5.42 Acre SoDA District
For Sale
$1,200,000
189 Locust, Abilene, TX 79602
Undeveloped 5.42 acre parcel in Abilene's SoDA district.
Property Size6,240 SF
Lot Size5.42 Acres
Price / SF$192.31
Days on Market2373
Property Features for 189 Locust
General Information
Standard status
Active
Size
6,240 SF
Lot size
5.42 Acres
Property subtype
Commercial/Industrial
Building Details
Year Built
1930
Listing Agency:
TOP AGENCY REALTY INC
(407) 592-9211
Listed By:
John Hill · License #3366152
(407) 592-9211
Source:
Exitrealty
Added: Feb 9, 2020
Changed: Aug 8
Last Checked: Apr 5 at 8:19PM
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 TOP AGENCY REALTY INC
Investment Insights
Based on property information with market context.
Located at the corner of Locust & S 2nd, the Burlington depot serves as the gateway to this 5.42-acre parcel of largely undeveloped land situated in Abilene's SoDA district. Zoned LI and located within an opportunity zone, this tract, previously used for rail, represents the largest contiguous acreage in the South Abilene Planning District. The property includes two buildings: a 3,040-square-foot Burlington depot and a 3,200-square-foot rail maintenance barn. Given the emergence of new bars and restaurants in the vicinity, the parcel is suitable for redevelopment with mixed-use housing and retail spaces, complementing existing businesses. An additional 1.08-acre property, featuring a 15,000-square-foot warehouse at 133 Cherry, is also listed, potentially expanding the tract to a total of 6.5 acres in downtown Abilene.
Key Highlights
- Largest contiguous acreage (5.42 acres) in South Abilene Planning District.
- Located in Abilene's SoDA district, near new bars and restaurants.
- Zoned LI (Light Industrial) and located in an opportunity zone.
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
$63,882
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
5.32%
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%
$1,277,640
$1.3M
Cap Rate 7%
$912,600
$912.6K
Cap Rate 9%
$709,800
$709.8K
Market Conditions
NOI Build-Up for 6,240 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
$112.3K $18.00/SF
− Vacancy
−$10.1K −$1.62/SF
EGI
$102.2K $16.38/SF
− OpEx
−$38.3K −$6.14/SF
NOI
$63.9K $10.24/SF
Area
Abilene, TX
Vacancy
9.00%
Lease Rate
$18.00 /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%
$1,277,640
Cap Rate 7%
$912,600
Cap Rate 9%
$709,800
Alternative Uses
Best Use
Mixed Use
$912.6K
$798.5K – $1.06M
NOI $63,882 @ 7.0% cap · market cap 5.32%
Second Best
Warehouse
$651.3K
$569.9K – $759.8K
NOI $45,588 @ 7.0% cap · market cap 3.80%
Theoretical Best
Office A
$1.39M
$1.22M – $1.63M
NOI $97,524 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
935
Businesses Nearby
Explore this area
Business Placement
Demographics for 79602, TX
25,389
Population
11,127
Households
2.3
Avg Household Size
36
Median Age
34%
College-Educated
91%
High-School Grad
121.7 sq mi
ZIP Area
209
Density / Sq Mi
$84,845
Median Household Income
$39,044
Median Earnings
$1,123
Median Rent
$233,000
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Commercial land - Undeveloped 5.42 acre parcel in Abilene's SoDA district.
Where is this commercial land located?
The property is located at 189 Locust Abilene, TX.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Largest contiguous acreage (5.42 acres) in South Abilene Planning District.; Located in Abilene's SoDA district, near new bars and restaurants.; Zoned LI (Light Industrial) and located in an opportunity zone.
