Office Building with Detached
For Sale
$599,000
156 Canyon Bend, Canyon Lake, TX 78133
Office building plus detached garage, served by city water and septic, in unincorporated Comal County off FM 2673.
Property Size2,842 SF
Lot Size0.66 Acres
Price / SF$210.77
Days on Market39
Property Features for 156 Canyon Bend
General Information
Standard status
Active
Size
2,842 SF
Lot size
0.66 Acres
Property subtype
Office
Additional Details
Road Access
Yes
Amenities
Supply Constrained Market
Lifestyle Driven Market in an Unincorporated Community
Centrally Located Between Bulverde, Spring Branch, New Braunfels and San Marcos
Building Details
Building Size
2,842 SF
Year Built
1970
Listing Agency:
(210) 343-7821
Listed By:
James Stewart, CCIM · License #License(s): TX: 531005
(210) 343-7821
Source:
Marcusmillichap
Added: Jul 15
Changed: Aug 10
Last Checked: Aug 22 at 3:45AM
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 James Stewart, CCIM
Investment Insights
Based on property information with market context.
This property includes a 1,592-square-foot office building and a 1,250-square-foot detached garage on approximately 0.66 acres. The asset is serviced by city water and septic and is presented as a turnkey option for an owner-user, with no known deferred maintenance indicated in the remarks.
The building is located just off FM 2673, the primary commercial corridor serving Canyon Lake, with the lake described as within two miles. The property is situated in unincorporated Comal County.
As an office asset with dedicated garage space, the configuration supports practical on-site use while maintaining flexibility under the county’s unincorporated setting.
The building is located just off FM 2673, the primary commercial corridor serving Canyon Lake, with the lake described as within two miles. The property is situated in unincorporated Comal County.
As an office asset with dedicated garage space, the configuration supports practical on-site use while maintaining flexibility under the county’s unincorporated setting.
Key Highlights
- 1,592‑SF office building with a 1,250‑SF detached garage on approximately 0.66 acres
- Served by city water and septic
- Located just off FM 2673, the primary commercial corridor serving Canyon Lake
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
$38,733
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
6.47%
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%
$774,660
$774.7K
Cap Rate 7%
$553,329
$553.3K
Cap Rate 9%
$430,367
$430.4K
Market Conditions
NOI Build-Up for 2,842 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
$62.8K $22.08/SF
− Vacancy
−$11.1K −$3.91/SF
EGI
$51.6K $18.17/SF
− OpEx
−$12.9K −$4.54/SF
NOI
$38.7K $13.63/SF
Area
Comal County, TX
Vacancy
17.70%
Lease Rate
$22.08 /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%
$774,660
Cap Rate 7%
$553,329
Cap Rate 9%
$430,367
Alternative Uses
Best Use
Office B
$553.3K
$484.2K – $645.6K
NOI $38,733 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$724.9K
$634.3K – $845.8K
NOI $50,746 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
231
Businesses Nearby
Explore this area
Business Placement
Demographics for 78133, TX
20,787
Population
11,208
Households
1.9
Avg Household Size
52
Median Age
33%
College-Educated
94%
High-School Grad
75.5 sq mi
ZIP Area
275
Density / Sq Mi
$80,777
Median Household Income
$45,470
Median Earnings
$1,236
Median Rent
$300,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building plus detached garage, served by city water and septic, in unincorporated Comal County off FM 2673.
Where is this office building located?
The property is located at 156 Canyon Bend Canyon Lake, TX.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 1,592‑SF office building with a 1,250‑SF detached garage on approximately 0.66 acres; Served by city water and septic; Located just off FM 2673, the primary commercial corridor serving Canyon Lake
