Office-Retail Flex
For Sale
$375,000
301 Bishop St, Smithville, TX 78957
Adaptable commercial space with a private office, customer-facing area, breakroom, and on-site parking.
Property Size1,500 SF
Price / SF$250
Days on Market34
Property Features for 301 Bishop St
General Information
Standard status
Active
Size
1,500 SF
Amenities
Private Office
Reception/Showroom
Breakroom
Building Details
Year Built
1981
Listing Agency:
Harrison-Pearson Assoc. Inc
(512) 332-1864
Listed By:
Sam Pritchard
Source:
Olverabolton
Added: Jul 28
Changed: Aug 29
Last Checked: Aug 25 at 5:16AM
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 Harrison-Pearson Assoc. Inc
Investment Insights
Based on property information with market context.
This 1,500-square-foot flex space, built in 1981, combines office and retail functionality in a practical commercial layout. The interior includes a private office, reception/showroom area, and breakroom, supporting both administrative work and customer-facing operations.
Located at 301 Bishop St in Smithville, Texas, the property includes ample parking. Its configuration provides a straightforward setting for an owner-user or operator seeking combined office and retail space.
Located at 301 Bishop St in Smithville, Texas, the property includes ample parking. Its configuration provides a straightforward setting for an owner-user or operator seeking combined office and retail space.
Key Highlights
- 1,500 SF flex space combining office and retail functionality
- Private office included in the interior layout
- Reception/showroom area for customer‑facing operations
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
$26,412
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
7.04%
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%
$528,240
$528.2K
Cap Rate 7%
$377,314
$377.3K
Cap Rate 9%
$293,467
$293.5K
Market Conditions
NOI Build-Up for 1,500 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
$39.1K $26.04/SF
− Vacancy
−$1.3K −$0.89/SF
EGI
$37.7K $25.15/SF
− OpEx
−$11.3K −$7.55/SF
NOI
$26.4K $17.61/SF
Area
Bastrop County, TX
Vacancy
3.40%
Lease Rate
$26.04 /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%
$528,240
Cap Rate 7%
$377,314
Cap Rate 9%
$293,467
Alternative Uses
Best Use
Office B
$511.0K
$447.1K – $596.1K
NOI $35,768 @ 7.0% cap · market cap 9.54%
Second Best
Retail
$377.3K
$330.2K – $440.2K
NOI $26,412 @ 7.0% cap · market cap 7.04%
Theoretical Best
Office A
$587.8K
$514.3K – $685.8K
NOI $41,146 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
382
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 78957, TX
10,214
Population
4,743
Households
2.2
Avg Household Size
45
Median Age
24%
College-Educated
89%
High-School Grad
177.1 sq mi
ZIP Area
58
Density / Sq Mi
$62,796
Median Household Income
$39,731
Median Earnings
$1,169
Median Rent
$246,500
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?
Flex space - Adaptable commercial space with a private office, customer-facing area, breakroom, and on-site parking.
Where is this flex space located?
The property is located at 301 Bishop St Smithville, TX.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 1,500 SF flex space combining office and retail functionality; Private office included in the interior layout; Reception/showroom area for customer‑facing operations
