Two-Cottage Multifamily
For Sale
$380,000
106 Landry, Rockport, TX 78382
Residential Income, ROCKPORT, TX
Property Size1,252 SF
Lot Size0.10 Acres
Price / SF$303.51
Days on Market165
Property Features for 106 Landry
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 3, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2
Subdivision
Cape Cottages
Elementary school district
RFISD
Middle school district
RFISD
High school district
RFISD
Standard status
Active
Size
1,252 SF
Lot size
0.10 Acres
Building Details
Floors in Building
1
Number of units
2
Building materials
Frame, Pier/Beam
Roof type
Composition
Listing Agency:
SPEARS & COMPANY REAL ESTATE
(361) 790-7653
Listed By:
Southern Coast Realty Team Curt and Sarah Engel
(361) 729-1144
Added: Mar 19
Changed: Aug 28
Last Checked: Aug 30 at 2:06AM
MLS# 154834
Copyright © 2026 Rockport Area Association 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.
This multifamily offering includes two cottages with a combined property size of 1,252 square feet. Each residence provides 2 bedrooms, 2 full bathrooms, full-size appliance packages, washer and dryer hookups, a custom kitchen, quartz countertops, soft-close cabinetry, undermount sinks, and tile backsplashes. Luxury plank vinyl flooring supports easy maintenance, while 14' ceilings create an open interior feel. Bathroom layouts include a walk-in shower in one cottage and a tub with tile surround in the other.
Both homes have covered porches, fully fenced and sodded backyards, and 2 paved parking spaces per home. Additional guest parking is available within the community. The property is located in Rockport near downtown, with Port Aransas and Corpus Christi approximately 25 minutes away. The neighborhood is new enough that GPS directions should use 2351 W Market.
Both homes have covered porches, fully fenced and sodded backyards, and 2 paved parking spaces per home. Additional guest parking is available within the community. The property is located in Rockport near downtown, with Port Aransas and Corpus Christi approximately 25 minutes away. The neighborhood is new enough that GPS directions should use 2351 W Market.
Key Highlights
- Two cottages, each with 2 bedrooms and 2 full baths
- Combined property size of 1252 Square Feet
- 14' ceilings provide an open interior layout
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
$11,572
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
3.05%
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%
$231,440
$231.4K
Cap Rate 7%
$165,314
$165.3K
Cap Rate 9%
$128,578
$128.6K
Market Conditions
NOI Build-Up for 1,252 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
$18.8K $15.00/SF
− Vacancy
−$2.2K −$1.80/SF
EGI
$16.5K $13.20/SF
− OpEx
−$5.0K −$3.96/SF
NOI
$11.6K $9.24/SF
Area
Aransas County, TX
Vacancy
11.97%
Lease Rate
$15.00 /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%
$231,440
Cap Rate 7%
$165,314
Cap Rate 9%
$128,578
Alternative Uses
Best Use
Multifamily LT 5
$165.3K
$144.7K – $192.9K
NOI $11,572 @ 7.0% cap · market cap 3.05%
Second Best
Apartment 5plus
$146.5K
$128.2K – $170.9K
NOI $10,255 @ 7.0% cap · market cap 2.70%
Theoretical Best
Office A
$478.6K
$418.8K – $558.4K
NOI $33,503 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
670
Businesses Nearby
Explore this area
Business Placement
Demographics for 78382, TX
19,432
Population
13,048
Households
1.5
Avg Household Size
53
Median Age
30%
College-Educated
92%
High-School Grad
79.9 sq mi
ZIP Area
243
Density / Sq Mi
$63,434
Median Household Income
$38,741
Median Earnings
$1,147
Median Rent
$238,200
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?
Multifamily property - Two detached cottages offer updated interiors, private outdoor space, and convenient parking in a newer Rockport community.
Where is this multifamily property located?
The property is located at 106 Landry Rockport, TX.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Two cottages, each with 2 bedrooms and 2 full baths; Combined property size of 1252 Square Feet; 14' ceilings provide an open interior layout
