Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1506 1st St Austin, TX 78704-3043

    • Office buildings
    • 6,118 SF
    • 0.40 lot acres
    OFF-MARKET
    Last Sale
    Aug 02, 2021
    Value Estimations
    $1,000,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US83-4100245
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Word of Mouth Bakery / Bakery / Specialty Food Shop
    • Nomade / Restaurant

    Property Details for 1506 1st St

    Year built
    1930
    Construction
    WOOD FRAME
    Lot size
    0.40 lot acres
    Property size
    6,118 SF
    Property type
    Office buildings
    APN
    101011301
    APU
    101011301

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,067,000
      Market price range: $237k - $1.61M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $975,000
      Current use
      INDUSTRIAL (GENERAL)
      $1,350,000
      Change: +38% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $875,000
      Change: -10% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Austin
    County
    Travis
    State
    Texas
    Longitude
    -97.7554
    Latitude
    30.2498
    CBSA code
    12420
    CBSA name
    AUSTIN-ROUND ROCK, TX METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $50,670
    $2,963,780
    $1,348,320
    $4,312,100
    -
    $2,963,780
    $1,348,320
    $4,312,100

    Comparable in this City

    • Value Estimation
      $545,000
      2,473 SF

      4105 Menchaca Rd

      OFFICE BUILDING • 2,473 SF
      4105 Menchaca Rd, Austin, TX 78704-6739
      View Details
    • Value Estimation by Request
      462 SF

      1311 1st St

      OFFICE BUILDING • 462 SF
      1311 1st St, Austin, TX 78704-3038
      View Details
    • Value Estimation
      $620,000
      3,240 SF

      1700 1st St

      OFFICE BUILDING • 3,240 SF
      1700 1st St, Austin, TX 78704-4250
      View Details
    • Value Estimation
      $1,235,000
      24,954 SF

      1801 Kinney Ave

      OFFICE BUILDING • 24,954 SF
      1801 Kinney Ave, Austin, TX 78704-3321
      View Details
    • Value Estimation
      $580,000
      2,860 SF

      708 Lamar Blvd

      OFFICE BUILDING • 2,860 SF
      708 Lamar Blvd, Austin, TX 78704-1500
      View Details
    • Value Estimation
      $1,090,000
      4,183 SF

      3801 Lamar Blvd

      OFFICE BUILDING • 4,183 SF
      3801 Lamar Blvd, Austin, TX 78704-8171
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      30,100 SF

      Austin Office Building For Sale

      30,100 square foot office building in Austin, Texas.
      2330 S Lamar Blvd, Austin, TX 78704
      View Details
    • $5,600,000
      15,656 SF

      Move-In Ready Office Building

      Office building suitable for company headquarters with signage opportunities.
      5225 N Lamar Blvd, Austin, TX 78704
      View Details
    • Contact for pricing
      1,829 SF

      Prime Austin Medical Office Building

      1,829 SF Medical Office, 100% Occupied
      2403 Ben White Blvd, Austin, TX 78704
      View Details
    • Contact for pricing
      1,829 SF

      South Austin Commercial Building For Sale

      Commercial building in prime South Austin location near major retailers.
      2403 W Ben White Blvd, Austin, TX 78704
      View Details
    • $975,000
      2,576 SF

      Spacious Home with Modern Amenities

      Elegant home with architectural details, modern kitchen, and private patios.
      1701 Ravey St, Austin, TX 78704
      View Details
    • $1,595,000

      Oversized Lot in Zilker

      Large lot near Zilker Elementary, Barton Springs, and South Lamar.
      1809 Ford St, Austin, TX 78704
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      3,889 SF

      South Austin Office Building

      Office building in South Austin with IH-35 frontage.
      2550 S Interstate 35, Austin, TX 78704
      View Details
    • Contact for pricing
      37,313 SF

      Modern Office Space with Amenities

      Premium office space featuring modern amenities and downtown views.
      1301 South Lamar Blvd, Austin, TX 78704
      View Details
    • Contact for pricing
      4,200 SF

      Creative Office/Retail Building in Austin

      Stand-alone 4,200 SF office/retail building in South Lamar.
      1106 S 8Th St, Austin, TX 78704
      View Details
    • Contact for pricing
      90,362 SF

      Riverside Drive Office Space Available

      90362 square foot office building for rent.
      200 East Riverside Dr, Austin, TX 78704
      View Details
    • $31 SF/Yr
      205,705 SF

      Prime Austin Medical Office Space

      Exceptional Austin medical offices for lease.
      3755 Capital Of Texas Hwy, Austin, TX 78704
      View Details
    • $18 SF/Yr
      2,933 SF

      Ideally Located Office Space

      Office space with easy access to Domain and soccer stadium.
      7703 N Lamar Blvd, Austin, TX 78704
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1506 1st St
    Austin, TX 78704-3043
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.