Historic Mixed-Use
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For Sale
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139 E Hopkins St., San Marcos, TX 78666
Multi-level commercial building with rooftop patio, bar operations, and office space in a historic downtown setting.
Property Size13,102 SF
Price / SF$297.66
Days on Market6
Property Features for 139 E Hopkins St.
General Information
Standard status
Active
Size
13,102 SF
Class
B
Property subtype
Retail, Mixed Use
Zoning
Downtown Local Historic District & Central Business Area (CBA)
Occupancy
100%
Investment Type
Owner/User
Additional Details
Patio
Yes
Building Details
Year Built
1873
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Monica & Company Real Estate
(512) 787-7935
Listed By:
Monica Malorgio Katz · License #524646
Source:
Crexi
Added: Aug 6
Changed: Aug 10
Last Checked: Aug 10 at 6:28AM
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 Monica & Company Real Estate
Investment Insights
Based on property information with market context.
Built in 1873, this mixed-use commercial property encompasses approximately 13,102 square feet across multiple levels and includes a rooftop patio. The building is currently operating with three bars occupying 84% of the property, while the remaining 16% is arranged as office space. That office area may remain in its current configuration or be adapted for additional bar, dining, or other concepts, subject to applicable approvals.
The property is located at 139 E. Hopkins Street directly on the historic downtown square in San Marcos and within two blocks of Texas State University. It is zoned Downtown Local Historic District and Central Business Area (CBA), placing the asset within the city's downtown dining, retail, and entertainment district.
The property is located at 139 E. Hopkins Street directly on the historic downtown square in San Marcos and within two blocks of Texas State University. It is zoned Downtown Local Historic District and Central Business Area (CBA), placing the asset within the city's downtown dining, retail, and entertainment district.
Key Highlights
- Approximately 13,102 square feet across multiple levels
- Built in 1873 with a rooftop patio
- Three bars occupy 84% of the building
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
$312,424
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
8.01%
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%
$6,248,480
$6.2M
Cap Rate 7%
$4,463,200
$4.5M
Cap Rate 9%
$3,471,378
$3.5M
Market Conditions
NOI Build-Up for 13,102 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
$550.3K $42.00/SF
− Vacancy
−$133.7K −$10.21/SF
EGI
$416.6K $31.79/SF
− OpEx
−$104.1K −$7.95/SF
NOI
$312.4K $23.85/SF
Area
Hays County, TX
Vacancy
24.30%
Lease Rate
$42.00 /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%
$6,248,480
Cap Rate 7%
$4,463,200
Cap Rate 9%
$3,471,378
Alternative Uses
Best Use
Office B
$4.46M
$3.91M – $5.21M
NOI $312,424 @ 7.0% cap · market cap 8.01%
Second Best
Specialty Retail
$3.53M
$3.09M – $4.12M
NOI $247,182 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$5.48M
$4.79M – $6.39M
NOI $383,388 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,876
Businesses Nearby
Explore this area
Business Placement
Demographics for 78666, TX
86,584
Population
36,354
Households
2.4
Avg Household Size
27
Median Age
35%
College-Educated
89%
High-School Grad
192.4 sq mi
ZIP Area
450
Density / Sq Mi
$55,478
Median Household Income
$25,890
Median Earnings
$1,294
Median Rent
$271,900
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?
Mixed-use property - Multi-level commercial building with rooftop patio, bar operations, and office space in a historic downtown setting.
Where is this mixed-use property located?
The property is located at 139 E Hopkins St. San Marcos, TX.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: Approximately 13,102 square feet across multiple levels; Built in 1873 with a rooftop patio; Three bars occupy 84% of the building
