Aviation Hangar with
For Sale
$875,000
108 Mooney Cir, Spicewood, TX 78669
Insulated hangar with residential accommodations, full baths, a finished kitchen, HVAC, and dedicated aviation access.
Property Size5,000 SF
Price / SF$175
Days on Market579
Property Features for 108 Mooney Cir
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$4,363
Amenities
Central Air, Electric
3
4 Parking Spaces. Oversized Parking.
Building Details
Year Built
1999
Listing Agency:
Kuper Sotheby's Int'l Realty
(512) 636-7276
Listed By:
Italia Van Eman
(512) 636-7276
Source:
Xome
Added: Jan 28, 2025
Changed: Aug 29
Last Checked: Aug 29 at 3:11PM
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 Kuper Sotheby's Int'l Realty
Investment Insights
Based on property information with market context.
This 5,000-square-foot aviation hangar at 108 Mooney Cir includes an insulated and heated structure with a Schweiss Bi-fold door. The ground floor contains a kitchen with stainless steel KitchenAid appliances and granite countertops, along with a full bathroom. An upstairs apartment adds HVAC, a second full bath, and a walk-in closet. Central air and electric service are also identified.
The property is located within Spicewood 88R airport in Spicewood, Texas. Site improvements include 4 Parking Spaces. Oversized Parking., a 5000-gallon filtered rainwater tank, two buried 500-gallon propane tanks, and a generator. Built in 1999, the property combines aircraft storage and on-site residential space in one aviation-focused facility.
The property is located within Spicewood 88R airport in Spicewood, Texas. Site improvements include 4 Parking Spaces. Oversized Parking., a 5000-gallon filtered rainwater tank, two buried 500-gallon propane tanks, and a generator. Built in 1999, the property combines aircraft storage and on-site residential space in one aviation-focused facility.
Key Highlights
- 5,000‑square‑foot aviation hangar built in 1999
- Located within Spicewood 88R airport
- Upstairs apartment with HVAC, full bath, and walk‑in closet
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
$67,500
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
7.71%
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%
$1,350,000
$1.4M
Cap Rate 7%
$964,286
$964.3K
Cap Rate 9%
$750,000
$750.0K
Market Conditions
NOI Build-Up for 5,000 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
$120.0K $24.00/SF
− Vacancy
−$12.0K −$2.40/SF
EGI
$108.0K $21.60/SF
− OpEx
−$40.5K −$8.10/SF
NOI
$67.5K $13.50/SF
Area
Travis County, TX
Vacancy
10.00%
Lease Rate
$24.00 /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%
$1,350,000
Cap Rate 7%
$964,286
Cap Rate 9%
$750,000
Alternative Uses
Best Use
Office B
$1.70M
$1.49M – $1.99M
NOI $119,228 @ 7.0% cap · market cap 13.63%
Second Best
Mixed Use
$964.3K
$843.8K – $1.13M
NOI $67,500 @ 7.0% cap · market cap 7.71%
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,309 @ 7.0% cap · market cap 16.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
30
Businesses Nearby
Explore this area
Business Placement
Demographics for 78669, TX
12,415
Population
5,967
Households
2.1
Avg Household Size
48
Median Age
53%
College-Educated
97%
High-School Grad
121.3 sq mi
ZIP Area
102
Density / Sq Mi
$126,422
Median Household Income
$70,140
Median Earnings
$1,940
Median Rent
$576,200
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?
Aviation real estate - Insulated hangar with residential accommodations, full baths, a finished kitchen, HVAC, and dedicated aviation access.
Where is this aviation real estate located?
The property is located at 108 Mooney Cir Spicewood, TX.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 5,000‑square‑foot aviation hangar built in 1999; Located within Spicewood 88R airport; Upstairs apartment with HVAC, full bath, and walk‑in closet
