New Construction Four-Unit
For Sale
Contact for pricing
104 E Constellation Drive, South Padre Island, TX 78597
Four residential units combine three-bedroom layouts, updated interiors, stainless steel appliances, a pool, and private upper-level balconies.
Property Size5,610 SF
Price / SF$267.20
Days on Market212
Property Features for 104 E Constellation Drive
General Information
Standard status
Active
Size
5,610 SF
Property subtype
Multifamily
Building Details
Year Built
2024
Buildings
1
Units
4
Listing Agency:
Encore Fine Properties
(956) 821-6170
Listed By:
Avinaash Buxani · License #TREC # 0712106
Source:
Crexi
Added: Jan 31
Changed: Aug 30
Last Checked: Aug 30 at 4:01PM
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 Encore Fine Properties
Investment Insights
Based on property information with market context.
Completed in 2024, this four-unit quadplex contains 5,610 square feet and presents a contemporary residential configuration. Each unit includes three bedrooms, modern interior finishes, stainless steel appliances, and upgraded fixtures. The property also features a swimming pool, while the two upper-level units provide private balconies.
Located at 104 E Constellation Drive in South Padre Island, Texas, the property is positioned for residential occupancy, personal coastal use, or short-term rental operations, as supported by the existing unit layout and amenities.
Located at 104 E Constellation Drive in South Padre Island, Texas, the property is positioned for residential occupancy, personal coastal use, or short-term rental operations, as supported by the existing unit layout and amenities.
Key Highlights
- Four‑unit quadplex completed in 2024
- 5,610 square feet across the property
- Each unit includes three bedrooms
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
$46,284
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
3.09%
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%
$925,680
$925.7K
Cap Rate 7%
$661,200
$661.2K
Cap Rate 9%
$514,267
$514.3K
Market Conditions
NOI Build-Up for 5,610 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
$70.7K $12.60/SF
− Vacancy
−$4.6K −$0.81/SF
EGI
$66.1K $11.79/SF
− OpEx
−$19.8K −$3.54/SF
NOI
$46.3K $8.25/SF
Area
Cameron County, TX
Vacancy
6.46%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
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%
$925,680
Cap Rate 7%
$661,200
Cap Rate 9%
$514,267
Alternative Uses
Best Use
Multifamily LT 5
$661.2K
$578.6K – $771.4K
NOI $46,284 @ 7.0% cap · market cap 3.09%
Second Best
Apartment 5plus
$606.4K
$530.6K – $707.4K
NOI $42,445 @ 7.0% cap · market cap 2.83%
Theoretical Best
Healthcare Medical
$965.9K
$845.2K – $1.13M
NOI $67,616 @ 7.0% cap · market cap 4.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
383
Businesses Nearby
Explore this area
Business Placement
Demographics for 78597, TX
2,479
Population
5,895
Households
0.4
Avg Household Size
56
Median Age
53%
College-Educated
92%
High-School Grad
8.8 sq mi
ZIP Area
282
Density / Sq Mi
$61,357
Median Household Income
$36,843
Median Earnings
$1,421
Median Rent
$508,800
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?
Quadplex - Four residential units combine three-bedroom layouts, updated interiors, stainless steel appliances, a pool, and private upper-level balconies.
Where is this quadplex located?
The property is located at 104 E Constellation Drive South Padre Island, TX.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Four‑unit quadplex completed in 2024; 5,610 square feet across the property; Each unit includes three bedrooms
