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Turnkey Medical & Wellness Office
For Sale
$699,000

20308 Dawn Drive, Lago Vista, TX 78645

CommercialSale, Lago Vista, TX

Property Size1,725 SF
Lot Size0.39 Acres
Price / SF$405.22
Days on Market53

Property Features for 20308 Dawn Drive

General Information

Property type Commercial Sale
Property subtype Other
Parking features Garage, Special Needs
Subdivision Lago Vista Sec 02
Lot features City Lot, Quarter To Half Acre Lot
Elementary school district Lago Vista ISD
Middle school district Lago Vista ISD
High school district Lago Vista ISD
Directions From the intersection of Lohman Ford and 1431, Head south on Lohman Ford. Turn right onto Dawn Drive, business is on the right
Standard status Active
APN 177826
Size 1,725 SF
Lot size 0.39 Acres

Taxes and HOA fees

Tax Year 2026
Tax Description LOT 5 BLK E LAGO VISTA SEC 2
Tax Annual Amount 4713
Legal Description LOT 5 BLK E LAGO VISTA SEC 2

Utilities

Heating system Central
Cooling system Electric, Central Air
Water source Public

Amenities

reception area
private treatment rooms
kitchenette
storage
detached garage
covered breezeway
fenced backyard

Building Details

Year built 1983
Floors in Building 1
Flooring type Vinyl
Building materials Brick, HardiplankType
Listing Agency: Vance J. Elliott
Listed By: Cari Patterson · License #0416464
Added: Jul 1 Changed: Aug 20 Last Checked: Aug 22 at 3:06AM
MLS# 618368

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.

Turnkey medical and wellness office that has been extensively renovated and is move-in ready. Improvements include new flooring throughout, fresh interior paint, updated lighting and ceiling fans, new restroom fixtures, and an added HVAC system. The layout features a reception and waiting area, multiple private treatment rooms or offices, two updated restrooms, and a kitchenette with a coffee bar, along with generous storage. Additional amenities include a detached garage, a covered breezeway, and a fenced backyard that can support private outdoor space.

Located in the heart of Lago Vista’s Downtown District, the property sits among City Hall, the Police Department, the Library, the POA Office, and the Hope Center. It is directly across from Lago Vista Elementary School.

With flexible room configuration and recent capital updates throughout, this office is designed for professional services such as a medical practice, IV therapy clinic, med spa, or wellness center.

Key Highlights

  • Renovated medical & wellness office building with central heating and central A/C (electric), year built 1983
  • Recent updates include new flooring, fresh interior paint, updated lighting/ceiling fans, and new restroom fixtures
  • Additional HVAC system installed and building expanded, nearly doubling the building’s square footage

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
$41,133
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
5.88%
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%
$822,660 $822.7K
Cap Rate 7%
$587,614 $587.6K
Cap Rate 9%
$457,033 $457.0K
Market Conditions
NOI Build-Up for 1,725 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
$72.5K $42.00/SF
− Vacancy
−$17.6K −$10.21/SF
EGI
$54.8K $31.79/SF
− OpEx
−$13.7K −$7.95/SF
NOI
$41.1K $23.85/SF
Area
Travis 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%
$822,660
Cap Rate 7%
$587,614
Cap Rate 9%
$457,033

Alternative Uses

Best Use
Office B
$587.6K
$514.2K – $685.6K (±1% cap)
NOI $41,133 @ 7.0% cap · market cap 5.88%
Second Best
Healthcare Medical
$447.1K
$391.2K – $521.6K (±1% cap)
NOI $31,298 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$721.1K
$631.0K – $841.3K (±1% cap)
NOI $50,477 @ 7.0% cap · market cap 7.22%
Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Medical Office Space

Suggested Use

Top Pick HVAC Service Building Supply Auto Repair Shop Plumbing Service Garden Center Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

80
Businesses Nearby
Well-served
Demand for This Use

Demographics for 78645, TX

14,051
Population
7,525
Households
1.9
Avg Household Size
50
Median Age
45%
College-Educated
96%
High-School Grad
32.5 sq mi
ZIP Area
432
Density / Sq Mi
$108,393
Median Household Income
$59,128
Median Earnings
$1,455
Median Rent
$387,200
Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019
16.4% 2020
17.3% 2021
18% 2022
18.6% 2023
20.3% 2024
20.2% 2025
Rey
Questions? Ask Rey
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Frequently Asked Questions

What type of property is this?
Medical Office Space - Renovated medical and wellness office with private parking for about 20, multiple treatment rooms/offices, and two updated restrooms.
Where is this medical office space located?
The property is located at 20308 Dawn Drive Lago Vista, TX.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Renovated medical & wellness office building with central heating and central A/C (electric), year built 1983; Recent updates include new flooring, fresh interior paint, updated lighting/ceiling fans, and new restroom fixtures; Additional HVAC system installed and building expanded, nearly doubling the building’s square footage
More about this property
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