Climate-Controlled Flex
For Sale
Contact for pricing
379 Matthew Cove, Bastrop, TX 78602
3,700-square-foot climate-controlled flex building on a 20-acre gentleman’s ranch with a custom home and outdoor amenities.
Property Size4,838 SF
Lot Size20.00 Acres
Price / SF$310.05
Days on Market26
Property Features for 379 Matthew Cove
General Information
Standard status
Active
Size
4,838 SF
Lot size
20.00 Acres
Property subtype
Land
Building Details
Year Built
2007
Stories
2
Units
1
Listing Agency:
Keller Williams, LLC
(254) 335-0500
Listed By:
Kasey Mock · License #636589
Source:
Crexi
Added: Jul 15
Changed: Aug 8
Last Checked: Jul 19 at 2:07AM
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, LLC
Investment Insights
Based on property information with market context.
Set on a 20-acre gentleman’s ranch tucked away at the end of Matthew Cove, this property combines a custom home with a dedicated climate-controlled flex building. The 4,838-square-foot custom residence includes three bedrooms, four bathrooms, multiple living spaces, a library, and a theater room, along with an oversized laundry and mud room. Outdoors, the irrigated fenced lawn, in-ground pool, and waterfall feature are set among mature trees.
Along the back of the property, Piney Creek borders the site, and the grounds are surrounded by towering pines. In addition to the home, a 3,700-square-foot climate-controlled flex building is positioned to support a variety of business or creative uses. The property also includes underground rainwater collection tanks capturing runoff from the building and solar panels located on both the barn and garage, adding utility support to the overall setup.
Along the back of the property, Piney Creek borders the site, and the grounds are surrounded by towering pines. In addition to the home, a 3,700-square-foot climate-controlled flex building is positioned to support a variety of business or creative uses. The property also includes underground rainwater collection tanks capturing runoff from the building and solar panels located on both the barn and garage, adding utility support to the overall setup.
Key Highlights
- 20‑acre gentleman’s ranch with Piney Creek bordering the back of the property
- 4,838‑SF custom home (built in 2007) with 3 bedrooms, 4 bathrooms, multiple living spaces, a library and theater room
- 3,700‑SF climate‑controlled flex building designed for business or studio use with underground rainwater collection tanks
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
$115,365
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
7.69%
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%
$2,307,300
$2.3M
Cap Rate 7%
$1,648,071
$1.6M
Cap Rate 9%
$1,281,833
$1.3M
Market Conditions
NOI Build-Up for 4,838 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
$203.2K $42.00/SF
− Vacancy
−$49.4K −$10.21/SF
EGI
$153.8K $31.79/SF
− OpEx
−$38.5K −$7.95/SF
NOI
$115.4K $23.85/SF
Area
Bastrop 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%
$2,307,300
Cap Rate 7%
$1,648,071
Cap Rate 9%
$1,281,833
Alternative Uses
Best Use
Office B
$1.65M
$1.44M – $1.92M
NOI $115,365 @ 7.0% cap · market cap 7.69%
Second Best
Industrial
$618.4K
$541.1K – $721.5K
NOI $43,287 @ 7.0% cap · market cap 2.89%
Theoretical Best
Office A
$1.90M
$1.66M – $2.21M
NOI $132,710 @ 7.0% cap · market cap 8.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 78602, TX
33,759
Population
13,485
Households
2.5
Avg Household Size
40
Median Age
27%
College-Educated
87%
High-School Grad
195.3 sq mi
ZIP Area
173
Density / Sq Mi
$86,976
Median Household Income
$41,644
Median Earnings
$1,331
Median Rent
$310,300
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 - 3,700-square-foot climate-controlled flex building on a 20-acre gentleman’s ranch with a custom home and outdoor amenities.
Where is this flex space located?
The property is located at 379 Matthew Cove Bastrop, TX.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 20‑acre gentleman’s ranch with Piney Creek bordering the back of the property; 4,838‑SF custom home (built in 2007) with 3 bedrooms, 4 bathrooms, multiple living spaces, a library and theater room; 3,700‑SF climate‑controlled flex building designed for business or studio use with underground rainwater collection tanks
