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 Market95
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: Oct 25
Last Checked: Nov 1 at 4:11AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$68,805
Cap Rate
5.40%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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
