24-Unit Apartment Complex with
For Sale
$7,000,000
1806 Hwy 35 N, Rockport, TX 78382
CommercialSale, Rockport, TX
Property Size30,824 SF
Lot Size1.69 Acres
Price / SF$227.10
Days on Market325
Property Features for 1806 Hwy 35 N
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Assigned
Security features
Security
Exterior features
Landscaping, Storage
Subdivision
Little Bay Landing
Lot features
Landscaped
Standard status
Active
APN
34900
Size
30,824 SF
Lot size
1.69 Acres
Taxes and HOA fees
Tax Description
Formerly Villa Del Palmas Unit A1 through D6 - all units and common areas included
Legal Description
Formerly Villa Del Palmas Unit A1 through D6 - all units and common areas included
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Amenities
heated pool
pool house
security system
Building Details
Year built
1971
Floors in Building
2
Number of units
24
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
Coldwell Banker Pacesetter Steel · Coldwell Banker Real Estate
(361) 992-9231
Listed By:
Doug Nichols · License #0747730
(361) 739-2251
Added: Oct 9, 2025
Changed: Aug 19
Last Checked: Aug 29 at 7:06PM
MLS# 466124
Copyright © 2026 South Texas Multiple Listing Service, LLC. 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.
Little Bay Landing is a 24-unit apartment complex on 1.69 acres with approximately 30,824 square feet of livable space and 284 feet of frontage along Highway 35 N. The unit mix includes four three-bedroom, 2.5-bath residences and twenty two-bedroom, 1.5-bath residences, totaling 56 bedrooms. Each unit includes a full kitchen, living room, dining area, laundry room, storage, and private outdoor patio, with individual utility metering throughout.
A comprehensive renovation addressed the HVAC, electrical, plumbing, windows, doors, and siding. Property amenities include a heated pool, pool house, security system, landscaping, storage, assigned parking, and public water and sewer. The complex is near HEB, Walmart, Starbucks, local restaurants, and area attractions. Active website and social media platforms, along with a digital marketing team, are also in place.
A comprehensive renovation addressed the HVAC, electrical, plumbing, windows, doors, and siding. Property amenities include a heated pool, pool house, security system, landscaping, storage, assigned parking, and public water and sewer. The complex is near HEB, Walmart, Starbucks, local restaurants, and area attractions. Active website and social media platforms, along with a digital marketing team, are also in place.
Key Highlights
- 24‑unit apartment complex with 56 bedrooms and approximately 30,824 square feet
- Unit mix includes four 3‑bedroom/2.5‑bath units and twenty 2‑bedroom/1.5‑bath units
- 284 feet of frontage along Highway 35 N on 1.69 acres
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
$252,483
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
3.61%
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%
$5,049,660
$5.0M
Cap Rate 7%
$3,606,900
$3.6M
Cap Rate 9%
$2,805,367
$2.8M
Market Conditions
NOI Build-Up for 30,824 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
$525.2K $17.04/SF
− Vacancy
−$66.2K −$2.15/SF
EGI
$459.1K $14.89/SF
− OpEx
−$206.6K −$6.70/SF
NOI
$252.5K $8.19/SF
Area
Aransas County, TX
Vacancy
12.60%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
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%
$5,049,660
Cap Rate 7%
$3,606,900
Cap Rate 9%
$2,805,367
Alternative Uses
Best Use
Apartment 5plus
$3.61M
$3.16M – $4.21M
NOI $252,483 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.78M
$10.31M – $13.75M
NOI $824,827 @ 7.0% cap · market cap 11.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
418
Businesses Nearby
Explore this area
Business Placement
Demographics for 78382, TX
19,432
Population
13,048
Households
1.5
Avg Household Size
53
Median Age
30%
College-Educated
92%
High-School Grad
79.9 sq mi
ZIP Area
243
Density / Sq Mi
$63,434
Median Household Income
$38,741
Median Earnings
$1,147
Median Rent
$238,200
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?
Apartment building - Renovated multifamily property with individually metered units, private patios, assigned parking, and flexible short- or long-term rental potential.
Where is this apartment building located?
The property is located at 1806 Hwy 35 N Rockport, TX.
What is the asking price?
The asking price for this property is $7,000,000.
What are key features of this property?
This property features: 24‑unit apartment complex with 56 bedrooms and approximately 30,824 square feet; Unit mix includes four 3‑bedroom/2.5‑bath units and twenty 2‑bedroom/1.5‑bath units; 284 feet of frontage along Highway 35 N on 1.69 acres
