Flex Property with Office and
For Sale
$1,995,000
1703 Highway 35 S, Rockport, TX 78382
CommercialSale, Rockport, TX
Property Size10,688 SF
Lot Size0.83 Acres
Price / SF$186.66
Days on Market187
Property Features for 1703 Highway 35 S
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Off Street, Garage
Subdivision
Manning
Lot features
Corner Lot, Landscaped
Standard status
Active
APN
3800133001000
Size
10,688 SF
Lot size
0.83 Acres
Taxes and HOA fees
Tax Description
MANNING, BLOCK 133, LOT 1-RA
Legal Description
MANNING, BLOCK 133, LOT 1-RA
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
tranquil ponds
entry patio
mature palms
natural landscaping
hurricane-rated windows
Building Details
Year built
2006
Floors in Building
2
Listing Agency:
Kuper Sotheby's Intl Realty
(361) 749-4000
Listed By:
Adam Rivera · License #0645190
(210) 872-8683
Added: Mar 12
Changed: Sep 12
Last Checked: Sep 14 at 9:06AM
MLS# 473140
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.
This flex property in Rockport combines a 4,281-square-foot office/showroom with two executive offices, six support offices, a conference room, file room, break room, two restrooms, and reception and waiting areas. The building uses ICF construction and hurricane-rated windows, with central air, electric heat, public water, and public sewer. An entry patio includes two ponds with a circulation system, mature palms, natural landscaping, and decorative inlaid slab-rock parking areas.
The commercial improvements also include approximately 1,922 square feet of attached storage with dual half-baths and a separate 3,900-square-foot warehouse. A 2,680-square-foot residence is positioned above the commercial space. The property is located at 1703 Highway 35 S in Rockport, Texas, with garage and off-street parking. Built in 2006, the property offers multiple commercial and residential components within one integrated site.
The commercial improvements also include approximately 1,922 square feet of attached storage with dual half-baths and a separate 3,900-square-foot warehouse. A 2,680-square-foot residence is positioned above the commercial space. The property is located at 1703 Highway 35 S in Rockport, Texas, with garage and off-street parking. Built in 2006, the property offers multiple commercial and residential components within one integrated site.
Key Highlights
- 4,281‑square‑foot office/showroom with 2 executive offices and 6 support offices
- Approximately 1,922 square feet of attached storage with dual half‑baths
- Separate 3,900‑square‑foot warehouse
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
$152,312
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
7.63%
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%
$3,046,240
$3.0M
Cap Rate 7%
$2,175,886
$2.2M
Cap Rate 9%
$1,692,356
$1.7M
Market Conditions
NOI Build-Up for 10,688 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
$238.6K $22.32/SF
− Vacancy
−$35.5K −$3.32/SF
EGI
$203.1K $19.00/SF
− OpEx
−$50.8K −$4.75/SF
NOI
$152.3K $14.25/SF
Area
Aransas County, TX
Vacancy
14.87%
Lease Rate
$22.32 /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%
$3,046,240
Cap Rate 7%
$2,175,886
Cap Rate 9%
$1,692,356
Alternative Uses
Best Use
Office B
$2.18M
$1.90M – $2.54M
NOI $152,312 @ 7.0% cap · market cap 7.63%
Second Best
Flex RnD
$1.42M
$1.25M – $1.66M
NOI $99,706 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$4.09M
$3.58M – $4.77M
NOI $286,003 @ 7.0% cap · market cap 14.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
390
Businesses Nearby
Balanced
Demand for This Use
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
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
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial property combines professional office space, attached storage, a separate warehouse, and an upper-level residence.
Where is this flex space located?
The property is located at 1703 Highway 35 S Rockport, TX.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: 4,281‑square‑foot office/showroom with 2 executive offices and 6 support offices; Approximately 1,922 square feet of attached storage with dual half‑baths; Separate 3,900‑square‑foot warehouse
