Signalized-Corner Restaurant
For Sale
$1,535,000
145 FM 2673, Canyon Lake, TX 78133
CommercialSale, Canyon Lake, TX
Property Size4,388 SF
Lot Size1.36 Acres
Price / SF$349.82
Days on Market66
Property Features for 145 FM 2673
General Information
Property type
Commercial Sale
Property subtype
Retail
Lot features
One To Three Acres, Outside City Limits
Directions
From New Braunfels, take I-35 N to FM 306. Turn left onto FM 306 and proceed West to the intersection of FM 306 and FM 2673. Property is on the corner.
Standard status
Active
APN
492376
Size
4,388 SF
Lot size
1.36 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
ELEVATE AT HORSESHOE BEND CONDO, UNIT A
Legal Description
ELEVATE AT HORSESHOE BEND CONDO, UNIT A
Utilities
Sewer type
Septic Tank
Building Details
Year built
1996
Floors in Building
1
Flooring type
Wood
Building materials
MetalFrame, MetalSiding, StoneVeneer
Roof type
Metal
Listing Agency:
Griffin Realty Advisors
Listed By:
Andy J Griffin · License #0544286
(361) 945-0783
Added: Jul 7
Changed: Sep 10
Last Checked: Sep 10 at 7:06PM
MLS# 618999
Copyright © 2026 Central Texas Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This restaurant-oriented commercial property includes a 4,388-square-foot building on approximately 1.355 acres. The improvements feature metal-frame construction with metal siding, stone veneer, wood flooring, a metal roof, and a septic tank. Originally completed in 1996, the building was renovated in 2010 and 2026. Restaurant space and ground lease tenants are part of the existing property configuration.
The site occupies the signalized intersection of FM 306 and FM 2673 at 145 FM 2673 in Canyon Lake. Whitewater Amphitheatre and Camp Fimfo Texas Hill Country are within walking distance, while the Guadalupe River Horseshoe, Canyon Lake, campgrounds, restaurants, vacation rentals, and outdoor recreation destinations are nearby. The property is positioned within the Canyon Lake tourism and recreation corridor, with access to the surrounding communities of New Braunfels, San Marcos, Austin, and San Antonio.
The site occupies the signalized intersection of FM 306 and FM 2673 at 145 FM 2673 in Canyon Lake. Whitewater Amphitheatre and Camp Fimfo Texas Hill Country are within walking distance, while the Guadalupe River Horseshoe, Canyon Lake, campgrounds, restaurants, vacation rentals, and outdoor recreation destinations are nearby. The property is positioned within the Canyon Lake tourism and recreation corridor, with access to the surrounding communities of New Braunfels, San Marcos, Austin, and San Antonio.
Key Highlights
- 1.355‑acre commercial site at a signalized intersection
- 4,388 SF commercial building with restaurant space
- Located at FM 306 and FM 2673
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
$62,934
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
4.10%
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%
$1,258,680
$1.3M
Cap Rate 7%
$899,057
$899.1K
Cap Rate 9%
$699,267
$699.3K
Market Conditions
NOI Build-Up for 4,388 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
$87.4K $19.92/SF
− Vacancy
−$3.5K −$0.80/SF
EGI
$83.9K $19.12/SF
− OpEx
−$21.0K −$4.78/SF
NOI
$62.9K $14.34/SF
Area
Comal County, TX
Vacancy
4.00%
Lease Rate
$19.92 /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%
$1,258,680
Cap Rate 7%
$899,057
Cap Rate 9%
$699,267
Alternative Uses
Best Use
Specialty Retail
$899.1K
$786.7K – $1.05M
NOI $62,934 @ 7.0% cap · market cap 4.10%
Second Best
Retail
$839.1K
$734.2K – $979.0K
NOI $58,739 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$1.12M
$979.4K – $1.31M
NOI $78,351 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
101
Businesses Nearby
Well-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - The property combines restaurant improvements with ground lease tenants near established Canyon Lake recreation destinations.
Where is this conventional restaurant located?
The property is located at 145 FM 2673 Canyon Lake, TX.
What is the asking price?
The asking price for this property is $1,535,000.
What are key features of this property?
This property features: 1.355‑acre commercial site at a signalized intersection; 4,388 SF commercial building with restaurant space; Located at FM 306 and FM 2673
