Flex Property with Train
For Sale
$998,000
206 Highway 35 S, Rockport, TX 78382
CommercialSale, Rockport, TX
Property Size8,175 SF
Lot Size0.94 Acres
Price / SF$122.08
Days on Market529
Property Features for 206 Highway 35 S
General Information
Property type
Commercial Sale
Property subtype
Office
Interior features
Storage
Exterior features
Storage
Subdivision
Smith & Wood
Lot features
Corner Lot, Level
Directions
Hwy 35, Exit Market, R on Market, L on 35, Property sits in the Bend
Standard status
Active
APN
5550021009000
Size
8,175 SF
Lot size
0.94 Acres
Taxes and HOA fees
Tax Description
Smith And Wood, BLOCK 21, Lot 9 -14, BLOCK 21, LOT 5, , BLOCK 21, LOT 7 & 8
Legal Description
Smith And Wood, BLOCK 21, Lot 9 -14, BLOCK 21, LOT 5, , BLOCK 21, LOT 7 & 8
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Ductless
Water source
Public
Building Details
Year built
1982
Floors in Building
1
Building materials
MetalSiding
Roof type
Metal, Shingle
Additional Structures
Storage
Listing Agency:
Keller Williams Coastal Bend · Keller Williams Realty
(361) 225-7900
Listed By:
Brianna Myers · License #0744446
(936) 671-2671
Added: Mar 20, 2025
Changed: Aug 20
Last Checked: Aug 30 at 5:06AM
MLS# 456343
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.
This 8,175-square-foot flex property combines warehouse, office, workshop, and specialty improvements across a 0.94-acre site. The 4,950-square-foot metal building has five overhead doors, 3-phase 220V power, two restrooms, an air-conditioned office with loft, and a large storage room. A connected 525-square-foot cinderblock addition expands the main building’s workspace.
A separate 1,500-square-foot office and break-room building includes 1,000 square feet of air-conditioned area with a kitchen and lounge, two private offices, a full bathroom, and washer/dryer hookups. The building also contains a 500-square-foot workshop with single-phase 220V service. A train caboose on tracks is attached to a 1,200-square-foot structure with two restrooms and single-phase 220V service.
The property is located on Highway 35 in Rockport and includes public water and public sewer. Construction includes metal siding, metal and shingle roofing, ductless heating, and ductless cooling. The improvements date to 1982.
A separate 1,500-square-foot office and break-room building includes 1,000 square feet of air-conditioned area with a kitchen and lounge, two private offices, a full bathroom, and washer/dryer hookups. The building also contains a 500-square-foot workshop with single-phase 220V service. A train caboose on tracks is attached to a 1,200-square-foot structure with two restrooms and single-phase 220V service.
The property is located on Highway 35 in Rockport and includes public water and public sewer. Construction includes metal siding, metal and shingle roofing, ductless heating, and ductless cooling. The improvements date to 1982.
Key Highlights
- 8,175 SF flex property on 0.94 acres along Highway 35 in Rockport
- 4,950 SF metal building with five overhead doors and 3‑phase 220V power
- Separate 1,500 SF office and break‑room building with air‑conditioned space
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
$76,263
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
7.64%
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%
$1,525,260
$1.5M
Cap Rate 7%
$1,089,471
$1.1M
Cap Rate 9%
$847,367
$847.4K
Market Conditions
NOI Build-Up for 8,175 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
$127.5K $15.60/SF
− Vacancy
−$10.2K −$1.25/SF
EGI
$117.3K $14.35/SF
− OpEx
−$41.1K −$5.02/SF
NOI
$76.3K $9.33/SF
Area
Aransas County, TX
Vacancy
8.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
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%
$1,525,260
Cap Rate 7%
$1,089,471
Cap Rate 9%
$847,367
Alternative Uses
Best Use
Office B
$1.66M
$1.46M – $1.94M
NOI $116,500 @ 7.0% cap · market cap 11.67%
Second Best
Flex RnD
$1.09M
$953.3K – $1.27M
NOI $76,263 @ 7.0% cap · market cap 7.64%
Theoretical Best
Office A
$3.13M
$2.73M – $3.65M
NOI $218,757 @ 7.0% cap · market cap 21.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
418
Businesses Nearby
Under-served
Demand for This Use
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 Office 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?
Flex space - Multiple buildings provide warehouse, office, workshop, and specialized workspace configurations.
Where is this flex space located?
The property is located at 206 Highway 35 S Rockport, TX.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: 8,175 SF flex property on 0.94 acres along Highway 35 in Rockport; 4,950 SF metal building with five overhead doors and 3‑phase 220V power; Separate 1,500 SF office and break‑room building with air‑conditioned space
