Unique Mixed-Use Property on
For Sale
$1,250,000
426 State Highway 21 #B W, Cedar Creek, TX 78612
Four-acre property with home, commercial building, and natural features.
Property Size3,600 SF
Lot Size4.00 Acres
Price / SF$347.22
Days on Market90
Property Features for 426 State Highway 21 #B W
General Information
Standard status
Active
Size
3,600 SF
Lot size
4.00 Acres
Property subtype
Commercial
Building Details
Year Built
1975
Listing Agency:
Lori Haring Realty
(512) 844-6535
Listed By:
Lori Haring · License #0612961
(512) 844-6535
Source:
Elliman
Added: May 12
Changed: Jul 10
Last Checked: Aug 9 at 6:48AM
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 Haring Realty
Investment Insights
Based on property information with market context.
This unique four-acre mixed-use property is located on TX-21. The property includes a roughly 2,000 sq ft home built around a retired Austin city bus, a large attached garage/workshop, and a separate 1,600 sq ft commercial building facing the highway. The commercial building, constructed in the 2000s, has served as a tavern and is currently operating as a cafe with a deck and patio. The back two acres feature a creek that runs through the land, creating a .25-acre pond suitable for fishing or swimming. A private well irrigates the grass and pond, while the house and cafe are connected to Aqua Water. The house patio is grassy and shaded by mature trees. The back acres have tall trees, a meadow, and a large garden area. The pond attracts fish, turtles, frogs, and birds. Another small pond was added near the parking area, complete with a landscaped lawn leading down to it. The property also features a hot tub, carports, green room, and multiple sheds.
Key Highlights
- Four‑acre property featuring a creek‑fed pond suitable for fishing and swimming
- Unique, owner‑built 2,000 sq ft home incorporating a vintage Austin city bus
- Separate 1,600 sq ft commercial building currently operating as a cafe with a deck and patio
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
$67,918
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
5.43%
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%
$1,358,360
$1.4M
Cap Rate 7%
$970,257
$970.3K
Cap Rate 9%
$754,644
$754.6K
Market Conditions
NOI Build-Up for 3,600 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
$93.7K $26.04/SF
− Vacancy
−$3.2K −$0.89/SF
EGI
$90.6K $25.15/SF
− OpEx
−$22.6K −$6.29/SF
NOI
$67.9K $18.87/SF
Area
Bastrop County, TX
Vacancy
3.40%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
25.00%
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%
$1,358,360
Cap Rate 7%
$970,257
Cap Rate 9%
$754,644
Alternative Uses
Best Use
Specialty Retail
$970.3K
$849.0K – $1.13M
NOI $67,918 @ 7.0% cap · market cap 5.43%
Second Best
Mixed Use
$848.6K
$742.5K – $990.0K
NOI $59,400 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$1.41M
$1.23M – $1.65M
NOI $98,750 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
38
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four-acre property with home, commercial building, and natural features.
Where is this mixed-use property located?
The property is located at 426 State Highway 21 #B W Cedar Creek, 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: Four‑acre property featuring a creek‑fed pond suitable for fishing and swimming; Unique, owner‑built 2,000 sq ft home incorporating a vintage Austin city bus; Separate 1,600 sq ft commercial building currently operating as a cafe with a deck and patio
