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    Remodeled Coastal Cabins Investment Opportunity Title is generated by Realmo AI

    229 E Spencer, Aransas Pass, TX 78336

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    Claim this Listing
    For Sale
    $699,000

    MULTI_FAMILY - Aransas Pass, TX

    Property size:
    4,368 SF
    Lot size:
    0.36 Acres
    Price / SF:
    $160/SF
    Added:
    Feb 11, 2026
    Days on Market:
    101
    Last Refresh:
    May 23 at 4:06 pm

    Property Features for 229 E Spencer

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Commercial
    Bedrooms
    11
    Bathrooms
    5
    Rooms
    Bedroom 10, Bedroom 11, Bathroom 5, Bathroom 4, Bedroom 6, Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 7, Bedroom 9, Bathroom 2, Bedroom 2, Bedroom 5, Bedroom 8, Bedroom 3, Bathroom 3
    Parking features
    Assigned
    Standard status
    Active
    Size
    4,368 SF
    Lot size
    0.36 Acres

    Building Details

    Floors in Building
    1
    Number of units
    5
    Building materials
    Frame

    We can help!

    Listing Contact
    James Balleza

    Listing agent James Balleza License #0688954

    Listing office KEY ALLEGRO REAL ESTATE 1798 BAYSHORE DRIVE, Rockport, TX

    Listing date Feb 11, 2026

    MLS# 150554 Listing URL

    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.

    HighLights

    • Income‑producing property with five fully remodeled coastal cabins, offering immediate cash flow.
    • Prime location in Aransas Pass's growth corridor with excellent visibility.
    • Turnkey investment: fully furnished units with a mix of 3‑bedroom and 2‑bedroom layouts.
    • Each unit includes in‑unit washer/dryer, dedicated parking, additional off‑street parking, and covered parking.
    • Individually metered for water, electricity, and gas.
    • Fully renovated with new electrical, plumbing, and individual HVAC systems.

    Overview

    This income-producing property is located in Aransas Pass, Texas, within the city's growth corridor. It features five fully remodeled coastal cabins, offering immediate cash flow potential. The property benefits from full city utilities and strong visibility. Each cottage has been renovated with new electrical, plumbing, and individual HVAC systems. Units include in-unit washer and dryer, dedicated parking, additional off-street parking, and covered parking. The property is located directly off the main thoroughfare connecting downtown Aransas Pass to Port Aransas Island. The unit mix includes one 3-bedroom/1-bath unit and four 2-bedroom/1-bath units, all updated and fully furnished. While currently rented all bills paid, each cabin is individually metered for water, electricity, and gas. The property is situated on a 0.3616-acre lot. The property size is 4368 square feet. The property is zoned for commercial use. It is positioned as a turnkey investment ready for immediate operation.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $397.5K
    NOI $35,779 @ 9.00% cap · cautious / downside scenario
    Moderate
    $511.1K
    NOI $35,779 @ 7.00% cap · market / base-case scenario
    Aggressive
    $715.6K
    NOI $35,779 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $74.4k $17.04
    − Vacancy −$9.4k −$2.15
    EGI $65.1k $14.89
    − OpEx −$29.3k −$6.70
    NOI $35.8k $8.19
    4,368 SF · lease $17.04/SF/yr · vacancy 12.60% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $511.1K
    $447.2K – $596.3K (±1% cap)
    NOI $35,779 @ 7.0% cap · market cap 5.12%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Hotel Hospitality
    $2.24M
    $1.96M – $2.61M (±1% cap)
    NOI $156,855 @ 7.0% cap · market cap 22.44%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Aransas Pass
    County
    San Patricio
    State
    Texas
    Longitude
    -97.1507121
    Latitude
    27.8989227

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    FAQs

    What type of property is this?
    Short term rental property - Income-producing, fully remodeled coastal cabins in Aransas Pass, TX.
    Where is this short term rental property located?
    The property is located at 229 E Spencer Aransas Pass, TX.
    What is the asking price?
    The asking price for this property is $699,000.
    What are key features of this property?
    This property features: Income‑producing property with five fully remodeled coastal cabins, offering immediate cash flow.; Prime location in Aransas Pass's growth corridor with excellent visibility.; Turnkey investment: fully furnished units with a mix of 3‑bedroom and 2‑bedroom layouts.
    (713) 703-0592
    We can help!
    Listing Contact
    James Balleza
    Real Estate License ID: 0688954
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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