Multi-Structure Highway Retail
For Sale
$374,000
23727 Hwy 290, Harper, TX 78631
For-sale property along W Hwy 290 with multiple buildings, four tenants, and expansive outdoor space.
Property Size3,846 SF
Price / SF$97.24
Days on Market199
Property Features for 23727 Hwy 290
General Information
Standard status
Active
Size
3,846 SF
Property subtype
Retail
Additional Details
Business Included
Yes
Highway Access
Yes
Amenities
A/C - Other
3
Other
Metal
0.5714
US Highway, Concrete Road, Open.
Building Details
Year Built
1948
Tenancy
Multi
Listing Agency:
R-Bar Realty
(254) 326-8676
Listed By:
Jessica Robinson
(254) 326-8676
Source:
Xome
Added: Jan 24
Changed: Aug 8
Last Checked: Aug 10 at 2:54AM
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 R-Bar Realty
Investment Insights
Based on property information with market context.
This for-sale investment property includes multiple buildings with four tenants already in place, set within expansive outdoor areas with mature trees and flexible open space. The offering is described as having evolved over time from a vintage Gulf gas station and a former fire station into a multi-structure destination, creating a versatile setting for a range of commercial or mixed-use concepts.
The property is located along the W Hwy 290 corridor in Harper, TX, with strong visibility and highway frontage. Public remarks also describe the site as having unrestricted use.
With a multi-building layout and outdoor functionality, the property is positioned for buyers seeking an income-producing asset on a heavily traveled highway corridor.
The property is located along the W Hwy 290 corridor in Harper, TX, with strong visibility and highway frontage. Public remarks also describe the site as having unrestricted use.
With a multi-building layout and outdoor functionality, the property is positioned for buyers seeking an income-producing asset on a heavily traveled highway corridor.
Key Highlights
- Commercial property on US Hwy 290 featuring multiple buildings and expansive outdoor/open areas
- Income‑producing setup with four tenants already in place
- Historic site originally home to a vintage Gulf gas station and a former fire station
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
$19,805
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
5.30%
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%
$396,100
$396.1K
Cap Rate 7%
$282,929
$282.9K
Cap Rate 9%
$220,056
$220.1K
Market Conditions
NOI Build-Up for 3,846 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
$30.9K $8.04/SF
− Vacancy
−$2.6K −$0.68/SF
EGI
$28.3K $7.36/SF
− OpEx
−$8.5K −$2.21/SF
NOI
$19.8K $5.15/SF
Area
Gillespie County, TX
Vacancy
8.50%
Lease Rate
$8.04 /SF/Yr
Expense Ratio
30.00%
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%
$396,100
Cap Rate 7%
$282,929
Cap Rate 9%
$220,056
Alternative Uses
Best Use
Specialty Retail
$994.1K
$869.9K – $1.16M
NOI $69,589 @ 7.0% cap · market cap 18.61%
Second Best
Retail
$815.6K
$713.7K – $951.5K
NOI $57,092 @ 7.0% cap · market cap 15.27%
Theoretical Best
Hotel Hospitality
$2.91M
$2.55M – $3.40M
NOI $203,876 @ 7.0% cap · market cap 54.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
41
Businesses Nearby
Explore this area
Business Placement
Demographics for 78631, TX
2,698
Population
1,462
Households
1.8
Avg Household Size
52
Median Age
20%
College-Educated
88%
High-School Grad
299.8 sq mi
ZIP Area
9
Density / Sq Mi
$73,646
Median Household Income
$40,699
Median Earnings
$1,188
Median Rent
$339,100
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Gas station - For-sale property along W Hwy 290 with multiple buildings, four tenants, and expansive outdoor space.
Where is this gas station located?
The property is located at 23727 Hwy 290 Harper, TX.
What is the asking price?
The asking price for this property is $374,000.
What are key features of this property?
This property features: Commercial property on US Hwy 290 featuring multiple buildings and expansive outdoor/open areas; Income‑producing setup with four tenants already in place; Historic site originally home to a vintage Gulf gas station and a former fire station
