Historic Mixed-Use
For Sale
$1,250,000
209 S Main Street, Salado, TX 76571
Leased suites combine retail, office, and service uses with creek frontage and dedicated entrances.
Property Size3,295 SF
Lot Size0.57 Acres
Price / SF$379.36
Days on Market48
Property Features for 209 S Main Street
General Information
Standard status
Active
Size
3,295 SF
Lot size
0.57 Acres
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Amenities
covered porches
covered deck
gazebo deck
stone walkway
dedicated parking
event-friendly concrete patio
Building Details
Building Size
3,295 SF
Year Built
1987
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Serhant Texas, LLC
(512) 994-6949
Listed By:
Arion Crenshaw · License #0725111
Source:
Weselllampasas
Added: Jul 12
Changed: Aug 28
Last Checked: Aug 25 at 9:31AM
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 Serhant Texas, LLC
Investment Insights
Based on property information with market context.
This mixed-use property provides 3,295 square feet of office and retail space, along with additional storage and utility areas. The lower level is arranged as interconnected suites, while individual entrances provide separation for occupants. Existing tenant uses include retail, boutique, salon, office, and massage services, with rent escalations incorporated into the leases. Two additional residential-style suites include a two-bedroom layout with a kitchen, living area, and bathroom, plus a one-bedroom suite with a bathroom.
The property occupies 0.57 acres on Main Street in the Historic Village of Salado and is identified as Historic Salado Site 18, historically known as the Old Davis Mill. Improvements include newer siding, a repainted exterior, updated HVAC systems, and city sewer service. Covered porches, deck areas, a gazebo deck, stone walkway, dedicated parking, and a concrete patio complement approximately 100 feet of private Salado Creek frontage. The property is near Salado’s downtown dining, shopping, antiques, and live music, with access to I-35 and Barrow Brewing across the creek.
The property occupies 0.57 acres on Main Street in the Historic Village of Salado and is identified as Historic Salado Site 18, historically known as the Old Davis Mill. Improvements include newer siding, a repainted exterior, updated HVAC systems, and city sewer service. Covered porches, deck areas, a gazebo deck, stone walkway, dedicated parking, and a concrete patio complement approximately 100 feet of private Salado Creek frontage. The property is near Salado’s downtown dining, shopping, antiques, and live music, with access to I-35 and Barrow Brewing across the creek.
Key Highlights
- 3,295 square feet of office and retail space plus additional storage and utility areas
- 0.57‑acre mixed‑use property with approximately 100 feet of private Salado Creek frontage
- Existing leases span retail, boutique, salon, office, and massage uses
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
$55,116
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
4.41%
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%
$1,102,320
$1.1M
Cap Rate 7%
$787,371
$787.4K
Cap Rate 9%
$612,400
$612.4K
Market Conditions
NOI Build-Up for 3,295 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
$101.2K $30.72/SF
− Vacancy
−$27.7K −$8.42/SF
EGI
$73.5K $22.30/SF
− OpEx
−$18.4K −$5.58/SF
NOI
$55.1K $16.73/SF
Area
Bell 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%
$1,102,320
Cap Rate 7%
$787,371
Cap Rate 9%
$612,400
Alternative Uses
Best Use
Office B
$787.4K
$689.0K – $918.6K
NOI $55,116 @ 7.0% cap · market cap 4.41%
Second Best
Retail
$637.6K
$557.9K – $743.9K
NOI $44,632 @ 7.0% cap · market cap 3.57%
Theoretical Best
Multifamily LT 5
$36.78M
$32.19M – $42.91M
NOI $2,574,884 @ 7.0% cap · market cap 205.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
561
Businesses Nearby
Explore this area
Business Placement
Demographics for 76571, TX
8,937
Population
3,742
Households
2.4
Avg Household Size
45
Median Age
41%
College-Educated
94%
High-School Grad
125.0 sq mi
ZIP Area
71
Density / Sq Mi
$103,341
Median Household Income
$55,545
Median Earnings
$1,172
Median Rent
$395,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Leased suites combine retail, office, and service uses with creek frontage and dedicated entrances.
Where is this mixed-use property located?
The property is located at 209 S Main Street Salado, TX.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 3,295 square feet of office and retail space plus additional storage and utility areas; 0.57‑acre mixed‑use property with approximately 100 feet of private Salado Creek frontage; Existing leases span retail, boutique, salon, office, and massage uses
