Flexible Office Condominium
For Sale
$315,000
3309 Forest Creek Dr 503, Round Rock, TX 78664
Two connecting office condominiums offer a reception-focused layout with multiple offices, conference rooms, and ADA restroom access.
Property Size730 SF
Price / SF$431.51
Days on Market47
Property Features for 3309 Forest Creek Dr 503
General Information
Standard status
Active
Size
730 SF
Building Details
Year Built
2020
Listing Agency:
Keller Williams Realty Lone Star
Listed By:
Robert Fischer · License #0538860
(512) 791-0229
Source:
Cityviewtx
Added: Jul 21
Changed: Aug 7
Last Checked: Sep 5 at 10:56AM
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 Keller Williams Realty Lone Star
Investment Insights
Based on property information with market context.
This offering includes two connecting office condominium units (502 and 503) in the Forest Creek Office Condominiums, built in 2020 and available together or separately. The combined layout is flexible and can operate as a single larger suite or be divided back into two separate units, with a central reception area and a configuration that supports offices and conference rooms. Each side includes its own break area with sink, refrigerator space, microwave, granite countertops, and white cabinetry. Interior finishes include tall ceilings, wood-look tile flooring throughout, recessed lighting, ceiling fans, plantation shutters, and glass office doors. The space also includes an ADA restroom and a dedicated server/IT closet.
The property is located with convenient access to I-35, SH-45 Toll, and SH-130, and is within close proximity to major employers including Dell, Samsung, Emerson, Amazon, Tesla, and the Kalahari Resort development. Austin-Bergstrom International Airport is approximately 30 minutes away.
Each unit has separate entrances, and a reception separation wall can be put back up. Some office furniture may be negotiable with the sale, and buyers are advised to verify all information including suitability for office user types.
The property is located with convenient access to I-35, SH-45 Toll, and SH-130, and is within close proximity to major employers including Dell, Samsung, Emerson, Amazon, Tesla, and the Kalahari Resort development. Austin-Bergstrom International Airport is approximately 30 minutes away.
Each unit has separate entrances, and a reception separation wall can be put back up. Some office furniture may be negotiable with the sale, and buyers are advised to verify all information including suitability for office user types.
Key Highlights
- Two connecting office condos (Units 502 & 503) in Forest Creek Office Condominiums; offered together or separately
- Built in 2020 with flexible layout that can operate as one larger suite or be divided back into two units
- Combined space includes a large central reception, 6–8 private offices, and 2 conference rooms (or additional offices depending on configuration)
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
$11,612
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
3.69%
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%
$232,240
$232.2K
Cap Rate 7%
$165,886
$165.9K
Cap Rate 9%
$129,022
$129.0K
Market Conditions
NOI Build-Up for 730 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
$21.9K $30.00/SF
− Vacancy
−$6.4K −$8.79/SF
EGI
$15.5K $21.21/SF
− OpEx
−$3.9K −$5.30/SF
NOI
$11.6K $15.91/SF
Area
Round Rock, TX
Vacancy
29.30%
Lease Rate
$30.00 /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%
$232,240
Cap Rate 7%
$165,886
Cap Rate 9%
$129,022
Alternative Uses
Best Use
Office B
$165.9K
$145.2K – $193.5K
NOI $11,612 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$231.3K
$202.4K – $269.8K
NOI $16,188 @ 7.0% cap · market cap 5.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
242
Businesses Nearby
Explore this area
Business Placement
Demographics for 78664, TX
60,287
Population
24,259
Households
2.5
Avg Household Size
34
Median Age
35%
College-Educated
90%
High-School Grad
16.6 sq mi
ZIP Area
3,632
Density / Sq Mi
$85,919
Median Household Income
$45,700
Median Earnings
$1,645
Median Rent
$317,400
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?
Office units - Two connecting office condominiums offer a reception-focused layout with multiple offices, conference rooms, and ADA restroom access.
Where is this office units located?
The property is located at 3309 Forest Creek Dr 503 Round Rock, TX.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two connecting office condos (Units 502 & 503) in Forest Creek Office Condominiums; offered together or separately; Built in 2020 with flexible layout that can operate as one larger suite or be divided back into two units; Combined space includes a large central reception, 6–8 private offices, and 2 conference rooms (or additional offices depending on configuration)
