Remodeled Ground Floor Corner
For Sale
$156,000
221 Marion Dr 107C, Rockport, TX 78382
Completely remodeled ground floor unit with fairway views.
Property Size557 SF
Lot Size312.00 Acres
Days on Market275
Property Features for 221 Marion Dr 107C
General Information
Standard status
Active
Size
557 SF
Lot size
312.00 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$1,887
Building Details
Building Size
557 SF
Year Built
1985
Stories
1
Listing Agency:
Top Guns Realty on Lake Conroe
(936) 718-3447
Listed By:
Jason Franks · License #0638993
(936) 718-3447
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 16
Last Checked: Aug 29 at 9:59AM
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 Top Guns Realty on Lake Conroe
Investment Insights
Based on property information with market context.
This highly sought-after ground floor corner end unit is centrally located in the complex and overlooks the fairway. The property has been completely remodeled and features granite countertops in the kitchen and bath, a custom tiled shower, new bathroom fixtures, fresh paint throughout, and new lighting fixtures. The kitchen and living areas offer an unobstructed fairway view of the 6th fairway, complemented by old-growth coastal oak trees. The shaded patio provides panoramic views of the 6th fairway and beyond, with a prevailing S/E breeze from nearby Aransas Bay. Assigned covered parking with adjacent storage is directly in front of the unit. The property is located close to festivals, shopping, and the beach, offering a coastal bend lifestyle.
Key Highlights
- Ground floor corner end unit with unobstructed fairway views.
- Completely remodeled with granite countertops, custom tiled shower, and new fixtures.
- Assigned covered parking with adjacent storage directly in front of the unit.
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
$4,562
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
2.92%
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%
$91,240
$91.2K
Cap Rate 7%
$65,171
$65.2K
Cap Rate 9%
$50,689
$50.7K
Market Conditions
NOI Build-Up for 557 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
$9.5K $17.04/SF
− Vacancy
−$1.2K −$2.15/SF
EGI
$8.3K $14.89/SF
− OpEx
−$3.7K −$6.70/SF
NOI
$4.6K $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%
$91,240
Cap Rate 7%
$65,171
Cap Rate 9%
$50,689
Alternative Uses
Best Use
Apartment 5plus
$65.2K
$57.0K – $76.0K
NOI $4,562 @ 7.0% cap · market cap 2.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$212.9K
$186.3K – $248.4K
NOI $14,905 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
427
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 - Completely remodeled ground floor unit with fairway views.
Where is this apartment building located?
The property is located at 221 Marion Dr 107C Rockport, TX.
What is the asking price?
The asking price for this property is $156,000.
What are key features of this property?
This property features: Ground floor corner end unit with unobstructed fairway views.; Completely remodeled with granite countertops, custom tiled shower, and new fixtures.; Assigned covered parking with adjacent storage directly in front of the unit.
