Medical Condo Near St.
For Sale
$749,000
4207 James Casey St 301, Austin, TX 78745
Medical condo near St. David's Hospital, available September 2025.
Property Size3,122 SF
Lot Size0.28 Acres
Days on Market280
Property Features for 4207 James Casey St 301
General Information
Standard status
Active
Size
3,122 SF
Lot size
0.28 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$19,318
Building Details
Building Size
3,122 SF
Year Built
1983
Listed By:
Trevor Dickens
(512) 656-2903
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 26
Last Checked: Sep 1 at 10:31PM
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 Trevor Dickens
Investment Insights
Based on property information with market context.
This top-floor medical condo, located in Medical Center South near St. David's Hospital at South First & Ben White, has served as Austin Retina Associates' south Austin satellite office since its completion in 2012. The property is intended for medical office use. The condo includes two reserved parking spaces that will convey to the buyer. The space is expected to be vacated by the beginning of September 2025.
Key Highlights
- Top floor medical condo
- Conveniently located near St. David's Hospital
- Two reserved parking spaces convey
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
$51,981
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
6.94%
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%
$1,039,620
$1.0M
Cap Rate 7%
$742,586
$742.6K
Cap Rate 9%
$577,567
$577.6K
Market Conditions
NOI Build-Up for 3,122 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
$93.7K $30.00/SF
− Vacancy
−$24.4K −$7.80/SF
EGI
$69.3K $22.20/SF
− OpEx
−$17.3K −$5.55/SF
NOI
$52.0K $16.65/SF
Area
ZIP 78745
Vacancy
26.00%
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%
$1,039,620
Cap Rate 7%
$742,586
Cap Rate 9%
$577,567
Alternative Uses
Best Use
Office B
$742.6K
$649.8K – $866.4K
NOI $51,981 @ 7.0% cap · market cap 6.94%
Second Best
Healthcare Medical
$664.7K
$581.6K – $775.5K
NOI $46,530 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,355 @ 7.0% cap · market cap 12.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,021
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 78745, TX
59,843
Population
31,246
Households
1.9
Avg Household Size
36
Median Age
54%
College-Educated
93%
High-School Grad
13.7 sq mi
ZIP Area
4,368
Density / Sq Mi
$84,529
Median Household Income
$56,551
Median Earnings
$1,655
Median Rent
$459,100
Median Home Value
Market
Vacancy Rate% for Office in Austin, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical condo near St. David's Hospital, available September 2025.
Where is this medical office space located?
The property is located at 4207 James Casey St 301 Austin, TX.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Top floor medical condo; Conveniently located near St. David's Hospital; Two reserved parking spaces convey
