Historic Mixed-Use
For Sale
Contact for pricing
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 Market53
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
84%
Investment Type
Owner/User
Net Operating Income
$260,147
Additional Details
Patio
Yes
Building Details
Year Built
1873
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Monica & Company Real Estate
Listed By:
Monica Malorgio Katz · License #524646
(512) 787-7935
Source:
Crexi
Added: Aug 6
Changed: Sep 19
Last Checked: Sep 26 at 7:17AM
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
$247,182
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
6.34%
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%
$4,943,640
$4.9M
Cap Rate 7%
$3,531,171
$3.5M
Cap Rate 9%
$2,746,467
$2.7M
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
$341.2K $26.04/SF
− Vacancy
−$11.6K −$0.89/SF
EGI
$329.6K $25.15/SF
− OpEx
−$82.4K −$6.29/SF
NOI
$247.2K $18.87/SF
Area
Hays County, TX
Vacancy
3.40%
Lease Rate
$26.04 /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%
$4,943,640
Cap Rate 7%
$3,531,171
Cap Rate 9%
$2,746,467
Alternative Uses
Best Use
Specialty Retail
$3.53M
$3.09M – $4.12M
NOI $247,182 @ 7.0% cap · market cap 6.34%
Second Best
Mixed Use
$2.53M
$2.21M – $2.95M
NOI $176,877 @ 7.0% cap · market cap 4.54%
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
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,835
Businesses Nearby
172k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Groceries 29%
Shops & Services 24%
Home Improvements & Furnishings 3%
H-E-B
Groceries
49,167 visits/mo
0.1 miles
Taco Bell
Dining
22,630 visits/mo
0.1 miles
Exxon
Shops & Services
13,361 visits/mo
0.1 miles
Chipotle Mexican Grill
Dining
10,993 visits/mo
0.1 miles
Jack in the Box
Dining
10,223 visits/mo
0.1 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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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
