Triplex with Bay
For Sale
$769,000
111 W Marisol Dr., South Padre Island, TX 78597
Residential Income, South Padre Island, TX
Property Size3,184 SF
Lot Size0.11 Acres
Price / SF$241.52
Days on Market568
Property Features for 111 W Marisol Dr.
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MF
Bedrooms
7
Bathrooms
7
Full bathrooms
5
Half bathrooms
2
Rooms
Bathroom 6, Bathroom 7, Bedroom 5, Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 7, Bathroom 4, Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 5, Bedroom 6, Bathroom 3
Parking features
Assigned
Patio and Porch features
Patio, Deck
Interior features
Cabinets-Manufactured, Ceiling Fan(s), Furnished, Kitchen Island, Washer/Dryer Hook-up
Exterior features
BBQ Area, Balcony, Deck, Patio
Appliances
Dishwasher, Microwave, Refrigerator, Stove, Washer/Dryer
Subdivision
Sunny Isle
Lot features
Bay Interior
Elementary school district
Point Isabel ISD
Middle school district
Point Isabel ISD
High school district
Point Isabel ISD
Standard status
Active
Size
3,184 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5500
Amenities
washer and dryer hookups
Building Details
Year built
2018
Floors in Building
2
Number of units
3
Flooring type
Tile
Listing Agency:
SPI Realty
(956) 761-6444
Listed By:
Olga Vega-Carter · License #310_56
(956) 433-6291
Added: Feb 7, 2025
Changed: Aug 22
Last Checked: Aug 29 at 2:06PM
MLS# 103277
Copyright © 2026 South Padre Island Board 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.
Completed in 2018, this 3,184-square-foot triplex includes three residential units with tile flooring, granite countertops, stainless steel appliances, tray ceilings, and washer and dryer hookups throughout. Furnished interiors, kitchen islands, ceiling fans, assigned parking, and a combination of balconies, decks, and patios add to the property’s existing features. Each unit includes access to appliances such as refrigerators, stoves, dishwashers, and microwaves.
The property occupies 0.1148 acres and offers views across the bay and toward sunset. Short-term rentals are allowed, and MF zoning supports its multifamily classification. The property is located near restaurants and nightlife, with outdoor amenities including a BBQ area.
The property occupies 0.1148 acres and offers views across the bay and toward sunset. Short-term rentals are allowed, and MF zoning supports its multifamily classification. The property is located near restaurants and nightlife, with outdoor amenities including a BBQ area.
Key Highlights
- 3,184‑square‑foot triplex completed in 2018
- Three furnished residential units with tile flooring and granite countertops
- Stainless steel appliances and washer and dryer hookups in all 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
$26,269
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
3.42%
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%
$525,380
$525.4K
Cap Rate 7%
$375,271
$375.3K
Cap Rate 9%
$291,878
$291.9K
Market Conditions
NOI Build-Up for 3,184 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
$40.1K $12.60/SF
− Vacancy
−$2.6K −$0.81/SF
EGI
$37.5K $11.79/SF
− OpEx
−$11.3K −$3.54/SF
NOI
$26.3K $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%
$525,380
Cap Rate 7%
$375,271
Cap Rate 9%
$291,878
Alternative Uses
Best Use
Multifamily LT 5
$375.3K
$328.4K – $437.8K
NOI $26,269 @ 7.0% cap · market cap 3.42%
Second Best
Apartment 5plus
$344.1K
$301.1K – $401.5K
NOI $24,090 @ 7.0% cap · market cap 3.13%
Theoretical Best
Healthcare Medical
$548.2K
$479.7K – $639.6K
NOI $38,376 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
453
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?
Triplex - MF-zoned triplex with furnished interiors, private outdoor areas, and short-term rentals allowed.
Where is this triplex located?
The property is located at 111 W Marisol Dr. South Padre Island, TX.
What is the asking price?
The asking price for this property is $769,000.
What are key features of this property?
This property features: 3,184‑square‑foot triplex completed in 2018; Three furnished residential units with tile flooring and granite countertops; Stainless steel appliances and washer and dryer hookups in all units
