Street-Level Live/Work
For Sale
$849,000
2209 1st, Austin, TX 78704
Designed with ground-floor storefront space and live/work functionality along S 1st in 78704.
Property Size1,286 SF
Price / SF$660.19
Days on Market287
Property Features for 2209 1st
General Information
Standard status
Active
Size
1,286 SF
Property subtype
General Commercial
Amenities
3
RESIDENTIAL/COMMERCIAL
2 Parking Spaces.
Building Details
Year Built
2023
Listing Agency:
Compass RE Texas, LLC - SA
(210) 361-6000
Listed By:
Michael Harper · License #600983
Source:
Xome
Added: Oct 30, 2025
Changed: Aug 12
Last Checked: Aug 12 at 4:11AM
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 Compass RE Texas, LLC - SA
Investment Insights
Based on property information with market context.
One Oak offers street-level live/work storefront space, combining dedicated professional areas with modern living quarters in a single setting. The ground-floor plan is designed to provide visibility and accessibility, while the upper living areas support an integrated day-to-day routine within the same property.
The property is set along the eastern edge of South First Street in the heart of Bouldin Creek, Austin’s 78704 zip code. The surrounding corridor is described as featuring locally owned shops and walkable neighborhood character.
Unit 107 at 2209 S 1st is presented for sale as part of the One Oak live/work concept, with layouts intended to support flexible self-owned business use alongside on-site living.
The property is set along the eastern edge of South First Street in the heart of Bouldin Creek, Austin’s 78704 zip code. The surrounding corridor is described as featuring locally owned shops and walkable neighborhood character.
Unit 107 at 2209 S 1st is presented for sale as part of the One Oak live/work concept, with layouts intended to support flexible self-owned business use alongside on-site living.
Key Highlights
- Live/work property with ground‑floor storefront space along S 1st in Austin’s 78704 area
- Zoning: residential/commercial
- Built in 2023
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
$25,822
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
3.04%
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%
$516,440
$516.4K
Cap Rate 7%
$368,886
$368.9K
Cap Rate 9%
$286,911
$286.9K
Market Conditions
NOI Build-Up for 1,286 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
$35.5K $27.60/SF
− Vacancy
−$1.1K −$0.83/SF
EGI
$34.4K $26.77/SF
− OpEx
−$8.6K −$6.69/SF
NOI
$25.8K $20.08/SF
Area
ZIP 78704
Vacancy
3.00%
Lease Rate
$27.60 /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%
$516,440
Cap Rate 7%
$368,886
Cap Rate 9%
$286,911
Alternative Uses
Best Use
Specialty Retail
$368.9K
$322.8K – $430.4K
NOI $25,822 @ 7.0% cap · market cap 3.04%
Second Best
Retail
$323.5K
$283.1K – $377.4K
NOI $22,644 @ 7.0% cap · market cap 2.67%
Theoretical Best
Office A
$536.3K
$469.2K – $625.6K
NOI $37,538 @ 7.0% cap · market cap 4.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,774
Businesses Nearby
Explore this area
Business Placement
Demographics for 78704, TX
49,197
Population
29,959
Households
1.6
Avg Household Size
34
Median Age
70%
College-Educated
94%
High-School Grad
8.8 sq mi
ZIP Area
5,591
Density / Sq Mi
$97,160
Median Household Income
$67,527
Median Earnings
$1,755
Median Rent
$862,000
Median Home Value
Market
Vacancy Rate% for Office in Austin, TX
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Designed with ground-floor storefront space and live/work functionality along S 1st in 78704.
Where is this live-work space located?
The property is located at 2209 1st Austin, TX.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Live/work property with ground‑floor storefront space along S 1st in Austin’s 78704 area; Zoning: residential/commercial; Built in 2023
