Historic Home with Commercial
For Sale
$750,000
Pending
606 S Key Ave, Lampasas, TX 76550
1904 historic home with income potential and commercial zoning.
Property Size3,382 SF
Days on Market189
Property Features for 606 S Key Ave
General Information
Standard status
Pending
Size
3,382 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$6,885
Building Details
Building Size
3,382 SF
Year Built
1904
Listing Agency:
Carpenter Real Estate
Listed By:
Colleen Eckermann · License #0801462
(512) 751-3688
Source:
Elliman
Added: Apr 24
Changed: Oct 27
Last Checked: Oct 28 at 9:14AM
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 Carpenter Real Estate
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Investment Insights
Based on property information with market context.
This 3,382 square-foot historic home, built in 1904, features timeless charm and craftsmanship. Currently operating as a short-term rental, the property offers income potential and versatility. With commercial/retail zoning, the property can be used as boutique retail, professional office space, a bed and breakfast, or continued short-term rental. Soaring ceilings, original woodwork, stained glass accents, and multiple fireplaces create a warm atmosphere. The grand staircase and fireplace mantels showcase exceptional detail. Large windows invite natural light while highlighting the historic character. Features include an expansive covered porch and a garden tub. The property has a bike score of 50, making it bikeable, and a walk score of 73, indicating it is very walkable.
Key Highlights
- Historic 1904 home with 3,382 sq ft of timeless charm and original craftsmanship.
- Commercial/retail zoning allows for diverse uses: residential, retail, office, B&B, or STR.
- Currently operating as a short‑term rental with income potential.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,044
Cap Rate
3.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$540,880
$540.9K
Cap Rate 7%
$386,343
$386.3K
Cap Rate 9%
$300,489
$300.5K
Market Conditions
NOI Build-Up for 3,382 SF
Gross rent
$52.8K $15.60/SF
− Vacancy
−$3.6K −$1.06/SF
EGI
$49.2K $14.54/SF
− OpEx
−$22.1K −$6.54/SF
NOI
$27.0K $8.00/SF
Area
Lampasas County, TX
Vacancy
6.80%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$540,880
Cap Rate 7%
$386,343
Cap Rate 9%
$300,489
Alternative Uses
Best Use
Apartment 5plus
$386.3K
$338.1K – $450.7K
NOI $27,044 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$812.3K
$710.8K – $947.7K
NOI $56,863 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
510
Businesses Nearby
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Short term rental property - 1904 historic home with income potential and commercial zoning.
Where is this short term rental property located?
The property is located at 606 S Key Ave Lampasas, TX.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Historic 1904 home with 3,382 sq ft of timeless charm and original craftsmanship.; Commercial/retail zoning allows for diverse uses: residential, retail, office, B&B, or STR.; Currently operating as a short‑term rental with income potential.
