Flex Space with Warehouse
For Sale
$775,000
115 Norma Jean Boulevard, Smithville, TX 78957
Mixed-use improvements combine office, apartment, and warehouse areas with additional space for customization and expansion.
Property Size6,000 SF
Lot Size2.60 Acres
Price / SF$129.17
Days on Market1286
Property Features for 115 Norma Jean Boulevard
General Information
Standard status
Active
Size
6,000 SF
Total Parking Spaces
10
Lot size
2.60 Acres
Property subtype
Commercial Sale / Mixed Use
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Warehouse Space
4,800 SF
Office Build-Out
700 SF
Conditioned Warehouse
Yes
Additional Details
Gross Income
$36,000
Taxes and HOA fees
Annual Taxes
$6,834
Building Details
Year Built
2017
Buildings
1
Listing Agency:
Allure Real Estate
Listed By:
Monica Poss · License #0610559
(512) 775-0974
Source:
Compass
Added: Feb 24, 2023
Changed: Sep 2
Last Checked: Aug 31 at 9:38PM
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 Allure Real Estate
Investment Insights
Based on property information with market context.
Built in 2017, this 6,000-square-foot flex property combines office, residential, and warehouse improvements on 2.6 acres. Approximately 700 square feet is configured as office space, with a finished one-bedroom apartment and laundry area above. The remaining ground-floor area includes two warehouse sections, one insulated and air conditioned with a large roll-up door. The second warehouse area has four roll-up doors, a 50amp RV hookup, a utility room, and plumbing for a bathroom. Approximately 2,400 square feet remains available for build-out, while the building height may support an additional floor.
The property has over 200 feet of frontage on State Highway 71 between Bastrop and Smithville, with streets on three sides. It is approximately 30 minutes from Austin city limits and 90 minutes from San Antonio and Houston. Engineered plans for nearly 11,000 square feet of storage units convey with the sale.
The property has over 200 feet of frontage on State Highway 71 between Bastrop and Smithville, with streets on three sides. It is approximately 30 minutes from Austin city limits and 90 minutes from San Antonio and Houston. Engineered plans for nearly 11,000 square feet of storage units convey with the sale.
Key Highlights
- 6,000‑square‑foot flex property on 2.6 acres
- Over 200 feet of State Highway 71 frontage
- Approximately 700 sq ft of office space and a finished one‑bedroom apartment with laundry
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
$60,407
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
7.79%
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%
$1,208,140
$1.2M
Cap Rate 7%
$862,957
$863.0K
Cap Rate 9%
$671,189
$671.2K
Market Conditions
NOI Build-Up for 6,000 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
$89.3K $14.88/SF
− Vacancy
−$18.2K −$3.04/SF
EGI
$71.1K $11.84/SF
− OpEx
−$10.7K −$1.78/SF
NOI
$60.4K $10.07/SF
Area
Bastrop County, TX
Vacancy
20.40%
Lease Rate
$14.88 /SF/Yr
Expense Ratio
15.00%
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%
$1,208,140
Cap Rate 7%
$862,957
Cap Rate 9%
$671,189
Alternative Uses
Best Use
Office B
$2.04M
$1.79M – $2.38M
NOI $143,073 @ 7.0% cap · market cap 18.46%
Second Best
Warehouse
$863.0K
$755.1K – $1.01M
NOI $60,407 @ 7.0% cap · market cap 7.79%
Theoretical Best
Office A
$2.35M
$2.06M – $2.74M
NOI $164,584 @ 7.0% cap · market cap 21.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
33
Businesses Nearby
Well-served
Demand for This Use
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Mixed-use improvements combine office, apartment, and warehouse areas with additional space for customization and expansion.
Where is this flex space located?
The property is located at 115 Norma Jean Boulevard Smithville, TX.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 6,000‑square‑foot flex property on 2.6 acres; Over 200 feet of State Highway 71 frontage; Approximately 700 sq ft of office space and a finished one‑bedroom apartment with laundry
