Four-Unit Multifamily
New
For Sale
$299,000
223 S 8th St, Aransas Pass, TX 78336
Four separate residences across three lots, including renovated cottages and a duplex with one occupied unit.
Property Size2,726 SF
Price / SF$109.68
Days on Market6
Property Features for 223 S 8th St
General Information
Standard status
Active
Size
2,726 SF
Property subtype
Multi-Family
Building Details
Year Built
1946
Listing Agency:
J. Michelle Realty, LLC
Listed By:
Jennifer Pace · License #0766088
(903) 521-9657
Source:
Thebranchinc
Added: Sep 7
Last Checked: Sep 12 at 12:04PM
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 J. Michelle Realty, LLC
Investment Insights
Based on property information with market context.
This multifamily property brings together four separate residences across three lots at 223, 225, and 229 S 8th Street. The configuration includes a one-bedroom, one-bath cottage, a two-bedroom, one-bath cottage, and a duplex containing two additional two-bedroom, one-bath units. The cottages have been recently renovated. The duplex includes storage areas beneath each unit, and one unit is currently occupied by a tenant.
The property contains 2,726 square feet and was built in 1946. Its Aransas Pass setting places it within the Texas Coastal Bend, with Rockport, Port Aransas, Ingleside, and Corpus Christi in the surrounding area. Fishing, boating, shopping, and restaurants are identified as nearby area amenities. Short-term rental use, zoning, permitting, and intended use require independent verification with the City of Aransas Pass.
The property contains 2,726 square feet and was built in 1946. Its Aransas Pass setting places it within the Texas Coastal Bend, with Rockport, Port Aransas, Ingleside, and Corpus Christi in the surrounding area. Fishing, boating, shopping, and restaurants are identified as nearby area amenities. Short-term rental use, zoning, permitting, and intended use require independent verification with the City of Aransas Pass.
Key Highlights
- Four residential units distributed across three lots
- Unit mix includes 1‑bedroom and 2‑bedroom residences
- 2,726 square feet across the property
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
$25,197
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
8.43%
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%
$503,940
$503.9K
Cap Rate 7%
$359,957
$360.0K
Cap Rate 9%
$279,967
$280.0K
Market Conditions
NOI Build-Up for 2,726 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
$40.9K $15.00/SF
− Vacancy
−$4.9K −$1.80/SF
EGI
$36.0K $13.20/SF
− OpEx
−$10.8K −$3.96/SF
NOI
$25.2K $9.24/SF
Area
San Patricio County, TX
Vacancy
11.97%
Lease Rate
$15.00 /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%
$503,940
Cap Rate 7%
$359,957
Cap Rate 9%
$279,967
Alternative Uses
Best Use
Multifamily LT 5
$360.0K
$315.0K – $420.0K
NOI $25,197 @ 7.0% cap · market cap 8.43%
Second Best
Apartment 5plus
$319.0K
$279.1K – $372.2K
NOI $22,329 @ 7.0% cap · market cap 7.47%
Theoretical Best
Hotel Hospitality
$1.40M
$1.22M – $1.63M
NOI $97,891 @ 7.0% cap · market cap 32.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
454
Businesses Nearby
Explore this area
Business Placement
Demographics for 78336, TX
12,009
Population
6,577
Households
1.8
Avg Household Size
45
Median Age
16%
College-Educated
87%
High-School Grad
60.0 sq mi
ZIP Area
200
Density / Sq Mi
$58,536
Median Household Income
$37,297
Median Earnings
$1,182
Median Rent
$204,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Four separate residences across three lots, including renovated cottages and a duplex with one occupied unit.
Where is this multifamily property located?
The property is located at 223 S 8th St Aransas Pass, TX.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Four residential units distributed across three lots; Unit mix includes 1‑bedroom and 2‑bedroom residences; 2,726 square feet across the property
