San Marcos Office Condo
For Sale
Contact for pricing
1920 Corporate Dr, San Marcos, TX 78666
Three net-leased office condos in San Marcos, Texas.
Property Size1,920 SF
Price / SF$677.08
Days on Market154
Property Features for 1920 Corporate Dr
General Information
Standard status
Active
Size
1,920 SF
Class
B
Property subtype
Office
Zoning
General Commercial
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Building Details
Year Built
2012
Buildings
2
Stories
1
Units
3
Tenancy
Multi
Listing Agency:
Carson Properties
(979) 557-6546
Listed By:
Cody Lantelme · License #0638105
Source:
Crexi
Added: Mar 12
Changed: Aug 8
Last Checked: Aug 8 at 6:29AM
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 Carson Properties
Investment Insights
Based on property information with market context.
Three office condos are available for purchase within the 1920 Corporate Drive Office Condominiums, a professionally managed complex in San Marcos, TX. The properties have a history of strong leasing performance. The location offers proximity to the Hays County Government Center, Texas State University, and IH-35. Suite A104 offers 1,920 square feet of space and is listed at $660,000. Suite B205 includes 955 square feet and is listed at $320,000. Suite A101 features 988 square feet and is listed at $320,000. All three units are currently leased. Rents are below market value, presenting a potential value-add opportunity.
Key Highlights
- Net leased office condo investment with existing leases in place.
- Three‑property package offered from $320,000 to $1,300,000.
- Located within the professionally managed 1920 Corporate Drive Office Condominiums.
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
$45,783
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
3.52%
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%
$915,660
$915.7K
Cap Rate 7%
$654,043
$654.0K
Cap Rate 9%
$508,700
$508.7K
Market Conditions
NOI Build-Up for 1,920 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
$80.6K $42.00/SF
− Vacancy
−$19.6K −$10.21/SF
EGI
$61.0K $31.79/SF
− OpEx
−$15.3K −$7.95/SF
NOI
$45.8K $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%
$915,660
Cap Rate 7%
$654,043
Cap Rate 9%
$508,700
Alternative Uses
Best Use
Office B
$654.0K
$572.3K – $763.1K
NOI $45,783 @ 7.0% cap · market cap 3.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$802.6K
$702.3K – $936.4K
NOI $56,183 @ 7.0% cap · market cap 4.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
648
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
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Frequently Asked Questions
What type of property is this?
Office units - Three net-leased office condos in San Marcos, Texas.
Where is this office units located?
The property is located at 1920 Corporate Dr San Marcos, TX.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Net leased office condo investment with existing leases in place.; Three‑property package offered from $320,000 to $1,300,000.; Located within the professionally managed 1920 Corporate Drive Office Condominiums.
