Live-Work Property with
For Sale
$875,000
1516 Old Luling Rd, Lockhart, TX 78644
A combined residential and commercial property offering acreage, workshop space, detached garage capacity, and flexible land use.
Property Size4,240 SF
Lot Size3.79 Acres
Price / SF$206.37
Days on Market178
Property Features for 1516 Old Luling Rd
General Information
Standard status
Active
Size
4,240 SF
Lot size
3.79 Acres
Property subtype
Commercial
Warehouse & Industrial
Warehouse Space
400 SF
Office Build-Out
400 SF
Drive-In Doors
4
Building Details
Building Size
4,240 SF
Year Built
2011
Buildings
4
Listing Agency:
Cynthia Ann Spears
(512) 825-4663
Listed By:
Cindy Spears · License #0356961
Source:
Loessinproperties
Added: Feb 17
Changed: Aug 14
Last Checked: Aug 14 at 6:02AM
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 live-work property combines a 4-bedroom, 3-bath home with substantial commercial and storage improvements on 3.79 acres. Built in 2011, the residence includes high ceilings, a primary suite with a jetted tub, separate shower and walk-in closet, an additional bedroom with its own bath, a propane range, and covered front and rear porches.
The 3,440-square-foot workshop provides four bays, each with a 20-by-14-foot roll-up door, plus an attached 400-square-foot office/retail area and 400 square feet of storage. A mini-split system serves the office/retail space. The detached 1,800-square-foot garage has six doors, a walk-through entrance, and doors positioned on two sides. The property has no zoning restrictions and supports flexible commercial use, along with livestock and hobby-oriented uses. It is located near Downtown Lockhart.
The 3,440-square-foot workshop provides four bays, each with a 20-by-14-foot roll-up door, plus an attached 400-square-foot office/retail area and 400 square feet of storage. A mini-split system serves the office/retail space. The detached 1,800-square-foot garage has six doors, a walk-through entrance, and doors positioned on two sides. The property has no zoning restrictions and supports flexible commercial use, along with livestock and hobby-oriented uses. It is located near Downtown Lockhart.
Key Highlights
- 3.79 acres with no zoning restrictions
- 3,440‑square‑foot workshop with 4 bays
- Four 20‑by‑14‑foot roll‑up doors
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
8.00%
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 11.55%
Second Best
Mixed Use
$999.4K
$874.5K – $1.17M
NOI $69,960 @ 7.0% cap · market cap 8.00%
Theoretical Best
Office A
$1.77M
$1.55M – $2.07M
NOI $124,070 @ 7.0% cap · market cap 14.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Drive-in doors
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
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Frequently Asked Questions
What type of property is this?
Live-work space - A combined residential and commercial property offering acreage, workshop space, detached garage capacity, and flexible land use.
Where is this live-work space located?
The property is located at 1516 Old Luling Rd Lockhart, TX.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 3.79 acres with no zoning restrictions; 3,440‑square‑foot workshop with 4 bays; Four 20‑by‑14‑foot roll‑up doors
