property with highway exposure, warehouse, and potential business opportunities.
      1819 S Chestnut St, 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
    • $299,000
      2,850 SF

      Lampasas Commercial Property For Sale

      Commercial property with highway exposure, ideal for business or investment.
      1819 S Chestnut St, Lampasas, TX 76550
      View Details
    • $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
    • $179,000
      992 SF

      Lampasas Duplex: Investment Opportunity

      Well-maintained duplex in Lampasas, TX with strong rental potential.
      1704 E 3Rd St, Lampasas, TX 76550
      View Details
    • $1,600,000
      20,000 SF

      Lampasas Commercial Building on Highway

      Two-story office building with highway frontage and ample parking.
      1305 S Key Ave, Lampasas, TX 76550
      View Details
    • $295,900
      1,760 SF

      Lampasas Duplex in Desirable Location

      Duplex in prime Lampasas location, close to amenities and services.
      307/309 W 2Nd 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

    FAQs

    What type of property is this?
    Office property - Victorian Charm, High Traffic Location
    Where is this office property located?
    The property is located at 606 Key Ave Lampasas, TX.
    What is the asking price?
    The asking price for this property is $750,000.
    (512) 550-3624
    Request Owner's contact information
    606 Key Ave 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.
    606 Key Ave
    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
    606 Key Ave 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
    Kale Stephens
    Kale Stephens
    Real Estate License ID: 0616942
    (512) 550-3624
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!