Two-Story Duplex with Rental
For Sale
Contact for pricing
Pending
3200 Padre Boulevard, South Padre Island, TX 78597
Two residential units provide separate kitchens, living areas, storage, and individual HVAC systems.
Property Size2,688 SF
Days on Market455
Property Features for 3200 Padre Boulevard
General Information
Standard status
Pending
Size
2,688 SF
Total Parking Spaces
8
Property subtype
Multifamily
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
1985
Buildings
1
Stories
2
Units
3
Construction
block and stucco
Listing Agency:
Black Rock CRE
Listed By:
Rene Alcala · License #741991
Source:
Crexi
Added: Jun 5, 2025
Changed: Aug 30
Last Checked: Sep 1 at 12:34AM
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 Black Rock CRE
Investment Insights
Based on property information with market context.
Built in 1985, this two-story duplex contains two three-bedroom, two-bath residences created through the conversion of an earlier commercial building. Each unit includes a kitchen, dining area, living room, bonus storage space, granite countertops, tile flooring, and its own HVAC system. Solid block-and-stucco construction and a commercial-grade roof add durable building components.
The property is located at 3200 Padre Boulevard in South Padre Island, with Beach Access 10, shops, restaurants, and the beach described as walkable from the site. It is currently operated as a short-term rental. The existing configuration also supports owner occupancy of one unit while renting the other, or investigation of a future return to commercial use.
The property is located at 3200 Padre Boulevard in South Padre Island, with Beach Access 10, shops, restaurants, and the beach described as walkable from the site. It is currently operated as a short-term rental. The existing configuration also supports owner occupancy of one unit while renting the other, or investigation of a future return to commercial use.
Key Highlights
- Two‑unit duplex with 3 bed / 2 bath layouts
- Each unit measures 1,421 SF; source also reports 2,842 SF total
- Individual HVAC systems, granite countertops, and tile flooring in both 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
$22,177
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
3.31%
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%
$443,540
$443.5K
Cap Rate 7%
$316,814
$316.8K
Cap Rate 9%
$246,411
$246.4K
Market Conditions
NOI Build-Up for 2,688 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
$33.9K $12.60/SF
− Vacancy
−$2.2K −$0.81/SF
EGI
$31.7K $11.79/SF
− OpEx
−$9.5K −$3.54/SF
NOI
$22.2K $8.25/SF
Area
Cameron County, TX
Vacancy
6.46%
Lease Rate
$12.60 /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%
$443,540
Cap Rate 7%
$316,814
Cap Rate 9%
$246,411
Alternative Uses
Best Use
Multifamily LT 5
$316.8K
$277.2K – $369.6K
NOI $22,177 @ 7.0% cap · market cap 3.31%
Second Best
Apartment 5plus
$290.5K
$254.2K – $339.0K
NOI $20,337 @ 7.0% cap · market cap 3.04%
Theoretical Best
Healthcare Medical
$462.8K
$405.0K – $540.0K
NOI $32,398 @ 7.0% cap · market cap 4.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
562
Businesses Nearby
Explore this area
Business Placement
Demographics for 78597, TX
2,479
Population
5,895
Households
0.4
Avg Household Size
56
Median Age
53%
College-Educated
92%
High-School Grad
8.8 sq mi
ZIP Area
282
Density / Sq Mi
$61,357
Median Household Income
$36,843
Median Earnings
$1,421
Median Rent
$508,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units provide separate kitchens, living areas, storage, and individual HVAC systems.
Where is this duplex located?
The property is located at 3200 Padre Boulevard South Padre Island, TX.
What is the asking price?
The asking price for this property is $670,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bed / 2 bath layouts; Each unit measures 1,421 SF; source also reports 2,842 SF total; Individual HVAC systems, granite countertops, and tile flooring in both units
