Renovated Mixed-Use
For Sale
$1,250,000
114 N Main St 3, Victoria, TX 77901
Multiple commercial spaces combine renovated office and retail areas with an upstairs floor ready for custom build-out.
Property Size15,724 SF
Days on Market8
Property Features for 114 N Main St 3
General Information
Standard status
Active
Size
15,724 SF
Property subtype
Commercial
Building Details
Building Size
15,724 SF
Year Built
1918
Year Renovated
2024
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Coldwell Banker - Ron Brown Co
(361) 433-5747
Listed By:
Kelsey Hughes · License #0807326
(361) 433-5747
Source:
Elliman
Added: Aug 5
Changed: Aug 6
Last Checked: Aug 11 at 8:07AM
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 Coldwell Banker - Ron Brown Co
Investment Insights
Based on property information with market context.
This mixed-use property combines three distinct commercial spaces within a historic downtown building constructed in 1918. The 114 N Main space contains approximately 2,600 square feet of renovated professional office space arranged into 7 private offices. At 110 N Main, approximately 5,000 square feet of renovated street-level retail space features exposed ducts and high visibility. The upstairs 112 N Main space offers an open layout, new flooring, and a clean interior for a custom build-out.
The property is located directly on the square in downtown Victoria, with the three spaces addressing N Main St. A new TPO roof was installed in 2024. The property also has a Walk Score of 59 and a Bike Score of 48, classified as Somewhat Walkable and Somewhat Bikeable, respectively.
The property is located directly on the square in downtown Victoria, with the three spaces addressing N Main St. A new TPO roof was installed in 2024. The property also has a Walk Score of 59 and a Bike Score of 48, classified as Somewhat Walkable and Somewhat Bikeable, respectively.
Key Highlights
- Approximately 2,600 square feet of renovated office space at 114 N Main
- Office layout includes 7 private offices
- Approximately 5,000 square feet of renovated street‑level retail at 110 N Main
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
$106,892
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
8.55%
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%
$2,137,840
$2.1M
Cap Rate 7%
$1,527,029
$1.5M
Cap Rate 9%
$1,187,689
$1.2M
Market Conditions
NOI Build-Up for 15,724 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
$194.3K $12.36/SF
− Vacancy
−$23.3K −$1.48/SF
EGI
$171.0K $10.88/SF
− OpEx
−$64.1K −$4.08/SF
NOI
$106.9K $6.80/SF
Area
Victoria County, TX
Vacancy
12.00%
Lease Rate
$12.36 /SF/Yr
Expense Ratio
37.50%
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%
$2,137,840
Cap Rate 7%
$1,527,029
Cap Rate 9%
$1,187,689
Alternative Uses
Best Use
Office B
$3.76M
$3.29M – $4.38M
NOI $263,016 @ 7.0% cap · market cap 21.04%
Second Best
Retail
$3.25M
$2.84M – $3.79M
NOI $227,207 @ 7.0% cap · market cap 18.18%
Theoretical Best
Multifamily LT 5
$172.74M
$151.15M – $201.54M
NOI $12,092,121 @ 7.0% cap · market cap 967.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,075
Businesses Nearby
Explore this area
Business Placement
Demographics for 77901, TX
40,062
Population
17,438
Households
2.3
Avg Household Size
35
Median Age
15%
College-Educated
76%
High-School Grad
18.1 sq mi
ZIP Area
2,213
Density / Sq Mi
$57,728
Median Household Income
$33,127
Median Earnings
$1,105
Median Rent
$133,900
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?
Mixed-use property - Multiple commercial spaces combine renovated office and retail areas with an upstairs floor ready for custom build-out.
Where is this mixed-use property located?
The property is located at 114 N Main St 3 Victoria, TX.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Approximately 2,600 square feet of renovated office space at 114 N Main; Office layout includes 7 private offices; Approximately 5,000 square feet of renovated street‑level retail at 110 N Main
