Historic Landmark in Smithville,
For Sale
$1,160,000
301 Main St, Smithville, TX 78957
Charming 1904 building with income potential in a prime location.
Property Size3,376 SF
Days on Market140
Property Features for 301 Main St
General Information
Standard status
Active
Size
3,376 SF
Property subtype
Commercial
Building Details
Building Size
3,376 SF
Listed By:
Lori Huffman · License #0496981
(281) 236-8007
Source:
Elliman
Added: Apr 24
Changed: Aug 28
Last Checked: Sep 9 at 11:26AM
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 Lori Huffman
Investment Insights
Based on property information with market context.
This historic landmark, built in 1904, is located in Smithville, Texas, a town known for its cinematic appeal. Situated within the triangle of Houston, Austin, and San Antonio, the property offers a strategic location. The brick building is one of the tallest in Bastrop County. The upper floors feature four loft-style residences, currently generating rental income. Three of the residences have been recently remodeled to include updated electrical, plumbing, and flooring. The common areas and stairways have been freshly painted. On the ground level, a spacious retail or commercial suite is available, complete with two bathrooms and flexible space for a kitchen, office, or storefront. This property is ideal for entrepreneurs looking to live and work in one location.
Key Highlights
- Historic 1904 brick building, one of the tallest in Bastrop County, offering unique architectural significance.
- Strategic location within the Houston, Austin, and San Antonio triangle, in the charming and historic town of Smithville.
- Four loft‑style residences on upper floors generating rental income, with three recently remodeled.
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
$55,704
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
4.80%
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%
$1,114,080
$1.1M
Cap Rate 7%
$795,771
$795.8K
Cap Rate 9%
$618,933
$618.9K
Market Conditions
NOI Build-Up for 3,376 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
$101.3K $30.00/SF
− Vacancy
−$12.2K −$3.60/SF
EGI
$89.1K $26.40/SF
− OpEx
−$33.4K −$9.90/SF
NOI
$55.7K $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%
$1,114,080
Cap Rate 7%
$795,771
Cap Rate 9%
$618,933
Alternative Uses
Best Use
Mixed Use
$795.8K
$696.3K – $928.4K
NOI $55,704 @ 7.0% cap · market cap 4.80%
Second Best
Apartment 5plus
$739.3K
$646.9K – $862.5K
NOI $51,751 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,606 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
336
Businesses Nearby
Explore this area
Business Placement
Demographics for 78957, TX
10,214
Population
4,743
Households
2.2
Avg Household Size
45
Median Age
24%
College-Educated
89%
High-School Grad
177.1 sq mi
ZIP Area
58
Density / Sq Mi
$62,796
Median Household Income
$39,731
Median Earnings
$1,169
Median Rent
$246,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Charming 1904 building with income potential in a prime location.
Where is this mixed-use property located?
The property is located at 301 Main St Smithville, TX.
What is the asking price?
The asking price for this property is $1,160,000.
What are key features of this property?
This property features: Historic 1904 brick building, one of the tallest in Bastrop County, offering unique architectural significance.; Strategic location within the Houston, Austin, and San Antonio triangle, in the charming and historic town of Smithville.; Four loft‑style residences on upper floors generating rental income, with three recently remodeled.
