Turnkey Multifamily Condo
For Sale
$7,000,000
1806 Highway 35 N, Rockport, TX 78382
Fully reimagined 24-unit condo complex with individually metered units and resort-style heated pool.
Property Size30,824 SF
Price / SF$227.10
Days on Market457
Property Features for 1806 Highway 35 N
General Information
Standard status
Active
Size
30,824 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
24
Amenities
resort-style heated pool
pool house
security system
ample parking
private outdoor patio
Building Details
Year Built
1971
Listing Agency:
Coldwell Banker Pacesetter Steel
Listed By:
Doug Nichols
(210) 824-7878
Source:
Phyllisbrowning
Added: Jun 9, 2025
Changed: Sep 7
Last Checked: Sep 8 at 7:20AM
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 Coldwell Banker Pacesetter Steel
Investment Insights
Based on property information with market context.
Little Bay Landing is a fully reimagined 24-unit condo complex built for turnkey ownership. Renovations from the studs reportedly included HVAC, electrical, plumbing, windows, doors, and siding, resulting in a like-new property. The community offers four 3-bedroom units and twenty 2-bedroom units, with each unit individually metered. Interiors include full kitchens, living rooms, dining areas, laundry rooms, storage, and private outdoor patios, supporting both short- and long-term rental use. The centerpiece is a resort-style heated pool with a pool house, complemented by a complete security system and ample parking.
The property is located along Highway 35 N in Rockport and provides 284 feet of highway frontage. It is positioned near retail and dining amenities, including HEB, Walmart, and a new Starbucks.
For operation and exposure, the offering includes a dedicated website, active social media platforms, and an online marketing presence managed by a digital marketing team. The community is described as having a professional online setup intended to support occupancy.
The property is located along Highway 35 N in Rockport and provides 284 feet of highway frontage. It is positioned near retail and dining amenities, including HEB, Walmart, and a new Starbucks.
For operation and exposure, the offering includes a dedicated website, active social media platforms, and an online marketing presence managed by a digital marketing team. The community is described as having a professional online setup intended to support occupancy.
Key Highlights
- Fully reimagined 24‑unit condo complex built in 1971, with a renovation from the studs
- Units are individually metered and include full kitchens, living/dining areas, laundry rooms, and private outdoor patios
- Unit mix: four 3‑bedroom/2.5‑bath and twenty 2‑bedroom/1.5‑bath; total of 56 bedrooms and approx. 30,824 SF of livable space
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
$252,483
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
3.61%
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%
$5,049,660
$5.0M
Cap Rate 7%
$3,606,900
$3.6M
Cap Rate 9%
$2,805,367
$2.8M
Market Conditions
NOI Build-Up for 30,824 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
$525.2K $17.04/SF
− Vacancy
−$66.2K −$2.15/SF
EGI
$459.1K $14.89/SF
− OpEx
−$206.6K −$6.70/SF
NOI
$252.5K $8.19/SF
Area
Aransas 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%
$5,049,660
Cap Rate 7%
$3,606,900
Cap Rate 9%
$2,805,367
Alternative Uses
Best Use
Apartment 5plus
$3.61M
$3.16M – $4.21M
NOI $252,483 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.78M
$10.31M – $13.75M
NOI $824,827 @ 7.0% cap · market cap 11.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
418
Businesses Nearby
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
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 - Fully reimagined 24-unit condo complex with individually metered units and resort-style heated pool.
Where is this apartment building located?
The property is located at 1806 Highway 35 N Rockport, TX.
What is the asking price?
The asking price for this property is $7,000,000.
What are key features of this property?
This property features: Fully reimagined 24‑unit condo complex built in 1971, with a renovation from the studs; Units are individually metered and include full kitchens, living/dining areas, laundry rooms, and private outdoor patios; Unit mix: four 3‑bedroom/2.5‑bath and twenty 2‑bedroom/1.5‑bath; total of 56 bedrooms and approx. 30,824 SF of livable space
