Remodeled Five-Unit Apartment
For Sale
$699,000
229 E Spencer, Aransas Pass, TX 78336
Residential Income, Aransas Pass, TX
Property Size4,368 SF
Lot Size0.36 Acres
Price / SF$160.03
Days on Market215
Property Features for 229 E Spencer
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Commercial
Bedrooms
11
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 2, Bedroom 10, Bedroom 5, Bedroom 4, Bedroom 3, Bedroom 11, Bathroom 3, Bathroom 1, Bedroom 1, Bedroom 9, Bathroom 4, Bedroom 7, Bedroom 6, Bedroom 8, Bedroom 2, Bathroom 5
Parking features
Assigned
Subdivision
JH Mccarthys Subd
Lot features
Inside Lot
Elementary school district
APISD
Middle school district
APISD
High school district
APISD
Standard status
Active
Size
4,368 SF
Lot size
0.36 Acres
Amenities
in-unit washer and dryer
dedicated parking
off-street parking
covered parking
Building Details
Floors in Building
1
Number of units
5
Building materials
Frame
Listing Agency:
KEY ALLEGRO REAL ESTATE
(361) 729-3691
Listed By:
James Balleza · License #0688954
(713) 703-0592
Added: Feb 11
Changed: Sep 13
Last Checked: Sep 14 at 7:06PM
MLS# 150554
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 five-unit apartment property contains one 3-bedroom/1-bath residence and four 2-bedroom/1-bath residences within 4,368 square feet. All units have been remodeled and are offered fully furnished. Improvements include new electrical and plumbing systems, individual HVAC, and in-unit washers and dryers. Parking includes assigned spaces, additional off-street parking, and covered parking.
The property occupies 0.3616 acres at 229 E Spencer in Aransas Pass and is zoned Commercial. It sits directly off the main thoroughfare linking downtown Aransas Pass with Port Aransas Island. Full city utilities serve the property, and each unit is separately metered for water, electricity, and gas. The units are currently rented with all bills paid.
The property occupies 0.3616 acres at 229 E Spencer in Aransas Pass and is zoned Commercial. It sits directly off the main thoroughfare linking downtown Aransas Pass with Port Aransas Island. Full city utilities serve the property, and each unit is separately metered for water, electricity, and gas. The units are currently rented with all bills paid.
Key Highlights
- Five‑unit apartment property totaling 4,368 square feet
- Unit mix includes one 3‑bedroom/1‑bath and four 2‑bedroom/1‑bath residences
- Fully remodeled and furnished units with new electrical and plumbing
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
$35,779
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
5.12%
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%
$715,580
$715.6K
Cap Rate 7%
$511,129
$511.1K
Cap Rate 9%
$397,544
$397.5K
Market Conditions
NOI Build-Up for 4,368 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
$74.4K $17.04/SF
− Vacancy
−$9.4K −$2.15/SF
EGI
$65.1K $14.89/SF
− OpEx
−$29.3K −$6.70/SF
NOI
$35.8K $8.19/SF
Area
San Patricio 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%
$715,580
Cap Rate 7%
$511,129
Cap Rate 9%
$397,544
Alternative Uses
Best Use
Apartment 5plus
$511.1K
$447.2K – $596.3K
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
NOI $156,855 @ 7.0% cap · market cap 22.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
387
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
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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 - Fully furnished residences include individual HVAC, in-unit laundry, and assigned parking.
Where is this apartment building 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: Five‑unit apartment property totaling 4,368 square feet; Unit mix includes one 3‑bedroom/1‑bath and four 2‑bedroom/1‑bath residences; Fully remodeled and furnished units with new electrical and plumbing
