Historic Mixed-Use
New
For Sale
$1,100,000
109 South Main St, Flatonia, TX 78941
Downtown landmark combines occupied apartments with storefronts and adaptable commercial space for ownership or leasing strategies.
Property Size8,330 SF
Price / SF$132.05
Days on Market3
Property Features for 109 South Main St
General Information
Standard status
Active
Size
8,330 SF
Property subtype
Commercial
Units
Unit Mix
2 x 2BR/1BA, 2 x 1BR/1BA, 1 x 2BR flex apartment
Multifamily Units
5
Building Details
Year Built
1897
Buildings
1
Tenancy
Multi
Listing Agency:
Bubela & Associates, Inc.
(979) 743-4555
Listed By:
Chip Bubela · License #0566009
(979) 743-4555
Source:
Bubelarealestate
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 29 at 8:14PM
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 Bubela & Associates, Inc.
Investment Insights
Based on property information with market context.
Located at 109 South Main St in Flatonia, this 8,330-square-foot mixed-use building is a recorded Texas Historic Landmark with documented roots in the community. Completed in 1897 as a hospital, the property later housed an opera house along with other commercial and civic uses. Its current configuration includes four occupied second-floor apartments: two 2-bedroom/1-bath units and two 1-bedroom/1-bath units. A first-floor east-side 2-bedroom flex apartment adds residential capacity, while two ground-floor storefronts and rear flex space provide adaptable commercial areas.
The storefront and flex components can support retail, office, studio, service, hospitality, or residential concepts subject to applicable approvals. Unit 2 has access to adjacent second-floor office space and may provide an opportunity to evaluate additional residential area, subject to measurement, code, permitting, and buyer verification. The property is reached from Hwy 90 via Hwy 95 south, with access from W South Main St before S Penn St.
The storefront and flex components can support retail, office, studio, service, hospitality, or residential concepts subject to applicable approvals. Unit 2 has access to adjacent second-floor office space and may provide an opportunity to evaluate additional residential area, subject to measurement, code, permitting, and buyer verification. The property is reached from Hwy 90 via Hwy 95 south, with access from W South Main St before S Penn St.
Key Highlights
- 8,330‑square‑foot recorded Texas Historic Landmark completed in 1897
- Four occupied second‑floor apartments: two 2‑bedroom/1‑bath and two 1‑bedroom/1‑bath units
- First‑floor east‑side 2‑bedroom flex apartment with a planned September 2026 move
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
$42,615
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
3.87%
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%
$852,300
$852.3K
Cap Rate 7%
$608,786
$608.8K
Cap Rate 9%
$473,500
$473.5K
Market Conditions
NOI Build-Up for 8,330 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
$67.0K $8.04/SF
− Vacancy
−$6.1K −$0.73/SF
EGI
$60.9K $7.31/SF
− OpEx
−$18.3K −$2.19/SF
NOI
$42.6K $5.12/SF
Area
Fayette County, TX
Vacancy
9.10%
Lease Rate
$8.04 /SF/Yr
Expense Ratio
30.00%
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%
$852,300
Cap Rate 7%
$608,786
Cap Rate 9%
$473,500
Alternative Uses
Best Use
Apartment 5plus
$81.00M
$70.88M – $94.50M
NOI $5,670,226 @ 7.0% cap · market cap 515.48%
Second Best
Retail
$1.61M
$1.41M – $1.88M
NOI $112,832 @ 7.0% cap · market cap 10.26%
Theoretical Best
Multifamily LT 5
$93.39M
$81.72M – $108.96M
NOI $6,537,414 @ 7.0% cap · market cap 594.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
182
Businesses Nearby
Explore this area
Business Placement
Demographics for 78941, TX
3,006
Population
1,749
Households
1.7
Avg Household Size
47
Median Age
17%
College-Educated
88%
High-School Grad
161.8 sq mi
ZIP Area
19
Density / Sq Mi
$75,694
Median Household Income
$36,270
Median Earnings
$882
Median Rent
$171,900
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Mixed-use property - Downtown landmark combines occupied apartments with storefronts and adaptable commercial space for ownership or leasing strategies.
Where is this mixed-use property located?
The property is located at 109 South Main St Flatonia, TX.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 8,330‑square‑foot recorded Texas Historic Landmark completed in 1897; Four occupied second‑floor apartments: two 2‑bedroom/1‑bath and two 1‑bedroom/1‑bath units; First‑floor east‑side 2‑bedroom flex apartment with a planned September 2026 move
