Duplex with Multiple
For Sale
$599,000
129 E Gardenia Street, South Padre Island, TX 78597
Residential Income, South Padre Island, TX
Property Size2,625 SF
Lot Size0.14 Acres
Price / SF$228.19
Days on Market48
Property Features for 129 E Gardenia Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
4
Exterior features
Balcony, Mature Trees
Appliances
Electric Water Heater, Smooth Electric Cooktop
Subdivision
Padre Beach Section Viii
Lot features
Mature Trees
Elementary school
Port Isabel
Middle school
Port Isabel Junior High
High school
Port Isabel H.S.
Elementary school district
Port Isabel ISD
Middle school district
Port Isabel ISD
High school district
Port Isabel ISD
Directions
Get on I-69C S in Pharr from E Fern Ave and W Eldora Rd Take I-2/US-83 E and I-69E S/US-77 S to TX-48 E in Cameron County. Exit from TX-550 Continue on TX-48 E. Take TX-100 E/Queen Isabella Causeway to E Gardenia St in South Padre Island
Standard status
Active
APN
6764001120016000
Size
2,625 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2182
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water front
1
Building Details
Year built
1970
Floors in Building
3
Number of units
2
Building materials
Siding
Roof type
Composition
Listing Agency:
Keller Williams Realty RGV
(956) 928-1155
Listed By:
Deldi M. Ortegon · License #0433744
(956) 225-5509
Added: Jul 21
Changed: Sep 4
Last Checked: Sep 6 at 2:06AM
MLS# 510148
Copyright © 2026 Greater McAllen 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 2,625-square-foot duplex, built in 1970, contains two units with three bedrooms, two full bathrooms, a full kitchen, and generous closet space per unit. Three balconies extend the living area outdoors, while the 0.1435-acre lot includes a large backyard and mature trees. Exterior construction is siding with a composition roof, and the property has central electric heating and cooling, an electric water heater, and a smooth electric cooktop.
Located in South Padre Island, the property is positioned near the area's beaches and carries a 78597 ZIP Code. The backyard provides room for additional outdoor improvements, subject to applicable approvals. The duplex format supports separate residential spaces within one property and may accommodate long-term or vacation rental use where permitted.
Located in South Padre Island, the property is positioned near the area's beaches and carries a 78597 ZIP Code. The backyard provides room for additional outdoor improvements, subject to applicable approvals. The duplex format supports separate residential spaces within one property and may accommodate long-term or vacation rental use where permitted.
Key Highlights
- Two‑unit duplex with 2,625 square feet of total property size
- Each unit includes 3 bedrooms, 2 full bathrooms, and a full kitchen
- Three balconies provide outdoor space across the property
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
$21,657
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
3.62%
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%
$433,140
$433.1K
Cap Rate 7%
$309,386
$309.4K
Cap Rate 9%
$240,633
$240.6K
Market Conditions
NOI Build-Up for 2,625 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
$33.1K $12.60/SF
− Vacancy
−$2.1K −$0.81/SF
EGI
$30.9K $11.79/SF
− OpEx
−$9.3K −$3.54/SF
NOI
$21.7K $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%
$433,140
Cap Rate 7%
$309,386
Cap Rate 9%
$240,633
Alternative Uses
Best Use
Multifamily LT 5
$309.4K
$270.7K – $361.0K
NOI $21,657 @ 7.0% cap · market cap 3.62%
Second Best
Apartment 5plus
$283.7K
$248.3K – $331.0K
NOI $19,861 @ 7.0% cap · market cap 3.32%
Theoretical Best
Healthcare Medical
$452.0K
$395.5K – $527.3K
NOI $31,639 @ 7.0% cap · market cap 5.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
421
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?
Duplex - Two residential units offer flexible living or rental configurations near South Padre Island beaches.
Where is this duplex located?
The property is located at 129 E Gardenia Street South Padre Island, TX.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,625 square feet of total property size; Each unit includes 3 bedrooms, 2 full bathrooms, and a full kitchen; Three balconies provide outdoor space across the property
