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    16023 290 Hwy Elgin, TX 78621

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    4.9 Acres, Hwy 290 Frontage, Site Plan Approved

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    412
    This exceptional 4.901-acre commercial land parcel in Elgin, Travis County, Texas (zip code 78621), presents a remarkable development opportunity. Located at 16023 E 290 Hwy, this property boasts a prime location within Manor City Limits, offering excellent visibility and accessibility. The site plan is already approved, allowing for the construction of up to 55,000 square feet of buildings. Zoned GO (Elgin ETJ), this land is suitable for office, light warehouse, or retail uses. Utilities, including electricity and water, are readily available on-site, simplifying the development process. The property benefits from significant frontage on Highway 290, providing easy access to major thoroughfares such as Highway 183, SH-45, SH-130, and SH-71, ensuring excellent connectivity and high traffic exposure. This location offers a strategic advantage, situated conveniently between the growing communities of Manor and Elgin, Texas. The property's size, zoning, and location combine to create a compelling investment opportunity in a rapidly expanding area. Contact for pricing.

    Property Features for 16023 290 Hwy

    General Information

    Property type
    Land
    Lot Size
    213,488 SF

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    Listing Contact
    Daniel Reuter
    Daniel Reuter

    Learn more

    HighLights

    • Site plan approved for development.
    • 4.901‑acre commercial lot.
    • Price available upon request.
    • GO zoning (Elgin ETJ) allows office, light industrial, and retail uses.
    • Located within Manor City Limits.
    • Approved for up to 55,000 square feet of building construction.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Elgin
    County
    Travis
    State
    Texas
    Longitude
    -97.4646741
    Latitude
    30.3503296

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    FAQs

    What type of property is this?
    Land - 4.9 Acres, Hwy 290 Frontage, Site Plan Approved
    Where is this land located?
    The property is located at 16023 290 Hwy Elgin, TX.
    What are key features of this property?
    This property features: Site plan approved for development.; 4.901-acre commercial lot.; Price available upon request.
    (512) 689-0251
    Request Owner's contact information
    16023 290 Hwy Elgin, TX 78621
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    Elgin, TX 78621
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    16023 290 Hwy Elgin, TX 78621
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    We can help!
    Listing Contact
    Daniel Reuter
    Daniel Reuter
    Real Estate License ID: TX 526451
    (512) 689-0251
    Learn more
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