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    Historic Building in San Marcos Title is generated by Realmo AI

    321 S Lbj Drive, San Marcos, TX 78666

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    Claim this Listing
    For Sale
    $800,000

    COMMERCIAL - San Marcos, TX

    Property size:
    2,962 SF
    Lot size:
    0.31 Acres
    Price / SF:
    $270/SF
    Added:
    May 28, 2025
    Days on Market:
    352
    Last Refresh:
    May 14 at 3:06 pm

    Property Features for 321 S Lbj Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Interior features
    PullDownAtticStairs
    Standard status
    Active
    APN
    R32215
    Size
    2,962 SF
    Lot size
    0.31 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    D P HOPKINS II LOT 11A BLK 1 0.3051 AC
    Tax Annual Amount
    6228

    Utilities

    Heating system
    Central, Electric (Heating)
    Cooling system
    Central Air, Electric
    Water source
    Public

    Building Details

    Floors in Building
    2
    Flooring type
    Unfinished, Hardwood, Linoleum
    Building materials
    Clapboard, LapSiding
    Roof type
    Shingle, Composition

    We can help!

    Listing Contact
    Linda Jalufka

    Listing agent Linda Jalufka License #0637535

    Listing office The Damron Group REALTORS 406 Harvey Steet, San Marcos, TX

    Listing date May 28, 2025

    MLS# 578400

    Copyright © 2026 Central Texas Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Historic building (circa 1878) with unique character
    • Prime location: one block from County Courthouse square and four blocks from TX State campus
    • Zoned Downtown Character District 5, allowing for diverse commercial and residential uses
    • Building was moved and brought to commercial code in 1988
    • Potential for retail, office, residential, or short‑term rental use
    • Opportunity to move the building again, opening up further possibilities

    Overview

    This historic building, likely the oldest in San Marcos, was originally built in 1878 on Guadalupe Street and moved to its current location in 1988, where it was brought to commercial code. The property is situated one block from the County Courthouse square and four blocks from the Texas State campus. Zoned Downtown Character District 5, the 2,962 square foot building on 0.3051 acres allows for numerous potential commercial mix uses, including retail, office, residential, and short-term rental. Moving the building again opens up additional possibilities for this location.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Advanced Orthodontic Arts Dental Office Dr. Kermit N. ... Dental Office Self Storage Storage Facility

    Suggested Use

    Real Estate Agency Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Hopkins Florist & Flower Delivery San Marcos TX — 119 E Hopkins St, San Marcos, TX 78666
    • The Moonflower Studio — 403 S Johnson Ave, San Marcos, TX 78666
    • The Floral Studio — 331 W Hopkins St Suite100, San Marcos, TX 78666

    Location Insight

    • Map
    • Local Demand
    City
    San Marcos
    County
    Hays
    State
    Texas
    Longitude
    -97.939164
    Latitude
    29.8786874

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    FAQs

    What type of property is this?
    Storefront property - Historic building near courthouse and university, mixed-use potential.
    Where is this storefront property located?
    The property is located at 321 S Lbj Drive San Marcos, TX.
    What is the asking price?
    The asking price for this property is $800,000.
    What are key features of this property?
    This property features: Historic building (circa 1878) with unique character; Prime location: one block from County Courthouse square and four blocks from TX State campus; Zoned Downtown Character District 5, allowing for diverse commercial and residential uses
    (512) 757-4850
    We can help!
    Listing Contact
    Linda Jalufka
    Real Estate License ID: 0637535
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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