Historic Commercial
For Sale
Under Contract
$400,000
2020 Old Ranch Road 12, San Marcos, TX 78666
COMMERCIAL - San Marcos, TX
Property Size952 SF
Lot Size0.99 Acres
Price / SF$420.17
Days on Market99
Property Features for 2020 Old Ranch Road 12
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
City Lot, Half To One Acre Lot
Elementary school district
San Marcos Cisd
Middle school district
San Marcos Cisd
High school district
San Marcos Cisd
Directions
From 35, head W on Wonder World Dr. Turn right on Old Ranch Road 12. Building will be on your left.
Standard status
Active Under Contract
APN
R14198
Size
952 SF
Lot size
0.99 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
ABS 173 TR 10 T FORSITHE SURVEY .989 AC GEO#90202006
Tax Annual Amount
5737
Legal Description
ABS 173 TR 10 T FORSITHE SURVEY .989 AC GEO#90202006
Utilities
Sewer type
Septic Tank
Heating system
Central
Cooling system
Central Air
Water source
Private, Well
Building Details
Year built
1920
Floors in Building
1
Flooring type
Wood
Building materials
WoodSiding
Roof type
Metal
Listing Agency:
Keller Williams Realty
(512) 448-4111
Listed By:
Andrew James · License #0436827
(512) 784-7087
Added: May 6
Changed: Aug 4
Last Checked: Aug 12 at 9:06AM
MLS# 612854
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 for-sale commercial property offers 952 square feet of space and features original wood floors. The building is presented as a characteristic, older-style commercial opportunity with renovation potential and an emphasis on preserving existing character while updating the premises for future use.
The property is located at 2020 Old Ranch Road 12 in San Marcos, Texas, in an area described as near Texas State University and the downtown activity of San Marcos. Public remarks also note commercial zoning, which may support a range of retail or professional configurations depending on the final permitted uses.
Whether you’re evaluating it as an office or retail conversion, the key takeaway is the combination of established, in-place features and the option to renovate. The space is offered for sale at $400,000.
The property is located at 2020 Old Ranch Road 12 in San Marcos, Texas, in an area described as near Texas State University and the downtown activity of San Marcos. Public remarks also note commercial zoning, which may support a range of retail or professional configurations depending on the final permitted uses.
Whether you’re evaluating it as an office or retail conversion, the key takeaway is the combination of established, in-place features and the option to renovate. The space is offered for sale at $400,000.
Key Highlights
- Wood siding construction
- Original wood floors
- Central heating and central air conditioning
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
$22,701
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
5.68%
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%
$454,020
$454.0K
Cap Rate 7%
$324,300
$324.3K
Cap Rate 9%
$252,233
$252.2K
Market Conditions
NOI Build-Up for 952 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
$40.0K $42.00/SF
− Vacancy
−$9.7K −$10.21/SF
EGI
$30.3K $31.79/SF
− OpEx
−$7.6K −$7.95/SF
NOI
$22.7K $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%
$454,020
Cap Rate 7%
$324,300
Cap Rate 9%
$252,233
Alternative Uses
Best Use
Office B
$324.3K
$283.8K – $378.4K
NOI $22,701 @ 7.0% cap · market cap 5.68%
Second Best
Retail
$239.5K
$209.5K – $279.4K
NOI $16,763 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$398.0K
$348.2K – $464.3K
NOI $27,857 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
158
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 units - Commercial building with original wood floors and renovation potential in San Marcos near Texas State University.
Where is this office units located?
The property is located at 2020 Old Ranch Road 12 San Marcos, TX.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Wood siding construction; Original wood floors; Central heating and central air conditioning
