Flex Space with Train
For Sale
$900,000
206 Hwy 35 S, Rockport, TX 78382
Commercial Sale, ROCKPORT, TX
Property Size8,175 SF
Lot Size0.94 Acres
Price / SF$110.09
Days on Market532
Property Features for 206 Hwy 35 S
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial/Residential
Subdivision
Smith and Wood
Elementary school district
RFISD
Middle school district
RFISD
High school district
RFISD
Standard status
Active
Size
8,175 SF
Lot size
0.94 Acres
Building Details
Year built
1982
Floors in Building
1
Number of units
1
Listing Agency:
KELLER WILLIAMS COASTAL BEND ROCKPORT · Keller Williams Realty
(361) 790-9494
Listed By:
Brianna Myers · License #0744446
(936) 671-2671
Added: Mar 20, 2025
Changed: Sep 1
Last Checked: Sep 2 at 1:06PM
MLS# 147650
Copyright © 2026 Rockport Area 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 8,175-square-foot flex property, constructed in 1982, combines warehouse, office, workshop, and specialty improvements. The 4,950-square-foot metal building has 3-phase 220V power, five overhead doors, two restrooms, an air-conditioned office, loft, and large storage room. A connected 525-square-foot cinderblock addition extends the work area.
A separate 1,500-square-foot building contains 1,000 square feet of air-conditioned office and break-room space with a kitchen/lounge, two private offices, a full bathroom, and washer/dryer hookups. The remaining 500 square feet serve as a workshop with single-phase 220V service. A train caboose on actual tracks is paired with a 1,200-square-foot attached structure featuring two restrooms and single-phase 220V power. The 0.94-acre property is located at 206 Hwy 35 S in Rockport and carries Commercial/Residential zoning. The existing tenant may remain.
A separate 1,500-square-foot building contains 1,000 square feet of air-conditioned office and break-room space with a kitchen/lounge, two private offices, a full bathroom, and washer/dryer hookups. The remaining 500 square feet serve as a workshop with single-phase 220V service. A train caboose on actual tracks is paired with a 1,200-square-foot attached structure featuring two restrooms and single-phase 220V power. The 0.94-acre property is located at 206 Hwy 35 S in Rockport and carries Commercial/Residential zoning. The existing tenant may remain.
Key Highlights
- 8,175‑square‑foot flex property on 0.94 acres
- 4,950‑square‑foot metal building with five overhead doors and 3‑phase 220V power
- Separate 1,500‑square‑foot office and break‑room building
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
$76,263
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
8.47%
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%
$1,525,260
$1.5M
Cap Rate 7%
$1,089,471
$1.1M
Cap Rate 9%
$847,367
$847.4K
Market Conditions
NOI Build-Up for 8,175 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
$127.5K $15.60/SF
− Vacancy
−$10.2K −$1.25/SF
EGI
$117.3K $14.35/SF
− OpEx
−$41.1K −$5.02/SF
NOI
$76.3K $9.33/SF
Area
Aransas County, TX
Vacancy
8.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
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%
$1,525,260
Cap Rate 7%
$1,089,471
Cap Rate 9%
$847,367
Alternative Uses
Best Use
Office B
$1.66M
$1.46M – $1.94M
NOI $116,500 @ 7.0% cap · market cap 12.94%
Second Best
Flex RnD
$1.09M
$953.3K – $1.27M
NOI $76,263 @ 7.0% cap · market cap 8.47%
Theoretical Best
Office A
$3.13M
$2.73M – $3.65M
NOI $218,757 @ 7.0% cap · market cap 24.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
667
Businesses Nearby
Under-served
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Commercial/residential zoning supports a varied property configuration with warehouse, office, workshop, and specialty improvements.
Where is this flex space located?
The property is located at 206 Hwy 35 S Rockport, TX.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 8,175‑square‑foot flex property on 0.94 acres; 4,950‑square‑foot metal building with five overhead doors and 3‑phase 220V power; Separate 1,500‑square‑foot office and break‑room building
