6-Unit Apartment
New
For Sale
$395,000
106 W Fulton Street, Mathis, TX 78368
A single-story layout contains six one-bedroom residences in Mathis.
Property Size1,400 SF
Price / SF$282.14
Days on Market2
Property Features for 106 W Fulton Street
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Multi-Family
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Building Details
Year Built
1946
Buildings
1
Stories
1
Listing Agency:
Create Realty Group
Listed By:
Joseph Cortez · License #499527126
(361) 537-8959
Source:
Kmrealestate
Added: Sep 24
Last Checked: Sep 24 at 2:51PM
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 Create Realty Group
Investment Insights
Based on property information with market context.
This single-story apartment property contains six units, each configured with one bedroom and one bathroom. The building dates to 1946 and is located at 106 W Fulton Street in Mathis, Texas.
Lake Corpus Christi is nearby, and Corpus Christi is within commuting distance.
Lake Corpus Christi is nearby, and Corpus Christi is within commuting distance.
Key Highlights
- Six one‑bedroom, one‑bath units
- Single‑story apartment building
- Built in 1946
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
$11,468
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
2.90%
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%
$229,360
$229.4K
Cap Rate 7%
$163,829
$163.8K
Cap Rate 9%
$127,422
$127.4K
Market Conditions
NOI Build-Up for 1,400 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
$23.9K $17.04/SF
− Vacancy
−$3.0K −$2.15/SF
EGI
$20.9K $14.89/SF
− OpEx
−$9.4K −$6.70/SF
NOI
$11.5K $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%
$229,360
Cap Rate 7%
$163,829
Cap Rate 9%
$127,422
Alternative Uses
Best Use
Apartment 5plus
$163.8K
$143.4K – $191.1K
NOI $11,468 @ 7.0% cap · market cap 2.90%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$718.2K
$628.4K – $837.9K
NOI $50,274 @ 7.0% cap · market cap 12.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
309
Businesses Nearby
Explore this area
Business Placement
Demographics for 78368, TX
8,726
Population
4,992
Households
1.7
Avg Household Size
43
Median Age
12%
College-Educated
77%
High-School Grad
206.5 sq mi
ZIP Area
42
Density / Sq Mi
$41,286
Median Household Income
$39,094
Median Earnings
$806
Median Rent
$87,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - A single-story layout contains six one-bedroom residences in Mathis.
Where is this apartment building located?
The property is located at 106 W Fulton Street Mathis, TX.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Six one‑bedroom, one‑bath units; Single‑story apartment building; Built in 1946
