Flex Space with Detached
New
For Sale
$850,000
609 E Locust Avenue, Victoria, TX 77901
CommercialSale, Victoria, TX
Property Size13,525 SF
Lot Size0.78 Acres
Price / SF$62.85
Days on Market3
Property Features for 609 E Locust Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Meadowbrook Sub Resub 1
Lot features
City Lot, Half To One Acre Lot
Directions
Located on Locust near Navarro across the street from Froggys
Standard status
Active
APN
54222
Size
13,525 SF
Lot size
0.78 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MEADOWBROOK S/D RESUB 1 LOT 1 BLOCK 1 EXEMPT
Tax Annual Amount
9632
Legal Description
MEADOWBROOK S/D RESUB 1 LOT 1 BLOCK 1 EXEMPT
Utilities
Water source
Public
Building Details
Year built
1960
Floors in Building
1
Flooring type
Carpet, Laminate
Building materials
Masonry
Roof type
Composition, Shingle
Listing Agency:
The Ron Brown Company
(361) 575-1446
Listed By:
Kelsey Hughes · License #0807326
(361) 433-5747
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 28 at 6:06AM
MLS# 623683
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 13,525-square-foot flex property combines a masonry main building with a detached metal warehouse on 0.7819 acres. The layout can function as one connected commercial operation or be arranged as two distinct office areas, providing flexibility for an owner-user or multi-occupant configuration. Laminate and carpet flooring are installed in the main building, which was constructed in 1960.
The warehouse adds dedicated industrial space for storage, distribution, equipment servicing, or other operational needs. The property is served by public water and includes shingle and composition roofing. Its prior use as a church is part of the property's history, while the existing office-and-warehouse arrangement supports a range of commercial applications.
The warehouse adds dedicated industrial space for storage, distribution, equipment servicing, or other operational needs. The property is served by public water and includes shingle and composition roofing. Its prior use as a church is part of the property's history, while the existing office-and-warehouse arrangement supports a range of commercial applications.
Key Highlights
- 13,525‑square‑foot flex property on 0.7819 acres
- Masonry main building paired with a detached metal warehouse
- Layout can operate as one facility or two separate office spaces
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
$69,649
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
8.19%
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%
$1,392,980
$1.4M
Cap Rate 7%
$994,986
$995.0K
Cap Rate 9%
$773,878
$773.9K
Market Conditions
NOI Build-Up for 13,525 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
$108.7K $8.04/SF
− Vacancy
−$9.2K −$0.68/SF
EGI
$99.5K $7.36/SF
− OpEx
−$29.8K −$2.21/SF
NOI
$69.6K $5.15/SF
Area
Victoria County, TX
Vacancy
8.50%
Lease Rate
$8.04 /SF/Yr
Expense Ratio
30.00%
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%
$1,392,980
Cap Rate 7%
$994,986
Cap Rate 9%
$773,878
Alternative Uses
Best Use
Office B
$3.23M
$2.83M – $3.77M
NOI $226,233 @ 7.0% cap · market cap 26.62%
Second Best
Flex RnD
$1.36M
$1.19M – $1.58M
NOI $94,946 @ 7.0% cap · market cap 11.17%
Theoretical Best
Multifamily LT 5
$148.59M
$130.01M – $173.35M
NOI $10,401,039 @ 7.0% cap · market cap 1,223.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
804
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 77901, TX
40,062
Population
17,438
Households
2.3
Avg Household Size
35
Median Age
15%
College-Educated
76%
High-School Grad
18.1 sq mi
ZIP Area
2,213
Density / Sq Mi
$57,728
Median Household Income
$33,127
Median Earnings
$1,105
Median Rent
$133,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Masonry office improvements pair with a separate industrial warehouse for flexible occupancy.
Where is this flex space located?
The property is located at 609 E Locust Avenue Victoria, TX.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 13,525‑square‑foot flex property on 0.7819 acres; Masonry main building paired with a detached metal warehouse; Layout can operate as one facility or two separate office spaces
