Multi-Unit Office
For Sale
$975,000
812 Llano St, Fredericksburg, TX 78624
Four rentable spaces occupy two buildings near downtown, with flexible suite layouts and a long-term salon tenancy.
Property Size2,740 SF
Price / SF$355.84
Days on Market24
Property Features for 812 Llano St
General Information
Standard status
Active
Size
2,740 SF
Property subtype
Retail
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Office Units
3
Amenities
Central Air, Electric
3
Tile, Vinyl
Metal
Level
0.21
City Road, Asphalt, Level.
Building Details
Year Built
1940
Buildings
2
Tenancy
Multi
Listing Agency:
eXp Realty LLC / Tinsley Realty Group
(830) 928-7193
Listed By:
Somer Tinsley · License #TREC#619132-B
(830) 928-7193
Source:
Xome
Added: Aug 7
Changed: Aug 30
Last Checked: Aug 30 at 2:06AM
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 eXp Realty LLC / Tinsley Realty Group
Investment Insights
Based on property information with market context.
Located at 812 Llano St in Fredericksburg, this 2,740-SF office property comprises four rentable units within two separate buildings. The rear building, constructed in 1985, contains three office suites totaling 1,752 SF. Suite A includes a kitchenette, full bath, central HVAC, and E. Hackberry Street frontage, while Suites B and C face N. Llano Street and feature half baths, wall-mounted HVAC, and covered porches. Connecting doors provide flexible larger-suite configurations.
The approximately 988-SF corner building dates to the 1940s and is occupied by a long-term hair salon tenant. Its layout includes two rooms, a bathroom, central HVAC, and a covered entry canopy. Property improvements include new roofs, interior and exterior paint, flooring, resurfaced asphalt parking, and a new central HVAC system in Unit C. Ownership pays water and sewer; tenants pay electricity. The property sits eight blocks from downtown among established businesses, offices, and short-term rentals.
The approximately 988-SF corner building dates to the 1940s and is occupied by a long-term hair salon tenant. Its layout includes two rooms, a bathroom, central HVAC, and a covered entry canopy. Property improvements include new roofs, interior and exterior paint, flooring, resurfaced asphalt parking, and a new central HVAC system in Unit C. Ownership pays water and sewer; tenants pay electricity. The property sits eight blocks from downtown among established businesses, offices, and short-term rentals.
Key Highlights
- 2,740 SF property with four rentable units across two buildings
- Rear building includes three office suites totaling 1,752 SF
- Approximately 988 SF corner building leased to a long‑term hair salon tenant
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
$40,674
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
4.17%
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%
$813,480
$813.5K
Cap Rate 7%
$581,057
$581.1K
Cap Rate 9%
$451,933
$451.9K
Market Conditions
NOI Build-Up for 2,740 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
$61.8K $22.56/SF
− Vacancy
−$3.7K −$1.35/SF
EGI
$58.1K $21.21/SF
− OpEx
−$17.4K −$6.36/SF
NOI
$40.7K $14.84/SF
Area
Gillespie County, TX
Vacancy
6.00%
Lease Rate
$22.56 /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%
$813,480
Cap Rate 7%
$581,057
Cap Rate 9%
$451,933
Alternative Uses
Best Use
Retail
$581.1K
$508.4K – $677.9K
NOI $40,674 @ 7.0% cap · market cap 4.17%
Second Best
Office B
$523.1K
$457.8K – $610.3K
NOI $36,620 @ 7.0% cap · market cap 3.76%
Theoretical Best
Hotel Hospitality
$2.07M
$1.82M – $2.42M
NOI $145,247 @ 7.0% cap · market cap 14.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
859
Businesses Nearby
Explore this area
Business Placement
Demographics for 78624, TX
23,080
Population
12,421
Households
1.9
Avg Household Size
52
Median Age
37%
College-Educated
89%
High-School Grad
742.3 sq mi
ZIP Area
31
Density / Sq Mi
$67,987
Median Household Income
$37,047
Median Earnings
$1,347
Median Rent
$439,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Four rentable spaces occupy two buildings near downtown, with flexible suite layouts and a long-term salon tenancy.
Where is this office units located?
The property is located at 812 Llano St Fredericksburg, TX.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 2,740 SF property with four rentable units across two buildings; Rear building includes three office suites totaling 1,752 SF; Approximately 988 SF corner building leased to a long‑term hair salon tenant
