Five-Plex Apartment Building on Corner
For Sale
$498,000
510 S Musina, Port Isabel, TX 78578
MULTI_FAMILY - Port Isabel, TX
Property Size2,645 SF
Lot Size0.28 Acres
Price / SF$188.28
Days on Market340
Property Features for 510 S Musina
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MF
Bedrooms
4
Bathrooms
7
Full bathrooms
6
Half bathrooms
1
Rooms
Bathroom 7, Bathroom 2, Bathroom 6, Bathroom 3, Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 1, Bathroom 5, Bathroom 4
Parking features
Garage - Attached
Interior features
Ceiling Fan(s), Smoke Detector, Washer/Dryer Hook-up
Exterior features
Private Yard
Appliances
Microwave, Oven-Single, Refrigerator, Stove, Washer/Dryer
Subdivision
Original Townsite Port Isabel
Elementary school district
Point Isabel ISD
Middle school district
Point Isabel ISD
High school district
Point Isabel ISD
Standard status
Active
Size
2,645 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
2793
Building Details
Year built
1968
Floors in Building
1
Number of units
5
Flooring type
Tile
Building materials
Frame
Roof type
Composition
Listing Agency:
SPI Beachfront Realty
(956) 572-0521
Listed By:
Lisa Capistran · License #0627356
(956) 533-0405
Added: Sep 3, 2025
Changed: Aug 4
Last Checked: Aug 8 at 10:06PM
MLS# 104242
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.
Five-plex apartment building with a diversified unit mix and frame construction built in 1968. The main residence offers 3 bedrooms, 2.5 baths, and an attached 2-car garage. Complementing the home are three studio efficiencies, each with its own private bath, plus a 1-bedroom, 1-bath apartment. Interior features include ceiling fans and smoke detectors, with washer/dryer hookups available. Flooring is tile, and the roof is composition. Exterior space includes a private yard.
The property sits on two prominent corner lots and is located directly across from the city park. It is also described as about a 5-minute drive over the causeway to the sandy beaches of South Padre Island.
With MF zoning and the combination of larger and studio-style units, this layout is designed to serve a range of tenant needs while maintaining a single property ownership structure.
The property sits on two prominent corner lots and is located directly across from the city park. It is also described as about a 5-minute drive over the causeway to the sandy beaches of South Padre Island.
With MF zoning and the combination of larger and studio-style units, this layout is designed to serve a range of tenant needs while maintaining a single property ownership structure.
Key Highlights
- Fully occupied five‑plex on two prominent corner lots
- Zoned MF
- Main residence: 3 bedrooms, 2.5 baths, attached 2‑car garage
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
$20,012
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
4.02%
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%
$400,240
$400.2K
Cap Rate 7%
$285,886
$285.9K
Cap Rate 9%
$222,356
$222.4K
Market Conditions
NOI Build-Up for 2,645 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
$39.0K $14.76/SF
− Vacancy
−$2.7K −$1.00/SF
EGI
$36.4K $13.76/SF
− OpEx
−$16.4K −$6.19/SF
NOI
$20.0K $7.57/SF
Area
Cameron County, TX
Vacancy
6.80%
Lease Rate
$14.76 /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%
$400,240
Cap Rate 7%
$285,886
Cap Rate 9%
$222,356
Alternative Uses
Best Use
Apartment 5plus
$285.9K
$250.2K – $333.5K
NOI $20,012 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$455.4K
$398.5K – $531.3K
NOI $31,880 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
547
Businesses Nearby
Explore this area
Business Placement
Demographics for 78578, TX
10,076
Population
6,391
Households
1.6
Avg Household Size
45
Median Age
24%
College-Educated
83%
High-School Grad
57.0 sq mi
ZIP Area
177
Density / Sq Mi
$52,041
Median Household Income
$36,896
Median Earnings
$763
Median Rent
$193,700
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?
Apartment building - Fully occupied five-plex zoned MF on two corner lots, across from the city park, with a mix of studios and 3-bedroom housing.
Where is this apartment building located?
The property is located at 510 S Musina Port Isabel, TX.
What is the asking price?
The asking price for this property is $498,000.
What are key features of this property?
This property features: Fully occupied five‑plex on two prominent corner lots; Zoned MF; Main residence: 3 bedrooms, 2.5 baths, attached 2‑car garage
