Mixed-Use Property with
For Sale
$2,200,000
121 Cut Off, Port Aransas, TX 78373
CommercialSale, Port Aransas, TX
Property Size4,489 SF
Lot Size0.67 Acres
Price / SF$356.62
Days on Market267
Property Features for 121 Cut Off
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Comm
Zoning description
Comm
Parking features
Off Street
Security features
Security
Subdivision
Balinese Flats-Pa
Lot features
Interior Lot, Level
Standard status
Active
APN
038700000010
Size
6,169 SF
Lot size
0.67 Acres
Taxes and HOA fees
Tax Description
BALINESE FLATS-PA LT 1
Legal Description
BALINESE FLATS-PA LT 1
Utilities
Heating system
Natural Gas, Electric (Heating), Central
Cooling system
Central Air, Gas (Cooling)
Amenities
salt water swimming pool
full kitchen
on site laundry facility
roof top covered deck
lighted sign
impact windows
Building Details
Year built
1979
Floors in Building
2
Building materials
Block, HardiplankType, Concrete, Stucco
Roof type
Shingle
Listing Agency:
RE/MAX Coastal Living · RE/MAX International
(361) 749-2777
Listed By:
Marcus Starkey · License #0436531
(361) 815-2300
Added: Jan 2
Changed: Sep 21
Last Checked: Sep 26 at 9:06PM
MLS# 469213
Copyright © 2026 South Texas Multiple Listing Service, LLC. 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.
Located at 121 Cut Off in Port Aransas, this mixed-use commercial property contains 6,169 square feet on 0.665 acres. The approximately 4,489-square-foot main building includes 2,232 square feet of office space with a full kitchen, 1,637 square feet configured for wellness spa and boutique use, a 620-square-foot one-bedroom apartment, an on-site laundry facility, two storage rooms, and a 750-square-foot covered rooftop deck overlooking the ship channel.
The office area is occupied by University Title under a five-year net lease, while the wellness area is available for owner use or leasing. Four studio suites were added in 2019 and operate as vacation rentals alongside an 11 x 30 saltwater swimming pool. Additional features include impact windows, Hardiplank construction, a recently refurbished lighted sign, and a roof replaced in December 2017. The property is in an X flood zone with elevation over 13 feet and has off-street parking.
The office area is occupied by University Title under a five-year net lease, while the wellness area is available for owner use or leasing. Four studio suites were added in 2019 and operate as vacation rentals alongside an 11 x 30 saltwater swimming pool. Additional features include impact windows, Hardiplank construction, a recently refurbished lighted sign, and a roof replaced in December 2017. The property is in an X flood zone with elevation over 13 feet and has off-street parking.
Key Highlights
- 6,169‑square‑foot mixed‑use commercial property on 0.665 acres or 28,974 square feet
- Main building is approximately 4,489 sq. ft. with office, wellness, apartment, laundry, and storage areas
- 2,232 sq. ft. of office space leased to University Title on a five‑year net lease
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
$103,189
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
4.69%
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%
$2,063,780
$2.1M
Cap Rate 7%
$1,474,129
$1.5M
Cap Rate 9%
$1,146,544
$1.1M
Market Conditions
NOI Build-Up for 6,169 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
$189.5K $30.72/SF
− Vacancy
−$51.9K −$8.42/SF
EGI
$137.6K $22.30/SF
− OpEx
−$34.4K −$5.58/SF
NOI
$103.2K $16.73/SF
Area
Nueces County, TX
Vacancy
27.40%
Lease Rate
$30.72 /SF/Yr
Expense Ratio
25.00%
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%
$2,063,780
Cap Rate 7%
$1,474,129
Cap Rate 9%
$1,146,544
Alternative Uses
Best Use
Office B
$1.47M
$1.29M – $1.72M
NOI $103,189 @ 7.0% cap · market cap 4.69%
Second Best
Mixed Use
$1.19M
$1.04M – $1.39M
NOI $83,282 @ 7.0% cap · market cap 3.79%
Theoretical Best
Warehouse
$6.38M
$5.58M – $7.45M
NOI $446,784 @ 7.0% cap · market cap 20.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
629
Businesses Nearby
Explore this area
Business Placement
Demographics for 78373, TX
3,134
Population
5,614
Households
0.6
Avg Household Size
56
Median Age
38%
College-Educated
95%
High-School Grad
18.8 sq mi
ZIP Area
167
Density / Sq Mi
$90,000
Median Household Income
$52,353
Median Earnings
$2,226
Median Rent
$518,500
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial-zoned property includes office, wellness, residential, and vacation-rental components.
Where is this mixed-use property located?
The property is located at 121 Cut Off Port Aransas, TX.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 6,169‑square‑foot mixed‑use commercial property on 0.665 acres or 28,974 square feet; Main building is approximately 4,489 sq. ft. with office, wellness, apartment, laundry, and storage areas; 2,232 sq. ft. of office space leased to University Title on a five‑year net lease
