Boutique Executive Office
New
For Sale
$340,000
204 N Liberty St, Victoria, TX 77901
Flexible downtown workspace with private offices, reception, conference, and support areas.
Property Size1,561 SF
Days on Market5
Property Features for 204 N Liberty St
General Information
Standard status
Active
Size
1,561 SF
Property subtype
Commercial
Site & Location
Road Access
Yes
Utilities to Site
Yes
Amenities
high ceilings
embossed metal ceiling details
slate tile
hand-scraped wood flooring
carpeted private offices
custom stained-glass
antique-style brass mail drop
decorative details
iron and wood spiral staircase
reception/foyer
conference room
break room/kitchenette
storage/file room
two half baths
upper loft
Building Details
Building Size
1,561 SF
Year Built
1950
Buildings
1
Stories
2
Listing Agency:
EXP REALTY
Listed By:
Stephanie Ferguson · License #0761380
(361) 550-6200
Source:
Elliman
Added: Sep 11
Last Checked: Sep 14 at 5:59AM
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 EXP REALTY
Investment Insights
Based on property information with market context.
Located at 204 N Liberty St in downtown Victoria, this 1950 office building combines a professional layout with distinctive architectural finishes. The interior includes four private offices arranged in two connected groupings, along with a reception and foyer, conference room, break room and kitchenette, storage and file room, and two half baths. An elevated loft overlooks the foyer and provides additional workspace and storage potential.
Interior details include high ceilings, embossed metal ceiling treatments, slate tile, hand-scraped wood flooring, carpeted offices, stained glass, decorative door elements, and an iron-and-wood spiral staircase. Electrical and plumbing were professionally completed during the office build-out. The HVAC condenser was recently replaced, and the roof was repaired in 2024. The property is two blocks from the Victoria County Courthouse, one block off the downtown square, and provides street parking with rear alley access.
Interior details include high ceilings, embossed metal ceiling treatments, slate tile, hand-scraped wood flooring, carpeted offices, stained glass, decorative door elements, and an iron-and-wood spiral staircase. Electrical and plumbing were professionally completed during the office build-out. The HVAC condenser was recently replaced, and the roof was repaired in 2024. The property is two blocks from the Victoria County Courthouse, one block off the downtown square, and provides street parking with rear alley access.
Key Highlights
- Four private offices configured as two interconnected office groupings
- Elevated loft overlooking the foyer with additional workspace and storage potential
- High ceilings, embossed metal ceiling details, slate tile, and hand‑scraped wood flooring
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
$26,111
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
7.68%
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%
$522,220
$522.2K
Cap Rate 7%
$373,014
$373.0K
Cap Rate 9%
$290,122
$290.1K
Market Conditions
NOI Build-Up for 1,561 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
$48.0K $30.72/SF
− Vacancy
−$13.1K −$8.42/SF
EGI
$34.8K $22.30/SF
− OpEx
−$8.7K −$5.58/SF
NOI
$26.1K $16.73/SF
Area
Victoria County, TX
Vacancy
27.40%
Lease Rate
$30.72 /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%
$522,220
Cap Rate 7%
$373,014
Cap Rate 9%
$290,122
Alternative Uses
Best Use
Office B
$373.0K
$326.4K – $435.2K
NOI $26,111 @ 7.0% cap · market cap 7.68%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$17.15M
$15.01M – $20.01M
NOI $1,200,445 @ 7.0% cap · market cap 353.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,159
Businesses Nearby
Explore this area
Business Placement
Demographics for 77901, TX
40,062
Population
17,438
Households
2.3
Avg Household Size
35
Median Age
15%
College-Educated
76%
High-School Grad
18.1 sq mi
ZIP Area
2,213
Density / Sq Mi
$57,728
Median Household Income
$33,127
Median Earnings
$1,105
Median Rent
$133,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Flexible downtown workspace with private offices, reception, conference, and support areas.
Where is this office building located?
The property is located at 204 N Liberty St Victoria, TX.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Four private offices configured as two interconnected office groupings; Elevated loft overlooking the foyer with additional workspace and storage potential; High ceilings, embossed metal ceiling details, slate tile, and hand‑scraped wood flooring
