Leased Mixed-Use Elgin
For Sale
Contact for pricing
24 N MAIN ST, Elgin, TX 78621
Fully leased mixed-use property in Elgin's historic downtown.
Property Size2,314 SF
Price / SF$209.59
Days on Market97
Property Features for 24 N MAIN ST
General Information
Standard status
Active
Size
2,314 SF
Property subtype
Retail, Mixed Use
Building Details
Year Built
1935
Listing Agency:
Jacki Short Realtor
(210) 480-6115
Listed By:
Ulises Soler · License #755548
Source:
Crexi
Added: May 26
Changed: Jul 10
Last Checked: Aug 29 at 10:33AM
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 Jacki Short Realtor
Investment Insights
Based on property information with market context.
Located in the heart of Historic Downtown Elgin, this fully leased mixed-use property presents an investment opportunity. The property features 2,314 square feet of renovated space, including a 1,008 square foot retail storefront and a 1,306 square foot residential apartment configured as a 2-bedroom, 1-bath unit. The property was originally renovated in 2016 with system upgrades including electrical wiring, plumbing, and interior improvements. A new roof was installed in October 2021. The property is currently stabilized with one commercial tenant and one residential tenant. The location benefits from revitalization and increasing demand throughout Downtown Elgin, surrounded by local restaurants, retail shops, and community-driven businesses. The property is suited for investors seeking a turnkey mixed-use asset, 1031 exchange buyers pursuing long-term appreciation, or owner-users looking to offset occupancy costs with supplemental rental income. It is located along North Main Street with visibility and walkability. The property is positioned minutes from the airport, Tesla, State Capital, Samsung (SAS) and Starlink / Boring / X Campus.
Key Highlights
- Fully leased mixed‑use property in Historic Downtown Elgin, providing stable income.
- Renovated in 2016 with system upgrades and a new roof installed in October 2021, minimizing maintenance.
- Excellent location on North Main Street with high visibility and walkability, surrounded by amenities.
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
$38,181
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
7.87%
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%
$763,620
$763.6K
Cap Rate 7%
$545,443
$545.4K
Cap Rate 9%
$424,233
$424.2K
Market Conditions
NOI Build-Up for 2,314 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
$69.4K $30.00/SF
− Vacancy
−$8.3K −$3.60/SF
EGI
$61.1K $26.40/SF
− OpEx
−$22.9K −$9.90/SF
NOI
$38.2K $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%
$763,620
Cap Rate 7%
$545,443
Cap Rate 9%
$424,233
Alternative Uses
Best Use
Mixed Use
$545.4K
$477.3K – $636.4K
NOI $38,181 @ 7.0% cap · market cap 7.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$906.8K
$793.4K – $1.06M
NOI $63,475 @ 7.0% cap · market cap 13.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
464
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased mixed-use property in Elgin's historic downtown.
Where is this mixed-use property located?
The property is located at 24 N MAIN ST Elgin, TX.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Fully leased mixed‑use property in Historic Downtown Elgin, providing stable income.; Renovated in 2016 with system upgrades and a new roof installed in October 2021, minimizing maintenance.; Excellent location on North Main Street with high visibility and walkability, surrounded by amenities.
