5-Unit Apartment
229 E Spencer, Aransas Pass, TX 78336
For Sale
$699,000
Commercial Sale, Aransas Pass, TX
Property Size4,368 SF
Price / SF$160.03
Days on Market276
Property Features for 229 E Spencer
General Information
Property type
Property subtype
Zoning
Subdivision
Elementary school district
Middle school district
High school district
Standard status
Size
Additional Details
Tenant in Place
Individually Metered Utilities
Amenities
in-unit washer/dryer
individual HVAC
dedicated parking
off-street parking
covered parking
Building Details
Year built
Floors in Building
Number of units
Listing Agency:
KEY ALLEGRO REAL ESTATE
(361) 729-3691
Listed By:
James Balleza · License TX #0688954
(713) 703-0592
Added: Feb 11
Changed: Nov 4
Last Checked: Nov 13 at 5:06AM
MLS# 150553
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.
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Investment Insights
Based on property information with market context.
Five furnished rental cabins comprise this 4,368-square-foot apartment property at 229 E Spencer in Aransas Pass. The unit mix includes one 3-bedroom, 1-bath cabin and four 2-bedroom, 1-bath cabins. Renovations include updated electrical and plumbing, with individual HVAC systems in each unit. Every cabin has an in-unit washer and dryer, and the property provides dedicated parking, additional off-street spaces, and covered parking.
The property is zoned Commercial and was built in 1945. Each unit has separate water, electricity, and gas meters. The cabins are currently rented with all bills paid.
The property is zoned Commercial and was built in 1945. Each unit has separate water, electricity, and gas meters. The cabins are currently rented with all bills paid.
Key Highlights
- Five cabins: one 3‑bedroom/1‑bath unit and four 2‑bedroom/1‑bath units
- 4,368 square feet; built in 1945
- Renovations include new electrical and plumbing, plus individual HVAC in each cabin
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,779
Cap Rate
5.12%
Suggested Prices Based on Cap Rates
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
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 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
Office A
$1.23M
$1.08M – $1.44M
NOI $86,174 @ 7.0% cap · market cap 12.33%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Five furnished, renovated cabins have separate utility meters, individual HVAC systems, and dedicated 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 cabins: one 3‑bedroom/1‑bath unit and four 2‑bedroom/1‑bath units; 4,368 square feet; built in 1945; Renovations include new electrical and plumbing, plus individual HVAC in each cabin
