Four-Unit Multifamily
For Sale
$299,000
223 S 8th Street, Aransas Pass, TX 78336
Residential, Aransas Pass, TX
Property Size2,726 SF
Lot Size0.24 Acres
Price / SF$109.68
Days on Market9
Property Features for 223 S 8th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Off Street
Interior features
OpenFloorplan, WindowTreatments, BreakfastBar
Appliances
Dishwasher
Subdivision
City of Aransas Pass Townsite
Lot features
Interior Lot, Landscaped
Elementary school
Aransas Pass
Middle school
Aransas Pass
High school
Aransas Pass
Elementary school district
Aransas County ISD
Middle school district
Aransas County ISD
High school district
Aransas County ISD
Standard status
Active
APN
57059
Size
2,726 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
City of Aransas Pass Townsite Blk 289 Lot 6, 7 & 8
Legal Description
City of Aransas Pass Townsite Blk 289 Lot 6, 7 & 8
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Ductless (Heating), Natural Gas
Cooling system
Window Unit(s), Gas (Cooling), Ductless, Electric
Water source
Public
Building Details
Year built
1946
Floors in Building
2
Flooring type
Vinyl
Roof type
Flat, Shingle
Listing Agency:
J. Michelle Realty, LLC
(361) 489-9904
Listed By:
Jennifer Pace · License #0766088
(903) 521-9657
Added: Sep 3
Changed: Sep 10
Last Checked: Sep 11 at 12:06PM
MLS# 481813
Copyright © 2026 South Texas Multiple Listing Service, LLC. 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 multifamily property combines four separate living spaces across three lots totaling 0.24 acres. The configuration includes a 1-bedroom/1-bath cottage, a 2-bedroom/1-bath cottage, and a duplex containing two additional 2-bedroom/1-bath units. The property encompasses 2,726 square feet and was built in 1946. Both cottages have been recently renovated, while one duplex unit is tenant occupied. Each duplex unit also has potential for separate storage beneath the building.
The property is located at 223, 225, and 229 S 8th Street in Aransas Pass, within the Texas Coastal Bend. Rockport, Port Aransas, Ingleside, and Corpus Christi are identified as surrounding-area destinations, with fishing, boating, shopping, and restaurants also noted nearby. Public water and public sewer serve the property, and parking is provided off street. Short-term rental use, zoning, permitting, and intended use should be independently verified with the City of Aransas Pass.
The property is located at 223, 225, and 229 S 8th Street in Aransas Pass, within the Texas Coastal Bend. Rockport, Port Aransas, Ingleside, and Corpus Christi are identified as surrounding-area destinations, with fishing, boating, shopping, and restaurants also noted nearby. Public water and public sewer serve the property, and parking is provided off street. Short-term rental use, zoning, permitting, and intended use should be independently verified with the City of Aransas Pass.
Key Highlights
- Four residential units across three lots totaling 0.24 acres
- 2,726 square feet with a 1946 construction year
- Unit mix includes one 1‑bedroom/1‑bath cottage and three 2‑bedroom/1‑bath units
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily 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?
Multifamily property - Three-lot residential compound with renovated cottages, a duplex, off-street parking, and public utilities.
Where is this multifamily property located?
The property is located at 223 S 8th Street 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 across three lots totaling 0.24 acres; 2,726 square feet with a 1946 construction year; Unit mix includes one 1‑bedroom/1‑bath cottage and three 2‑bedroom/1‑bath units
