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    Renovated Apartments Near Bay Title is generated by Realmo AI

    107 W Mars Lane, South Padre Island, TX 78597

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    For Sale
    $930,000

    MULTI_FAMILY - South Padre Island, TX

    Property size:
    2,962 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $313/SF
    Added:
    Oct 21, 2025
    Days on Market:
    202
    Last Refresh:
    May 10 at 4:06 am

    Property Features for 107 W Mars Lane

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking
    6
    Parking features
    Garage
    Patio and Porch features
    Patio
    Exterior features
    Balcony
    Appliances
    Electric Water Heater, Water Heater (Other Location), Dryer, Refrigerator, Stove/Range-Electric Smooth, Washer
    Standard status
    Active
    APN
    6764001360001000
    Size
    2,962 SF
    Lot size
    0.14 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    5694

    Utilities

    Heating system
    Electric (Heating), Central
    Cooling system
    Central Air, Electric

    Building Details

    Year built
    1975
    Floors in Building
    2
    Number of units
    5
    Building materials
    Vinyl Siding
    Roof type
    Shingle

    We can help!

    Listing Contact
    Carina Veale
    Carina Veale

    Listing agent Carina Veale

    Listing office Veale Properties 1604 N 8th Street, McAllen, TX

    Listing date Oct 21, 2025

    MLS# 483662 Listing URL

    Copyright © 2026 Greater McAllen Association 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.

    HighLights

    • Fully renovated property featuring five units, including four apartments and one studio.
    • Prime location on South Padre Island, just steps from the bay.
    • Turnkey investment opportunity with updated HVAC system, flooring, fixtures, kitchens, and baths for low maintenance.
    • Designer kitchens in each unit boast wood cabinetry and quartz countertops, complemented by spa‑like bathrooms.
    • Enjoy bay views and stunning sunset views from your private balcony.
    • Two garages and convenient on‑site laundry with washer and dryer.

    Overview

    This fully renovated two-story property on South Padre Island presents an investment opportunity with four modern apartments and one studio. Located steps from the bay, each unit has been completely reimagined. The designer kitchens feature sleek wood cabinetry and quartz countertops. Bathrooms showcase spa-like details with statement tile and custom lighting. Light wood flooring and neutral tones create a beach-inspired feel throughout. The property includes 5.5 total bathrooms and two garages. An upstairs balcony captures bay views and island sunsets. Every system and surface has been updated, including flooring, fixtures, kitchens, baths, and HVAC. The property, situated on a 0.1435-acre lot, offers 2962 square feet of living space. This turnkey investment is suited for expanding a short-term rental portfolio or securing a multi-unit coastal retreat.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Restaurant Law Firm Building Supply Real Estate Agency Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Nail Salon Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    South Padre Island
    County
    Cameron
    State
    Texas
    Longitude
    -97.168025
    Latitude
    26.11966

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    FAQs

    What type of property is this?
    Apartment building - Fully renovated apartments plus studio, steps from the bay.
    Where is this apartment building located?
    The property is located at 107 W Mars Lane South Padre Island, TX.
    What is the asking price?
    The asking price for this property is $930,000.
    What are key features of this property?
    This property features: Fully renovated property featuring five units, including four apartments and one studio.; Prime location on South Padre Island, just steps from the bay.; Turnkey investment opportunity with updated HVAC system, flooring, fixtures, kitchens, and baths for low maintenance.
    (956) 607-8626
    We can help!
    Listing Contact
    Carina Veale
    Carina Veale
    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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