Class A Medical Office
For Sale
$4,692,400
312 Medical Parkway Building E, Lakeway, TX 78738
Two unfinished suites support customized healthcare or professional office build-outs.
Property Size15,652 SF
Days on Market67
Property Features for 312 Medical Parkway Building E
General Information
Standard status
Active
Size
15,652 SF
Class
A
Property subtype
Office
Additional Details
Furnished
No
Building Details
Building Size
15,652 SF
Year Built
2023
Listing Agency:
St. Croix Capital Realty Advisors
(512) 844-4653
Listed By:
Gayle Berkbigler, CCIM · License #TX #451428
Source:
7s
Added: Jun 25
Changed: Aug 29
Last Checked: Aug 29 at 3:16PM
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 St. Croix Capital Realty Advisors
Investment Insights
Based on property information with market context.
Building E contains two Class A office condominium units designed for medical or professional office use. Unit 2 offers 3,402 square feet on the first floor, while Unit 3 provides 8,329 square feet on the second floor. Both spaces are delivered as cold dark shells, allowing the interior layout and improvements to be tailored to the intended operation.
The property is located on the Baylor Scott & White Hospital campus at 312 Medical Parkway in Lakeway, Texas. Constructed in 2023, the building provides a contemporary setting for office users seeking a healthcare-campus location and flexible interior configuration.
The property is located on the Baylor Scott & White Hospital campus at 312 Medical Parkway in Lakeway, Texas. Constructed in 2023, the building provides a contemporary setting for office users seeking a healthcare-campus location and flexible interior configuration.
Key Highlights
- Two medical or professional office condo units in Building E
- Unit 2: 3,402 sqft of cold dark shell space on the 1st floor
- Unit 3: 8,329 sqft of cold dark shell space on the 2nd floor
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
$373,230
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
7.95%
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%
$7,464,600
$7.5M
Cap Rate 7%
$5,331,857
$5.3M
Cap Rate 9%
$4,147,000
$4.1M
Market Conditions
NOI Build-Up for 15,652 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
$657.4K $42.00/SF
− Vacancy
−$159.7K −$10.21/SF
EGI
$497.6K $31.79/SF
− OpEx
−$124.4K −$7.95/SF
NOI
$373.2K $23.85/SF
Area
Travis County, TX
Vacancy
24.30%
Lease Rate
$42.00 /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%
$7,464,600
Cap Rate 7%
$5,331,857
Cap Rate 9%
$4,147,000
Alternative Uses
Best Use
Office B
$5.33M
$4.67M – $6.22M
NOI $373,230 @ 7.0% cap · market cap 7.95%
Second Best
Healthcare Medical
$4.06M
$3.55M – $4.73M
NOI $283,990 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$6.54M
$5.73M – $7.63M
NOI $458,005 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
788
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 78738, TX
29,529
Population
11,907
Households
2.5
Avg Household Size
40
Median Age
75%
College-Educated
98%
High-School Grad
42.1 sq mi
ZIP Area
701
Density / Sq Mi
$169,911
Median Household Income
$88,929
Median Earnings
$1,915
Median Rent
$754,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Village Vet Hospital — 3500 Ranch Rd 620 S #200, Bee Cave, TX 78738
- Wagstarter — 2303 ranch rd 620 s, austin, tx 78734
Frequently Asked Questions
What type of property is this?
Medical Office Space - Two unfinished suites support customized healthcare or professional office build-outs.
Where is this medical office space located?
The property is located at 312 Medical Parkway Building E Lakeway, TX.
What is the asking price?
The asking price for this property is $4,692,400.
What are key features of this property?
This property features: Two medical or professional office condo units in Building E; Unit 2: 3,402 sqft of cold dark shell space on the 1st floor; Unit 3: 8,329 sqft of cold dark shell space on the 2nd floor
