Downtown Retail and Storage
For Sale
$379,000
117 Main St, Elgin, TX 78621
White-box retail space plus three small storage units on a fenced side yard in downtown Elgin.
Property Size2,728 SF
Lot Size0.25 Acres
Price / SF$138.93
Days on Market119
Property Features for 117 Main St
General Information
Standard status
Active
Size
2,728 SF
Lot size
0.25 Acres
Property subtype
Retail
Zoning
CS2
Additional Details
Fenced Yard
Yes
Amenities
Window/Wall Unit
3
3 Parking Spaces. No Parking.
Building Details
Year Built
1974
Listing Agency:
Jeremy Kunzinger, Broker
(512) 743-7885
Listed By:
Jeremy Kunzinger
(512) 743-7885
Source:
Xome
Added: Apr 12
Changed: Aug 8
Last Checked: Aug 8 at 3:21AM
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 Jeremy Kunzinger, Broker
Investment Insights
Based on property information with market context.
This downtown mixed-use property at 117 S Main St includes approximately 1,500 SF of white-box retail space and three separate storage units sized at about 10 x 20 feet each. The storage units are paired with a large fenced side yard that offers flexibility for outdoor use.
The property sits within Elgin’s Downtown Historical Main Street District. Public remarks note a flexible zoning designation, described as CS2, which allows for uses including retail, office, and manufacturing, among others.
For tenants or buyers looking for a combined footprint, the configuration supports on-site retail activity alongside dedicated storage space, with room along the front side of the fence mentioned as accommodating a food truck.
The property sits within Elgin’s Downtown Historical Main Street District. Public remarks note a flexible zoning designation, described as CS2, which allows for uses including retail, office, and manufacturing, among others.
For tenants or buyers looking for a combined footprint, the configuration supports on-site retail activity alongside dedicated storage space, with room along the front side of the fence mentioned as accommodating a food truck.
Key Highlights
- 117 S Main Street, Elgin, TX: downtown retail/mixed‑use property with ~1,500 SF white‑box retail space
- Includes three ~10 x 20 storage units for added income potential
- Just under 1/4‑acre lot with a large fenced side yard
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
$28,151
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
7.43%
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%
$563,020
$563.0K
Cap Rate 7%
$402,157
$402.2K
Cap Rate 9%
$312,789
$312.8K
Market Conditions
NOI Build-Up for 2,728 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
$42.6K $15.60/SF
− Vacancy
−$2.3K −$0.86/SF
EGI
$40.2K $14.74/SF
− OpEx
−$12.1K −$4.42/SF
NOI
$28.2K $10.32/SF
Area
Bastrop County, TX
Vacancy
5.50%
Lease Rate
$15.60 /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%
$563,020
Cap Rate 7%
$402,157
Cap Rate 9%
$312,789
Alternative Uses
Best Use
Retail
$686.2K
$600.4K – $800.6K
NOI $48,035 @ 7.0% cap · market cap 12.67%
Second Best
Self Storage
$402.2K
$351.9K – $469.2K
NOI $28,151 @ 7.0% cap · market cap 7.43%
Theoretical Best
Office A
$1.07M
$935.4K – $1.25M
NOI $74,831 @ 7.0% cap · market cap 19.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 78621, TX
27,275
Population
10,671
Households
2.6
Avg Household Size
36
Median Age
24%
College-Educated
81%
High-School Grad
177.7 sq mi
ZIP Area
153
Density / Sq Mi
$88,246
Median Household Income
$48,955
Median Earnings
$1,317
Median Rent
$262,300
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.
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Frequently Asked Questions
What type of property is this?
Storefront property - White-box retail space plus three small storage units on a fenced side yard in downtown Elgin.
Where is this storefront property located?
The property is located at 117 Main St Elgin, TX.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: 117 S Main Street, Elgin, TX: downtown retail/mixed‑use property with ~1,500 SF white‑box retail space; Includes three ~10 x 20 storage units for added income potential; Just under 1/4‑acre lot with a large fenced side yard
