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    State Highway 123 San Marcos, TX 78666

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    Claim this Listing
    For Sale
    $3,400,000

    LAND - San Marcos, TX

    Lot size:
    89.10 Acres
    Added:
    Jan 20, 2026
    Days on Market:
    107
    Last Refresh:
    May 7 at 8:06 am

    Property Features for State Highway 123

    General Information

    Property type
    Land
    Property subtype
    Other
    Fencing
    Fenced, Perimeter
    Standard status
    Active
    APN
    64262
    Lot size
    89.10 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    ABS: 147 SUR: CHARLES HENDERSON 24.817 AC. ABS: 147 SUR: CHARLES HENDERSON 0.5000 AC. ABS: 147 SUR: CHARLES HENDERSON 22.2000 AC. A0226 CHARLES HENDERSON SURVEY, TRACT 1, ACRES 0.812 A0226 CHARLES HENDERSON, SURVEY, ACRES 41.02
    Tax Annual Amount
    2600

    Utilities

    Sewer type
    Septic Tank
    Water source
    Private, Well

    Building Details

    Additional Structures
    Barn(s)

    We can help!

    Listing Contact
    Katherine Wagner

    Listing agent Katherine Wagner License #0703449

    Listing office Anders Pierce Realty, LLC 480 S Seguin Avenue, New Braunfels, TX

    Listing date Jan 20, 2026

    MLS# 602454 Listing URL

    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.

    HighLights

    • High traffic location: Approximately 16,000 cars daily on SH 123.
    • Significant road frontage: Approx. 530' on SH 123 and over 2000' on Beback Inn Rd.
    • Strategic location: Between San Marcos and Seguin on SH 123, near IH35 and IH10.
    • Versatile development potential: Suitable for SFR, multifamily, industrial, or commercial use.
    • Private water source: Well on property.
    • Perimeter fencing: Property is fenced.

    Overview

    San Marcos Land on SH 123

    This 89.1-acre commercial land property is located between San Marcos and Seguin on State Highway 123. The property features approximately 530 feet of frontage on State Highway 123 and over 2000 feet of frontage on Beback Inn Road. Situated on one of the busiest routes between IH35 and IH10, the location benefits from high traffic, with over 16,000 cars daily. The property is located in close proximity to San Marcos. The property is suitable for single-family residential, multifamily, industrial, or commercial use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    San Marcos
    County
    Hays
    State
    Texas
    Longitude
    -97.939178
    Latitude
    29.866912

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    FAQs

    What type of property is this?
    Commercial land - 89.1 acres with frontage on SH 123 and Beback Inn Rd.
    Where is this commercial land located?
    The property is located at State Highway 123 San Marcos, TX.
    What is the asking price?
    The asking price for this property is $3,400,000.
    What are key features of this property?
    This property features: **High traffic location:** Approximately 16,000 cars daily on SH 123.; **Significant road frontage:** Approx. 530' on SH 123 and over 2000' on Beback Inn Rd.; Strategic location: Between San Marcos and Seguin on SH 123, near IH35 and IH10.
    (830) 832-3276
    We can help!
    Listing Contact
    Katherine Wagner
    Real Estate License ID: 0703449
    Learn More
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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.

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