Masonry Office
New
For Sale
$374,999
1628 Aquarena Springs Drive, San Marcos, TX 78666
CommercialSale, San Marcos, TX
Property Size1,122 SF
Lot Size0.12 Acres
Price / SF$334.22
Days on Market2
Property Features for 1628 Aquarena Springs Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Mixed
Parking features
Driveway
Lot features
City Lot, Less Than Quarter Acre
Elementary school district
San Marcos Cisd
Middle school district
San Marcos Cisd
High school district
San Marcos Cisd
Directions
from Austin exit Aquarena Springs drive and make a right. less than 100 yards property is on the left side of the street . from New Braunfles , exit Aquarena Springs and make a left, property is on the left side of the street
Standard status
Active
APN
R12359
Size
1,122 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
ABS 17-2 J M VERAMENDI SURVEY 0.119 AC GEO#90212115
Legal Description
ABS 17-2 J M VERAMENDI SURVEY 0.119 AC GEO#90212115
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1983
Floors in Building
1
Flooring type
Vinyl, Wood
Building materials
Masonry
Listing Agency:
Hot Spots Locating
(512) 805-7768
Listed By:
Jason Sparks · License #0553210
(512) 964-2829
Added: Sep 2
Last Checked: Sep 3 at 7:06AM
MLS# 624278
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 1,122-square-foot office building sits on a 0.119-acre parcel at 1628 Aquarena Springs Drive in San Marcos. Built in 1983, the masonry structure has a combination of vinyl and wood flooring and is currently configured for office use. Mixed zoning is identified for the property, with driveway parking available on site.
The property is positioned near I-35 and Texas State University, providing access to both major regional transportation and the university area. Public water and public sewer serve the site. Its existing office layout, compact footprint, and adaptable commercial setting provide a straightforward base for an owner-user or other office-oriented operation.
The property is positioned near I-35 and Texas State University, providing access to both major regional transportation and the university area. Public water and public sewer serve the site. Its existing office layout, compact footprint, and adaptable commercial setting provide a straightforward base for an owner-user or other office-oriented operation.
Key Highlights
- 1,122 SF office building on a 0.119‑acre parcel
- Masonry construction completed in 1983
- Located at 1628 Aquarena Springs Drive in San Marcos
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
$26,755
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
7.13%
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%
$535,100
$535.1K
Cap Rate 7%
$382,214
$382.2K
Cap Rate 9%
$297,278
$297.3K
Market Conditions
NOI Build-Up for 1,122 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
$47.1K $42.00/SF
− Vacancy
−$11.5K −$10.21/SF
EGI
$35.7K $31.79/SF
− OpEx
−$8.9K −$7.95/SF
NOI
$26.8K $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%
$535,100
Cap Rate 7%
$382,214
Cap Rate 9%
$297,278
Alternative Uses
Best Use
Office B
$382.2K
$334.4K – $445.9K
NOI $26,755 @ 7.0% cap · market cap 7.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$469.0K
$410.4K – $547.2K
NOI $32,832 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
661
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Existing office configuration with public water and sewer service supports immediate commercial use.
Where is this office building located?
The property is located at 1628 Aquarena Springs Drive San Marcos, TX.
What is the asking price?
The asking price for this property is $374,999.
What are key features of this property?
This property features: 1,122 SF office building on a 0.119‑acre parcel; Masonry construction completed in 1983; Located at 1628 Aquarena Springs Drive in San Marcos
