Versatile Property with Income
For Sale
$570,000
829 State Highway 21, Cedar Creek, TX 78612
Two-acre property with residential and commercial zoning near Austin.
Property Size4,572 SF
Lot Size2.00 Acres
Price / SF$228.73
Days on Market135
Property Features for 829 State Highway 21
General Information
Standard status
Active
Size
4,572 SF
Lot size
2.00 Acres
Property subtype
Commercial
Building Details
Building Size
4,572 SF
Year Built
2000
Stories
2
Listing Agency:
TS Realty
Listed By:
Elizabeth Schmidtberger · License #0690215
(210) 269-9940
Source:
Elliman
Added: Apr 24
Changed: Aug 28
Last Checked: Sep 5 at 12:13PM
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 TS Realty
Investment Insights
Based on property information with market context.
This two-acre property in Cedar Creek, Texas, offers a blend of residential and commercial opportunities. Located off HWY 21, the property benefits from high traffic and visibility. The site includes a 5-bedroom home with an open kitchen and 2.5 bathrooms. The home has been freshly painted and features a wraparound deck. A detached shop provides additional storage or workspace. The commercial portion of the property includes a 2,492-square-foot warehouse with its own office and bathroom, which is currently rented and producing income. Additionally, there is a 1,200-square-foot pole barn for equipment, storage, or expansion. The property's location in the Austin metro corridor provides access to Austin, Bastrop, and surrounding areas. The property is partially residentially and partially commercially zoned, offering the possibility to run a business and live onsite. This property is suitable for entrepreneurs looking to combine home and business, investors seeking income-producing property, or those wanting space with commercial flexibility.
Key Highlights
- 2 acres with partial residential and partial commercial zoning off HWY 21.
- 2,492 sq ft warehouse with office and bathroom, currently rented for immediate income.**
- 5‑bedroom home with open kitchen, 2.5 bathrooms, and wraparound deck.
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
$41,118
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
7.21%
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%
$822,360
$822.4K
Cap Rate 7%
$587,400
$587.4K
Cap Rate 9%
$456,867
$456.9K
Market Conditions
NOI Build-Up for 2,492 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
$74.8K $30.00/SF
− Vacancy
−$9.0K −$3.60/SF
EGI
$65.8K $26.40/SF
− OpEx
−$24.7K −$9.90/SF
NOI
$41.1K $16.50/SF
Area
Bastrop County, TX
Vacancy
12.00%
Lease Rate
$30.00 /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%
$822,360
Cap Rate 7%
$587,400
Cap Rate 9%
$456,867
Alternative Uses
Best Use
Office B
$848.9K
$742.8K – $990.4K
NOI $59,423 @ 7.0% cap · market cap 10.43%
Second Best
Mixed Use
$587.4K
$514.0K – $685.3K
NOI $41,118 @ 7.0% cap · market cap 7.21%
Theoretical Best
Office A
$976.5K
$854.5K – $1.14M
NOI $68,357 @ 7.0% cap · market cap 11.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
43
Businesses Nearby
Explore this area
Business Placement
Demographics for 78612, TX
16,265
Population
5,981
Households
2.7
Avg Household Size
37
Median Age
21%
College-Educated
74%
High-School Grad
99.1 sq mi
ZIP Area
164
Density / Sq Mi
$90,925
Median Household Income
$39,263
Median Earnings
$1,642
Median Rent
$239,100
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?
Mixed-use property - Two-acre property with residential and commercial zoning near Austin.
Where is this mixed-use property located?
The property is located at 829 State Highway 21 Cedar Creek, TX.
What is the asking price?
The asking price for this property is $570,000.
What are key features of this property?
This property features: 2 acres with partial residential and partial commercial zoning off HWY 21.; 2,492 sq ft warehouse with office and bathroom, currently rented for immediate income.**; 5‑bedroom home with open kitchen, 2.5 bathrooms, and wraparound deck.
