Triplex with Balcony and
For Sale
$865,000
111 W Marisol Dr., South Padre Island, TX 78597
MULTI_FAMILY - South Padre Island, TX
Property Size3,184 SF
Lot Size0.11 Acres
Price / SF$271.67
Days on Market547
Property Features for 111 W Marisol Dr.
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MF
Bedrooms
7
Bathrooms
7
Full bathrooms
5
Half bathrooms
2
Rooms
Bathroom 2, Bedroom 7, Bathroom 5, Bathroom 6, Bedroom 6, Bedroom 5, Bedroom 3, Bathroom 4, Bathroom 1, Bathroom 7, Bedroom 4, Bedroom 2, Bathroom 3, Bedroom 1
Parking features
Assigned
Patio and Porch features
Patio, Deck
Interior features
Cabinets-Manufactured, Ceiling Fan(s), Furnished, Kitchen Island, Washer/Dryer Hook-up
Exterior features
BBQ Area, Balcony, Deck, Patio
Appliances
Dishwasher, Microwave, Refrigerator, Stove, Washer/Dryer
Subdivision
Sunny Isle
Lot features
Bay Interior
Elementary school district
Point Isabel ISD
Middle school district
Point Isabel ISD
High school district
Point Isabel ISD
Standard status
Active
Size
3,184 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5500
Amenities
porcelain tile flooring throughout
granite countertops
stainless steel appliances
tray ceilings
washer and dryer hookups in all units
Building Details
Year built
2018
Floors in Building
2
Number of units
3
Flooring type
Tile
Listing Agency:
SPI Realty
(956) 761-6444
Listed By:
Olga Vega-Carter
(956) 433-6291
Added: Feb 7, 2025
Changed: Aug 3
Last Checked: Aug 8 at 9:06PM
MLS# 103277
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 triplex includes three units and exterior living space featuring a balcony, deck, and patio. The units are furnished and have washer/dryer hookups in all units, along with porcelain tile flooring, granite countertops, and stainless steel appliances. Interior features also include ceiling fans and a kitchen island, supporting comfortable day-to-day living across the property.
The property sits on a 0.1148-acre lot and offers 3,184 square feet of total space. It is zoned MF and allows short-term rentals, which can support flexible occupancy strategies. Parking is provided as assigned parking, and outdoor amenities include a BBQ area.
Built in 2018, this is positioned for buyers looking for a residence with additional rental units, with the convenience of in-unit laundry hookups across all three units.
The property sits on a 0.1148-acre lot and offers 3,184 square feet of total space. It is zoned MF and allows short-term rentals, which can support flexible occupancy strategies. Parking is provided as assigned parking, and outdoor amenities include a BBQ area.
Built in 2018, this is positioned for buyers looking for a residence with additional rental units, with the convenience of in-unit laundry hookups across all three units.
Key Highlights
- 0.1148‑acre lot with 3,184 SF total triplex area
- Zoned MF and short‑term rentals are allowed
- Built in 2018
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
$26,269
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
3.04%
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%
$525,380
$525.4K
Cap Rate 7%
$375,271
$375.3K
Cap Rate 9%
$291,878
$291.9K
Market Conditions
NOI Build-Up for 3,184 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
$40.1K $12.60/SF
− Vacancy
−$2.6K −$0.81/SF
EGI
$37.5K $11.79/SF
− OpEx
−$11.3K −$3.54/SF
NOI
$26.3K $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%
$525,380
Cap Rate 7%
$375,271
Cap Rate 9%
$291,878
Alternative Uses
Best Use
Multifamily LT 5
$375.3K
$328.4K – $437.8K
NOI $26,269 @ 7.0% cap · market cap 3.04%
Second Best
Apartment 5plus
$344.1K
$301.1K – $401.5K
NOI $24,090 @ 7.0% cap · market cap 2.78%
Theoretical Best
Healthcare Medical
$548.2K
$479.7K – $639.6K
NOI $38,376 @ 7.0% cap · market cap 4.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
453
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
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Frequently Asked Questions
What type of property is this?
Triplex - 2018-built triplex in MF zoning with furnished units, washer/dryer hookups, and balcony plus deck areas.
Where is this triplex located?
The property is located at 111 W Marisol Dr. South Padre Island, TX.
What is the asking price?
The asking price for this property is $865,000.
What are key features of this property?
This property features: 0.1148‑acre lot with 3,184 SF total triplex area; Zoned MF and short‑term rentals are allowed; Built in 2018
