Building Details

Year Built 1880

Listing Agency: Thrive Realty Show Phone

Listed By: Shanan Shepherd · License #579885 Show Phone

Source: Xome

Added: Jan 11 Changed: Sep 7 Last Checked: Sep 7 at 4:35AM

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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 Thrive Realty

Investment Insights

Based on property information with market context.

This unrestricted 3.95-acre property includes a historic structure built in 1880 totaling 2,036 square feet. The building offers flexible space that may support a variety of commercial uses, with buyer to verify intended use. Major infrastructure is already in place, including a newly installed private water system with a 16x24 slab-built well house, two 2,500-gallon storage tanks, and a booster pump.

The property features FM frontage on FM 2657 in Briggs, Texas, within Burnet County oversight and without city zoning restrictions as stated in the remarks. With open space and neighboring agricultural and botanical operations, the site is positioned for businesses seeking visibility and on-site utilities.

Along with its historic character, the combination of existing water infrastructure and unrestricted land provides a foundation for an owner-user, business operator, or investor to build, expand, or reimagine the property based on their plans, subject to buyer verification of intended use.

Key Highlights

• Unrestricted 3.95‑acre Burnet County property with FM 2657 frontage
• Historic 2,036 SF structure built in 1880 for office, retail, showroom, hospitality, or specialty commercial use (buyer to verify)
• Private water system in place with 16x24 slab‑built well house

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

$20,615

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

5.15%

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%

$412,300 $412.3K

Cap Rate 7%

$294,500 $294.5K

Cap Rate 9%

$229,056 $229.1K

Market Conditions

NOI Build-Up for 2,036 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

$36.6K $18.00/SF

− Vacancy

−$3.7K −$1.80/SF

EGI

$33.0K $16.20/SF

− OpEx

−$12.4K −$6.07/SF

NOI

$20.6K $10.13/SF

Area

Burnet County, TX

Vacancy

10.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

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%

$412,300

Cap Rate 7%

$294,500

Cap Rate 9%

$229,056

Alternative Uses

Best Use

Office B

$611.3K

$534.9K – $713.2K (±1% cap)

NOI $42,790 @ 7.0% cap · market cap 10.70%

Second Best

Mixed Use

$294.5K

$257.7K – $343.6K (±1% cap)

NOI $20,615 @ 7.0% cap · market cap 5.15%

Theoretical Best

Hotel Hospitality

$1.53M

$1.34M – $1.79M (±1% cap)

NOI $107,348 @ 7.0% cap · market cap 26.84%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Live-work space

Suggested Use

Top Pick Building Supply Grocery & Convenience Store Kitchen & Bath Showroom Pet Store Pet Store & Service Department Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

28

Businesses Nearby

Explore this area Business Placement

Demographics for 78608, TX

519

Population

247

Households

2.1

Avg Household Size

51

Median Age

31%

College-Educated

95%

High-School Grad

45.4 sq mi

ZIP Area

11

Density / Sq Mi

$25,958

Median Earnings

$344,400

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this live-work space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Live-work space - Unrestricted 3.95-acre property with a historic structure and existing private water infrastructure on FM frontage.

Where is this live-work space located?

The property is located at 704 Fm 2657 Briggs, TX.

What is the asking price?

The asking price for this property is $400,000.

What are key features of this property?

This property features: Unrestricted 3.95‑acre Burnet County property with FM 2657 frontage; Historic 2,036 SF structure built in 1880 for office, retail, showroom, hospitality, or specialty commercial use (buyer to verify); Private water system in place with 16x24 slab‑built well house