Wedding Venue With
For Sale
$1,495,000
4391 Texas 237, Round Top, TX 78954
COMMERCIAL - Round Top, TX
Property Size5,179 SF
Lot Size2.79 Acres
Price / SF$288.67
Days on Market25
Property Features for 4391 Texas 237
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 1, Bathroom 3, Bathroom 1, Bedroom 2, Bathroom 2
Elementary school district
Round Top - Carmine ISD
Middle school district
Round Top - Carmine ISD
High school district
Round Top - Carmine ISD
Directions
From Round Top, head southwest on Texas St. Hwy. 237 towards La Grange. Continue to follow Texas St. Hwy. 237 for approximately 4 miles. The property will be on the left.
Standard status
Active
APN
R39122
Size
5,179 SF
Lot size
2.79 Acres
Utilities
Water source
Well
Building Details
Floors in Building
1
Roof type
Metal
Listing Agency:
ROUND TOP REAL ESTATE
(979) 249-5732
Listed By:
Lisa Mayer · License #0370366
(979) 249-5732
Added: Jul 19
Changed: Aug 12
Last Checked: Aug 12 at 2:06PM
MLS# 150162
Copyright © 2026 South Central Texas Board of Realtors. 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 wedding venue in Warrenton includes 5,179 square feet of commercial improvements on 2.79 acres. The property incorporates the Legal Tender Saloon and Dance Hall, along with a renovated farmhouse offering 3 bedrooms and 3 full bathrooms. The farmhouse provides an additional residential component within the overall property and has been identified for vacation-rental use.
Situated on the Antique Corridor in Warrenton, the property is also known as the Texas Rose Antique Venue. Event facilities accommodate over 160 venue spaces, with additional parking available on the grounds. The property is located at 4391 Texas 237, Round Top, TX 78954, in Fayette County.
Situated on the Antique Corridor in Warrenton, the property is also known as the Texas Rose Antique Venue. Event facilities accommodate over 160 venue spaces, with additional parking available on the grounds. The property is located at 4391 Texas 237, Round Top, TX 78954, in Fayette County.
Key Highlights
- 5,179 square feet of commercial property on 2.79 acres
- Legal Tender Saloon and Dance Hall included
- Renovated farmhouse with 3 bedrooms and 3 full bathrooms
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
$74,881
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
5.01%
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%
$1,497,620
$1.5M
Cap Rate 7%
$1,069,729
$1.1M
Cap Rate 9%
$832,011
$832.0K
Market Conditions
NOI Build-Up for 5,179 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
$105.7K $20.40/SF
− Vacancy
−$5.8K −$1.12/SF
EGI
$99.8K $19.28/SF
− OpEx
−$25.0K −$4.82/SF
NOI
$74.9K $14.46/SF
Area
Fayette County, TX
Vacancy
5.50%
Lease Rate
$20.40 /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%
$1,497,620
Cap Rate 7%
$1,069,729
Cap Rate 9%
$832,011
Alternative Uses
Best Use
Apartment 5plus
$50.36M
$44.07M – $58.76M
NOI $3,525,342 @ 7.0% cap · market cap 235.81%
Second Best
Specialty Retail
$1.07M
$936.0K – $1.25M
NOI $74,881 @ 7.0% cap · market cap 5.01%
Theoretical Best
Multifamily LT 5
$58.06M
$50.81M – $67.74M
NOI $4,064,498 @ 7.0% cap · market cap 271.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 78954, TX
1,144
Population
897
Households
1.3
Avg Household Size
60
Median Age
40%
College-Educated
98%
High-School Grad
73.6 sq mi
ZIP Area
16
Density / Sq Mi
$100,096
Median Household Income
$54,271
Median Earnings
$1,155
Median Rent
$453,500
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Wedding venue - Renovated three-bedroom farmhouse accompanies a commercial venue with additional parking and event capacity.
Where is this wedding venue located?
The property is located at 4391 Texas 237 Round Top, TX.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 5,179 square feet of commercial property on 2.79 acres; Legal Tender Saloon and Dance Hall included; Renovated farmhouse with 3 bedrooms and 3 full bathrooms
