Two-Tenant Medical Office
For Sale
Contact for pricing
4005 Spicewood Springs Rd, Austin, TX 78759
Medical office condominium with an available suite and an established dental tenant in the second space.
Property Size3,982 SF
Price / SF$386.74
Days on Market376
Property Features for 4005 Spicewood Springs Rd
General Information
Standard status
Active
Size
3,982 SF
Property subtype
RETAIL
Listing Agency:
JLL | Austin
(512) 368-7122
Listed By:
Andrew Cornwell · License #629620
Source:
Moodyscre
Added: Aug 21, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:32PM
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 JLL | Austin
Investment Insights
Based on property information with market context.
Building C is a 3,982-square-foot medical office condominium configured for two tenants. One 1,926-square-foot suite is available, while the remaining 2,056-square-foot space is leased to 512 Smiles. The property is offered for sale and can accommodate an owner-occupier or investment strategy.
Located at 4005 Spicewood Springs Rd in Austin, Texas, the building provides a medical-office format within a two-tenant commercial property. The existing lease and separately available suite create a defined combination of occupied and vacant space.
Located at 4005 Spicewood Springs Rd in Austin, Texas, the building provides a medical-office format within a two-tenant commercial property. The existing lease and separately available suite create a defined combination of occupied and vacant space.
Key Highlights
- 3,982 SF two‑tenant medical office condominium
- 1,926 SF suite available for occupancy
- 2,056 SF leased to 512 Smiles
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
$81,117
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
5.27%
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%
$1,622,340
$1.6M
Cap Rate 7%
$1,158,814
$1.2M
Cap Rate 9%
$901,300
$901.3K
Market Conditions
NOI Build-Up for 3,982 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
$142.9K $35.88/SF
− Vacancy
−$34.7K −$8.72/SF
EGI
$108.2K $27.16/SF
− OpEx
−$27.0K −$6.79/SF
NOI
$81.1K $20.37/SF
Area
Austin, TX
Vacancy
24.30%
Lease Rate
$35.88 /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%
$1,622,340
Cap Rate 7%
$1,158,814
Cap Rate 9%
$901,300
Alternative Uses
Best Use
Office B
$1.16M
$1.01M – $1.35M
NOI $81,117 @ 7.0% cap · market cap 5.27%
Second Best
Healthcare Medical
$749.5K
$655.8K – $874.5K
NOI $52,467 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,229 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,169
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 78759, TX
42,333
Population
23,843
Households
1.8
Avg Household Size
38
Median Age
69%
College-Educated
97%
High-School Grad
14.3 sq mi
ZIP Area
2,960
Density / Sq Mi
$102,799
Median Household Income
$67,807
Median Earnings
$1,680
Median Rent
$634,400
Median Home Value
Market
Vacancy Rate% for Office in Austin, TX
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office condominium with an available suite and an established dental tenant in the second space.
Where is this medical office space located?
The property is located at 4005 Spicewood Springs Rd Austin, TX.
What is the asking price?
The asking price for this property is $1,540,000.
What are key features of this property?
This property features: 3,982 SF two‑tenant medical office condominium; 1,926 SF suite available for occupancy; 2,056 SF leased to 512 Smiles
