Furnished 3-Unit
For Sale
$795,000
201 W Hibiscus St., South Padre Island, TX 78597
Residential Income, South Padre Island, TX
Property Size3,503 SF
Lot Size0.14 Acres
Price / SF$226.95
Days on Market132
Property Features for 201 W Hibiscus St.
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
res
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 3, Bedroom 2, Bedroom 6, Bedroom 5, Bathroom 2, Bathroom 1, Bedroom 4, Bathroom 4, Bedroom 1
Parking features
Driveway, Garage - Attached
Patio and Porch features
Patio, Deck
Interior features
Cabinets-Custom, Ceiling Fan(s), Furnished, Smoke Detector, Walk-in Closet, Washer/Dryer Hook-up, Window Treatment
Exterior features
BBQ Area, Deck, Fence, Patio
Fencing
Fenced
Appliances
Dishwasher, Microwave, Refrigerator, Stove, Washer/Dryer
Subdivision
Padre Beach Sec VIII
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
3,503 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
14379
Amenities
private decks
common yard
private entrances
handicap accessible
Building Details
Year built
1992
Floors in Building
2
Number of units
3
Flooring type
Laminate, Tile
Building materials
Stucco
Roof type
Composition
Listing Agency:
RE/MAX Elite · RE/MAX International
(956) 433-5648
Listed By:
Padre Elite Team · License #9007399
(956) 433-8564
Added: Apr 13
Changed: Aug 20
Last Checked: Aug 22 at 9:06PM
MLS# 106109
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.
This two-story triplex contains three furnished units, each arranged with a private entrance, living room, kitchen, and bathroom. Unit A is upstairs with a private deck and central AC. Unit B occupies the ground level and is handicap accessible, with central AC. Unit C is upstairs and includes a private deck with a window unit. The property also offers a common fenced yard, patio, BBQ area, attached garage, and driveways.
The 3,503-square-foot property sits on 0.1435 acres in South Padre Island, within walking distance of the beach, bay, and entertainment district. Built in 1992, the building has stucco construction, composition roofing, laminate and tile flooring, and is offered fully furnished. Zoning is listed as res.
The 3,503-square-foot property sits on 0.1435 acres in South Padre Island, within walking distance of the beach, bay, and entertainment district. Built in 1992, the building has stucco construction, composition roofing, laminate and tile flooring, and is offered fully furnished. Zoning is listed as res.
Key Highlights
- Three‑unit, two‑story triplex with 3,503 square feet on 0.1435 acres
- Private entrance, living room, kitchen, and bathroom for each unit
- Unit B is ground‑level and handicap accessible
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
$28,901
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
3.64%
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%
$578,020
$578.0K
Cap Rate 7%
$412,871
$412.9K
Cap Rate 9%
$321,122
$321.1K
Market Conditions
NOI Build-Up for 3,503 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
$44.1K $12.60/SF
− Vacancy
−$2.9K −$0.81/SF
EGI
$41.3K $11.79/SF
− OpEx
−$12.4K −$3.54/SF
NOI
$28.9K $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%
$578,020
Cap Rate 7%
$412,871
Cap Rate 9%
$321,122
Alternative Uses
Best Use
Multifamily LT 5
$412.9K
$361.3K – $481.7K
NOI $28,901 @ 7.0% cap · market cap 3.64%
Second Best
Apartment 5plus
$378.6K
$331.3K – $441.7K
NOI $26,504 @ 7.0% cap · market cap 3.33%
Theoretical Best
Healthcare Medical
$603.2K
$527.8K – $703.7K
NOI $42,221 @ 7.0% cap · market cap 5.31%
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
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?
Triplex - Each residence has a private entrance, while decks and a fenced yard provide outdoor space.
Where is this triplex located?
The property is located at 201 W Hibiscus St. South Padre Island, TX.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Three‑unit, two‑story triplex with 3,503 square feet on 0.1435 acres; Private entrance, living room, kitchen, and bathroom for each unit; Unit B is ground‑level and handicap accessible
