Historic Home with Commercial
606 S Key Ave Lampasas, TX 76550
For Sale
$750,000
Pending
1904 historic home with income potential and commercial zoning.
Property Size3,382 SF
Days on Market95
Property Features for 606 S Key Ave
General Information
Standard status
Pending
Size
3,382 SF
Property subtype
Commercial
Building Details
Year Built
1904
Listing Agency:
Carpenter Real Estate
(512) 751-3688
Listed By:
Colleen Eckermann · License #0801462
(512) 751-3688
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Jul 26 at 11:39AM
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
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $52.8k | $15.60 |
| − Vacancy | −$3.6k | −$1.06 |
| EGI | $49.2k | $14.54 |
| − OpEx | −$22.1k | −$6.54 |
| NOI | $27.0k | $8.00 |
3,382 SF · lease $15.60/SF/yr · vacancy 6.80% · expense 45.00%
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.
Property Analytics
Property Profile
Location Intelligence
Current Use
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.
