Five-Bedroom Multifamily
For Sale
$625,000
104 E Oleander Dr., South Padre Island, TX 78597
Residential Income, South Padre Island, TX
Property Size3,125 SF
Lot Size0.14 Acres
Price / SF$200
Days on Market287
Property Features for 104 E Oleander Dr.
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
c
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 5, Bathroom 3, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Parking features
Garage - Attached
Patio and Porch features
Patio
Interior features
Cabinets-Manufactured, Ceiling Fan(s), Kitchen Island, Smoke Detector, Washer/Dryer Hook-up
Exterior features
Balcony, Fence - Privacy, Patio - Covered, Pool, Private Yard
Fencing
Privacy
Appliances
Microwave, Refrigerator, Stove
Subdivision
Padre Beach Subdivision
Lot features
Gulf View
Elementary school district
Point Isabel ISD
Middle school district
Point Isabel ISD
High school district
Point Isabel ISD
Standard status
Active
Size
3,125 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5975
Building Details
Year built
1973
Floors in Building
2
Number of units
1
Flooring type
Vinyl, Tile
Roof type
Composition
Listing Agency:
JSL Living
(956) 715-0869
Listed By:
Jessica Saenz-Luna · License #0696073
(956) 715-7734
Added: Nov 24, 2025
Changed: Aug 20
Last Checked: Sep 7 at 8:06AM
MLS# 104586
Copyright © 2026 South Padre Island Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property contains 3,125 square feet on a 0.144-acre parcel and was built in 1973. The layout includes five bedrooms and three bathrooms, with vinyl and tile flooring, manufactured cabinets, ceiling fans, a kitchen island, smoke detectors, and washer/dryer hookups. Appliances include a microwave, refrigerator, and stove.
Exterior features include a pool, covered patio, balcony, fenced private yard, and attached garage. The property is located on the gulf side of South Padre Island, with an address on E Oleander Dr.
Exterior features include a pool, covered patio, balcony, fenced private yard, and attached garage. The property is located on the gulf side of South Padre Island, with an address on E Oleander Dr.
Key Highlights
- 3,125‑square‑foot multifamily property on 0.144 acres
- Five bedrooms and three bathrooms
- Built in 1973
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
$25,782
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
4.13%
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%
$515,640
$515.6K
Cap Rate 7%
$368,314
$368.3K
Cap Rate 9%
$286,467
$286.5K
Market Conditions
NOI Build-Up for 3,125 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
$39.4K $12.60/SF
− Vacancy
−$2.5K −$0.81/SF
EGI
$36.8K $11.79/SF
− OpEx
−$11.0K −$3.54/SF
NOI
$25.8K $8.25/SF
Area
Cameron County, TX
Vacancy
6.46%
Lease Rate
$12.60 /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%
$515,640
Cap Rate 7%
$368,314
Cap Rate 9%
$286,467
Alternative Uses
Best Use
Multifamily LT 5
$368.3K
$322.3K – $429.7K
NOI $25,782 @ 7.0% cap · market cap 4.13%
Second Best
Apartment 5plus
$337.8K
$295.6K – $394.1K
NOI $23,644 @ 7.0% cap · market cap 3.78%
Theoretical Best
Healthcare Medical
$538.1K
$470.8K – $627.8K
NOI $37,665 @ 7.0% cap · market cap 6.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
421
Businesses Nearby
Explore this area
Business Placement
Demographics for 78597, TX
2,479
Population
5,895
Households
0.4
Avg Household Size
56
Median Age
53%
College-Educated
92%
High-School Grad
8.8 sq mi
ZIP Area
282
Density / Sq Mi
$61,357
Median Household Income
$36,843
Median Earnings
$1,421
Median Rent
$508,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Gulf-side property with a pool, covered patio, private yard, and attached garage.
Where is this multifamily property located?
The property is located at 104 E Oleander Dr. South Padre Island, TX.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 3,125‑square‑foot multifamily property on 0.144 acres; Five bedrooms and three bathrooms; Built in 1973
