8-Bay Flex
New
For Sale
$699,700
408 S Main Street, Lampasas, TX 76550
CommercialSale, Lampasas, TX
Property Size8,440 SF
Lot Size0.38 Acres
Price / SF$82.90
Days on Market3
Property Features for 408 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R
Parking features
Oversize, Garage
Subdivision
A H Barnes
Lot features
Corner Lot, City Lot, Quarter To Half Acre Lot
Elementary school district
Lampasas ISD
Middle school district
Lampasas ISD
High school district
Lampasas ISD
Directions
From US 183 - Turn on Fourth Street/Hwy 257, property is two blocks down on left.
Standard status
Active
APN
150
Size
8,440 SF
Lot size
0.38 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT: LTS 1,2 S 36 OF 3 BLK: 37 ADDN: A H BARNES
Tax Annual Amount
6065
Legal Description
LOT: LTS 1,2 S 36 OF 3 BLK: 37 ADDN: A H BARNES
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1976
Floors in Building
1
Flooring type
Concrete
Building materials
MetalFrame
Roof type
Metal
Listing Agency:
Olivos Group
(512) 887-1888
Listed By:
Matthew W. Shaw · License #0494926
(512) 922-1787
Added: Aug 26
Last Checked: Aug 28 at 6:06AM
MLS# 623690
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.
Investment Insights
Based on property information with market context.
This 8,440-square-foot flex property offers an eight-bay configuration within a metal-frame building constructed in 1976. The improvements include a metal roof, concrete flooring, garage parking, and oversized parking capacity. Public water and public sewer serve the property, while the open configuration can support a range of commercial layouts subject to applicable requirements.
The building occupies a 0.376-acre site at 408 S Main Street in downtown Lampasas. It sits on a hard corner near the intersection of Highway 183, Highway 281, and Highway 190, providing direct exposure to established regional routes. The R zoning designation is included in the property information and should be evaluated alongside the intended use.
The building occupies a 0.376-acre site at 408 S Main Street in downtown Lampasas. It sits on a hard corner near the intersection of Highway 183, Highway 281, and Highway 190, providing direct exposure to established regional routes. The R zoning designation is included in the property information and should be evaluated alongside the intended use.
Key Highlights
- 8,440‑square‑foot flex space with an 8‑bay layout
- 0.376‑acre site at 408 S Main Street
- Metal‑frame construction with a metal roof
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
$60,692
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
8.67%
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%
$1,213,840
$1.2M
Cap Rate 7%
$867,029
$867.0K
Cap Rate 9%
$674,356
$674.4K
Market Conditions
NOI Build-Up for 8,440 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
$76.0K $9.00/SF
− Vacancy
−$4.6K −$0.54/SF
EGI
$71.4K $8.46/SF
− OpEx
−$10.7K −$1.27/SF
NOI
$60.7K $7.19/SF
Area
Lampasas County, TX
Vacancy
6.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$1,213,840
Cap Rate 7%
$867,029
Cap Rate 9%
$674,356
Alternative Uses
Best Use
Warehouse
$867.0K
$758.7K – $1.01M
NOI $60,692 @ 7.0% cap · market cap 8.67%
Second Best
Flex RnD
$791.4K
$692.5K – $923.3K
NOI $55,398 @ 7.0% cap · market cap 7.92%
Theoretical Best
Office A
$2.03M
$1.77M – $2.37M
NOI $141,905 @ 7.0% cap · market cap 20.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
731
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 76550, TX
12,840
Population
6,129
Households
2.1
Avg Household Size
44
Median Age
22%
College-Educated
90%
High-School Grad
541.5 sq mi
ZIP Area
24
Density / Sq Mi
$73,697
Median Household Income
$34,970
Median Earnings
$902
Median Rent
$237,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Metal-frame commercial building with concrete floors, oversized garage parking, and public water and sewer service.
Where is this flex space located?
The property is located at 408 S Main Street Lampasas, TX.
What is the asking price?
The asking price for this property is $699,700.
What are key features of this property?
This property features: 8,440‑square‑foot flex space with an 8‑bay layout; 0.376‑acre site at 408 S Main Street; Metal‑frame construction with a metal roof
