Lockhart Live-Work Property with
For Sale
$770,000
1516 Old Luling RD, Lockhart, TX 78644
Unique live-work property near downtown Lockhart with flexible commercial potential.
Property Size4,240 SF
Lot Size3.79 Acres
Price / SF$181.60
Days on Market209
Property Features for 1516 Old Luling RD
General Information
Standard status
Active
Size
4,240 SF
Lot size
3.79 Acres
Property subtype
General Commercial
Amenities
3
Parking.
10 Parking Spaces. Garage, Gravel, On Site, Open Parking, RV Parking.
Pasture
Building Details
Year Built
2011
Listed By:
Cynthia Ann Spears
(512) 825-4663
Source:
Xome
Added: Feb 11
Changed: Sep 5
Last Checked: Sep 7 at 4:35AM
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 Cynthia Ann Spears
Investment Insights
Based on property information with market context.
This unique live-work property is located just 4 minutes from downtown Lockhart. The 3.79-acre property includes a new 1,883-square-foot home featuring 4 bedrooms and 3 bathrooms. The primary bedroom suite includes an oversized jetted bathtub, a separate shower, a walk-in closet, and on-demand hot water. One bedroom has an attached bath suitable for use as a guest bedroom. The entry leads to a formal dining room and a light and airy living room. The kitchen features a propane gas range and is open to both dining areas. There is also a covered front porch and a covered back porch. A detached 6-door garage has three doors on two different sides. The property also includes a 3,440-square-foot shop building with four bays, each with a 20’ roll-up door. A separate 400-square-foot office/retail space with mini-split climate control is attached, along with an additional 400-square-foot storage space on the right side of the shop. The land has no zoning restrictions and is ready for flexible commercial use, hobbies, horses, cows, or other livestock, including a barn. The shop building is suitable for various uses, such as a mechanic’s shop or RV storage. The property offers flexible commercial use and is ready for various business opportunities.
Key Highlights
- Rare live‑work property on 3.79 acres with no zoning restrictions.
- Includes a new 1,883 s.f., 4‑bedroom, 3‑bath home and a 3,440 s.f. shop building with four bays and 20’ roll‑up doors.
- Shop building features a separate 400 s.f. office/retail space with mini‑split climate control and an additional 400 s.f. storage space.
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
$69,960
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
9.09%
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%
$1,399,200
$1.4M
Cap Rate 7%
$999,429
$999.4K
Cap Rate 9%
$777,333
$777.3K
Market Conditions
NOI Build-Up for 4,240 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
$127.2K $30.00/SF
− Vacancy
−$15.3K −$3.60/SF
EGI
$111.9K $26.40/SF
− OpEx
−$42.0K −$9.90/SF
NOI
$70.0K $16.50/SF
Area
Caldwell County, TX
Vacancy
12.00%
Lease Rate
$30.00 /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%
$1,399,200
Cap Rate 7%
$999,429
Cap Rate 9%
$777,333
Alternative Uses
Best Use
Office B
$1.44M
$1.26M – $1.69M
NOI $101,105 @ 7.0% cap · market cap 13.13%
Second Best
Mixed Use
$999.4K
$874.5K – $1.17M
NOI $69,960 @ 7.0% cap · market cap 9.09%
Theoretical Best
Office A
$1.77M
$1.55M – $2.07M
NOI $124,070 @ 7.0% cap · market cap 16.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
Explore this area
Business Placement
Demographics for 78644, TX
20,813
Population
7,660
Households
2.7
Avg Household Size
38
Median Age
19%
College-Educated
87%
High-School Grad
179.9 sq mi
ZIP Area
116
Density / Sq Mi
$72,155
Median Household Income
$40,085
Median Earnings
$1,162
Median Rent
$242,900
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?
Mixed-use property - Unique live-work property near downtown Lockhart with flexible commercial potential.
Where is this mixed-use property located?
The property is located at 1516 Old Luling RD Lockhart, TX.
What is the asking price?
The asking price for this property is $770,000.
What are key features of this property?
This property features: Rare live‑work property on 3.79 acres with no zoning restrictions.; Includes a **new 1,883 s.f., 4‑bedroom, 3‑bath home** and a **3,440 s.f. shop building** with four bays and 20’ roll‑up doors.; Shop building features a separate 400 s.f. office/retail space with mini‑split climate control and an additional 400 s.f. storage space.
