10-Unit Refurbished Apartment
For Sale
Contact for pricing
1004 Austin Street, Portland, TX 78374
Refurbished multifamily property with a balanced mix of one- and two-bedroom residences and dedicated parking for occupants.
Property Size8,400 SF
Price / SF$151.79
Days on Market50
Property Features for 1004 Austin Street
General Information
Standard status
Active
Size
8,400 SF
Class
B
Property subtype
Multifamily
Occupancy
90%
Investment Type
Value Add
Net Operating Income
$81,000
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 1BR, 8 x 2BR
Multifamily Units
10
Parking per Unit
1
Building Details
Year Built
1966
Year Renovated
2012
Buildings
1
Stories
1
Units
10
Tenancy
Multi
Listing Agency:
Cass Real Estate
Listed By:
Brenton Reagan · License #0669077
(512) 736-2695
Source:
Crexi
Added: Jul 31
Changed: Sep 6
Last Checked: Sep 18 at 5:43AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cass Real Estate
Investment Insights
Based on property information with market context.
This 10-unit apartment property, built in 1966, has been refurbished and is arranged across two levels with five residences upstairs and five downstairs. The unit mix includes two one-bedroom apartments and eight two-bedroom apartments. Each residence has one dedicated parking space, with additional overflow parking available. Individual electric meters serve the units, while water is supplied through a single meter paid by the owner; tenants pay monthly assessments.
The property is located at 1004 Austin Street in Portland, Texas, two blocks from US Hwy 181. Walmart, Target, HEB, Academy, schools, restaurants, and entertainment destinations are all within approximately five minutes. The site combines an established apartment configuration with convenient access to nearby retail, services, and roadway connections.
The property is located at 1004 Austin Street in Portland, Texas, two blocks from US Hwy 181. Walmart, Target, HEB, Academy, schools, restaurants, and entertainment destinations are all within approximately five minutes. The site combines an established apartment configuration with convenient access to nearby retail, services, and roadway connections.
Key Highlights
- 10‑unit apartment property built in 1966
- Two 1‑bedroom units and eight 2‑bedroom units
- Five upstairs units and five downstairs units
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
$68,805
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
5.40%
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%
$1,376,100
$1.4M
Cap Rate 7%
$982,929
$982.9K
Cap Rate 9%
$764,500
$764.5K
Market Conditions
NOI Build-Up for 8,400 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
$143.1K $17.04/SF
− Vacancy
−$18.0K −$2.15/SF
EGI
$125.1K $14.89/SF
− OpEx
−$56.3K −$6.70/SF
NOI
$68.8K $8.19/SF
Area
San Patricio 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%
$1,376,100
Cap Rate 7%
$982,929
Cap Rate 9%
$764,500
Alternative Uses
Best Use
Apartment 5plus
$982.9K
$860.1K – $1.15M
NOI $68,805 @ 7.0% cap · market cap 5.40%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$4.31M
$3.77M – $5.03M
NOI $301,644 @ 7.0% cap · market cap 23.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
10
Residential units
Yes
Highway access
Yes
Utilities to site
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Refurbished multifamily property with a balanced mix of one- and two-bedroom residences and dedicated parking for occupants.
Where is this apartment building located?
The property is located at 1004 Austin Street Portland, TX.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: 10‑unit apartment property built in 1966; Two 1‑bedroom units and eight 2‑bedroom units; Five upstairs units and five downstairs units
