Adjacent Office
For Sale
$395,000
2015 Monarch Dr C&d, Austin, TX 78748
Two adjacent office condo units can be combined or used separately, with updated flooring and bathrooms, plus a new roof and HVAC.
Property Size1,220 SF
Price / SF$323.77
Days on Market47
Property Features for 2015 Monarch Dr C&d
General Information
Standard status
Active
Size
1,220 SF
Additional Details
Office Units
2
Building Details
Year Built
1982
Listing Agency:
Stanberry REALTORS
Listed By:
Rich Ryon · License #0363400
(512) 751-2319
Source:
Martinhomelandmls
Added: Jul 21
Changed: Sep 4
Last Checked: Sep 2 at 3:09PM
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 Stanberry REALTORS
Investment Insights
Based on property information with market context.
This offering includes two adjacent office condo units that are currently configured as separate spaces but can be combined. Each unit is 610 square feet. Recent improvements include flooring and bathroom updates, along with a new roof and one HVAC system.
The units are located at 2015 Monarch Dr C&d in south Austin, and the POA dues cover water and wastewater as well as Common Area Maintenance for both units. The two units are described as adjacent, supporting either an owner-occupant setup or separate use.
For buyers seeking flexibility, the property can be purchased as a combined office footprint or separated operationally, while maintaining the benefit of shared POA coverage for core building services.
The units are located at 2015 Monarch Dr C&d in south Austin, and the POA dues cover water and wastewater as well as Common Area Maintenance for both units. The two units are described as adjacent, supporting either an owner-occupant setup or separate use.
For buyers seeking flexibility, the property can be purchased as a combined office footprint or separated operationally, while maintaining the benefit of shared POA coverage for core building services.
Key Highlights
- Two adjacent office condo units (610 SF each; 1,220 SF combined) built in 1982
- Units are adjacent and can be combined, or used separately and leased individually
- New roof plus 1 HVAC
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
$20,972
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
5.31%
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%
$419,440
$419.4K
Cap Rate 7%
$299,600
$299.6K
Cap Rate 9%
$233,022
$233.0K
Market Conditions
NOI Build-Up for 1,220 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
$36.6K $30.00/SF
− Vacancy
−$8.6K −$7.08/SF
EGI
$28.0K $22.92/SF
− OpEx
−$7.0K −$5.73/SF
NOI
$21.0K $17.19/SF
Area
ZIP 78748
Vacancy
23.60%
Lease Rate
$30.00 /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%
$419,440
Cap Rate 7%
$299,600
Cap Rate 9%
$233,022
Alternative Uses
Best Use
Office B
$299.6K
$262.2K – $349.5K
NOI $20,972 @ 7.0% cap · market cap 5.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$425.7K
$372.5K – $496.6K
NOI $29,797 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
738
Businesses Nearby
Explore this area
Business Placement
Demographics for 78748, TX
55,226
Population
25,694
Households
2.1
Avg Household Size
35
Median Age
56%
College-Educated
95%
High-School Grad
14.1 sq mi
ZIP Area
3,917
Density / Sq Mi
$107,652
Median Household Income
$59,611
Median Earnings
$1,711
Median Rent
$434,100
Median Home Value
Market
Vacancy Rate% for Office in Austin, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Two adjacent office condo units can be combined or used separately, with updated flooring and bathrooms, plus a new roof and HVAC.
Where is this office units located?
The property is located at 2015 Monarch Dr C&d Austin, TX.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Two adjacent office condo units (610 SF each; 1,220 SF combined) built in 1982; Units are adjacent and can be combined, or used separately and leased individually; New roof plus 1 HVAC
