Occupied Office
For Sale
$600,000
902 US Highway 181, Portland, TX 78374
CommercialSale, Portland, TX
Property Size1,575 SF
Lot Size0.31 Acres
Price / SF$380.95
Days on Market771
Property Features for 902 US Highway 181
General Information
Property type
Commercial Sale
Property subtype
Office
Parking features
Off Street
Security features
Security
Subdivision
Portland-Portland Tier H
Lot features
Corner Lot, Level
Standard status
Active
APN
71487
Size
1,575 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Description
PORTLAND TIER H BLK 5 LOT 19R
Legal Description
PORTLAND TIER H BLK 5 LOT 19R
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2001
Floors in Building
1
Number of units
2
Building materials
Brick, HardiplankType
Roof type
Shingle
Listing Agency:
Cass Real Estate
(361) 643-2662
Listed By:
Shawn Cass · License #0326039
(972) 333-3727
Added: Jul 26, 2024
Changed: Aug 19
Last Checked: Sep 3 at 11:06PM
MLS# 444974
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 1,575-square-foot office building was constructed in 2001 and includes two leased suites. The property is fully occupied, with Suite A leased through 2/28/2027 and Suite B continuing through the remainder of its existing lease. The building features brick and Hardiplank construction, central heating and cooling, a shingle roof, and public water and sewer service. Off-street parking and multiple access points serve the concrete parking area.
The property fronts US Highway 181, which records 38,014 AADT, while the feeder road carries 9,640 vehicles daily. It is situated within Portland’s Leisure & Entertainment District, an area identified in the source information for farmers’ markets, gatherings, concerts, and scenic attractions. The land and building are offered subject to the existing leases.
The property fronts US Highway 181, which records 38,014 AADT, while the feeder road carries 9,640 vehicles daily. It is situated within Portland’s Leisure & Entertainment District, an area identified in the source information for farmers’ markets, gatherings, concerts, and scenic attractions. The land and building are offered subject to the existing leases.
Key Highlights
- 1,575‑square‑foot office building constructed in 2001
- Two suites; fully occupied under existing leases
- Suite A lease runs through 2/28/2027; Suite B continues through the remainder of its lease
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
$20,376
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
3.40%
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%
$407,520
$407.5K
Cap Rate 7%
$291,086
$291.1K
Cap Rate 9%
$226,400
$226.4K
Market Conditions
NOI Build-Up for 1,575 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
$37.4K $23.76/SF
− Vacancy
−$10.3K −$6.51/SF
EGI
$27.2K $17.25/SF
− OpEx
−$6.8K −$4.31/SF
NOI
$20.4K $12.94/SF
Area
San Patricio County, TX
Vacancy
27.40%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
25.00%
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%
$407,520
Cap Rate 7%
$291,086
Cap Rate 9%
$226,400
Alternative Uses
Best Use
Office B
$291.1K
$254.7K – $339.6K
NOI $20,376 @ 7.0% cap · market cap 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$808.0K
$707.0K – $942.6K
NOI $56,558 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
628
Businesses Nearby
Explore this area
Business Placement
Demographics for 78374, TX
20,281
Population
8,426
Households
2.4
Avg Household Size
35
Median Age
25%
College-Educated
92%
High-School Grad
18.6 sq mi
ZIP Area
1,090
Density / Sq Mi
$81,580
Median Household Income
$43,110
Median Earnings
$1,492
Median Rent
$225,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two leased suites provide an established office configuration with ongoing occupancy and public utility services.
Where is this office building located?
The property is located at 902 US Highway 181 Portland, TX.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 1,575‑square‑foot office building constructed in 2001; Two suites; fully occupied under existing leases; Suite A lease runs through 2/28/2027; Suite B continues through the remainder of its lease
