Medical Office Across From
For Sale
$1,825,000
204 W Windcrest Dr, Fredericksburg, TX 78624
Commercial Sale, Fredericksburg, TX
Property Size7,144 SF
Lot Size0.88 Acres
Price / SF$255.46
Days on Market528
Property Features for 204 W Windcrest Dr
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1
Subdivision
Crestwind
Elementary school district
Fredericksburg
Middle school district
Fredericksburg
High school district
Fredericksburg
Standard status
Active
Lot size
0.88 Acres
Taxes and HOA fees
Tax Annual Amount
13247
Listing Agency:
Real Estate Advisory Team, LLC
(830) 997-3400
Listed By:
Clay Sears · License #9011766
(830) 456-4348
Added: Apr 8, 2025
Changed: Sep 13
Last Checked: Sep 17 at 9:06AM
MLS# 97394
Copyright © 2026 Central Hill Country Board of Realtors. 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 7,144 SF medical office building occupies a 38,332 SF C-1 zoned lot and is configured for healthcare operations. The first floor contains 9 exam rooms, 3 private offices, a reception and waiting area, 3 half bathrooms, a break room, file rooms, a nurses station, and storage. The second floor adds an office, storage, a full bathroom, laundry, and a kitchenette.
The property is directly across the street from Methodist Hospital Hill Country in Fredericksburg. A paved lot serves front-of-house parking, while covered spaces at the rear provide employee parking. The building’s two-level arrangement and existing medical-oriented rooms offer a clearly defined office configuration for healthcare users.
The property is directly across the street from Methodist Hospital Hill Country in Fredericksburg. A paved lot serves front-of-house parking, while covered spaces at the rear provide employee parking. The building’s two-level arrangement and existing medical-oriented rooms offer a clearly defined office configuration for healthcare users.
Key Highlights
- 7,144 SF medical office building on a 38,332 SF C‑1 zoned lot
- 9 exam rooms and 3 private offices on the first floor
- Reception and waiting area, nurses station, file rooms, and storage
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
$95,480
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
5.23%
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%
$1,909,600
$1.9M
Cap Rate 7%
$1,364,000
$1.4M
Cap Rate 9%
$1,060,889
$1.1M
Market Conditions
NOI Build-Up for 7,144 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
$169.7K $23.76/SF
− Vacancy
−$42.4K −$5.94/SF
EGI
$127.3K $17.82/SF
− OpEx
−$31.8K −$4.46/SF
NOI
$95.5K $13.37/SF
Area
Gillespie County, TX
Vacancy
25.00%
Lease Rate
$23.76 /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%
$1,909,600
Cap Rate 7%
$1,364,000
Cap Rate 9%
$1,060,889
Alternative Uses
Best Use
Office B
$1.36M
$1.19M – $1.59M
NOI $95,480 @ 7.0% cap · market cap 5.23%
Second Best
Healthcare Medical
$773.2K
$676.6K – $902.1K
NOI $54,126 @ 7.0% cap · market cap 2.97%
Theoretical Best
Hotel Hospitality
$5.41M
$4.73M – $6.31M
NOI $378,703 @ 7.0% cap · market cap 20.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
754
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 78624, TX
23,080
Population
12,421
Households
1.9
Avg Household Size
52
Median Age
37%
College-Educated
89%
High-School Grad
742.3 sq mi
ZIP Area
31
Density / Sq Mi
$67,987
Median Household Income
$37,047
Median Earnings
$1,347
Median Rent
$439,600
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?
Medical Office Space - Existing layout includes exam rooms, private offices, reception, storage, and staff areas.
Where is this medical office space located?
The property is located at 204 W Windcrest Dr Fredericksburg, TX.
What is the asking price?
The asking price for this property is $1,825,000.
What are key features of this property?
This property features: 7,144 SF medical office building on a 38,332 SF C‑1 zoned lot; 9 exam rooms and 3 private offices on the first floor; Reception and waiting area, nurses station, file rooms, and storage
