Triplex Cottages on Corner
For Sale
$299,500
402 406 408 E Nopal, Rockport, TX 78382
MULTI_FAMILY - ROCKPORT, TX
Property Size1,933 SF
Lot Size0.19 Acres
Price / SF$154.94
Days on Market468
Property Features for 402 406 408 E Nopal
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-2
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 3, Bedroom 5, Bedroom 1, Bathroom 2, Bedroom 2
Parking features
Paved or Surfaced
Subdivision
Smith and Wood
Lot features
Corner, Inside Lot, Trees
Elementary school district
Rockport-Fulton
Middle school district
Rockport-Fulton
High school district
Rockport-Fulton
Standard status
Active
Size
1,933 SF
Lot size
0.19 Acres
Building Details
Number of units
3
Building materials
Pier/Beam
Roof type
Composition
Listing Agency:
KEY ALLEGRO REAL ESTATE
(361) 729-3691
Listed By:
Glenda Merrell · License #0751738
(361) 229-5206
Added: Apr 27, 2025
Changed: Aug 2
Last Checked: Aug 7 at 2:06PM
MLS# 147936
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 triplex consists of three individual cottages on a corner lot, positioned for rental use with separate units. The property includes vinyl flooring, and a new roof was added in 2018. Unit 2 (yellow house) and unit 3 (blue house) both feature privacy fenced back yards. The property is being sold AS IS.
The cottages are identified as 402, 406, and 408 E Nopal in Rockport, Texas. The surrounding area is described as being a golf cart ride from Rockport’s attractions, with the beach, downtown, and the maritime museum less than 2 miles away.
Construction is pier/beam with a composition roof. Parking is described as paved or surfaced, and the property sits on a 0.1881-acre lot with a total size of 1,933 square feet.
The cottages are identified as 402, 406, and 408 E Nopal in Rockport, Texas. The surrounding area is described as being a golf cart ride from Rockport’s attractions, with the beach, downtown, and the maritime museum less than 2 miles away.
Construction is pier/beam with a composition roof. Parking is described as paved or surfaced, and the property sits on a 0.1881-acre lot with a total size of 1,933 square feet.
Key Highlights
- Three individual cottages on a corner lot at 402, 406, and 408 E Nopal
- R‑2 zoning
- New roof in 2018 and vinyl flooring throughout
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
$17,867
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
5.97%
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%
$357,340
$357.3K
Cap Rate 7%
$255,243
$255.2K
Cap Rate 9%
$198,522
$198.5K
Market Conditions
NOI Build-Up for 1,933 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
$29.0K $15.00/SF
− Vacancy
−$3.5K −$1.80/SF
EGI
$25.5K $13.20/SF
− OpEx
−$7.7K −$3.96/SF
NOI
$17.9K $9.24/SF
Area
Aransas 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%
$357,340
Cap Rate 7%
$255,243
Cap Rate 9%
$198,522
Alternative Uses
Best Use
Multifamily LT 5
$255.2K
$223.3K – $297.8K
NOI $17,867 @ 7.0% cap · market cap 5.97%
Second Best
Apartment 5plus
$226.2K
$197.9K – $263.9K
NOI $15,833 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$738.9K
$646.6K – $862.1K
NOI $51,726 @ 7.0% cap · market cap 17.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
Explore this area
Business Placement
Demographics for 78382, TX
19,432
Population
13,048
Households
1.5
Avg Household Size
53
Median Age
30%
College-Educated
92%
High-School Grad
79.9 sq mi
ZIP Area
243
Density / Sq Mi
$63,434
Median Household Income
$38,741
Median Earnings
$1,147
Median Rent
$238,200
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?
Triplex - Three separate cottages on a corner lot in R-2 zoning, with vinyl flooring and a new roof added in 2018.
Where is this triplex located?
The property is located at 402 406 408 E Nopal Rockport, TX.
What is the asking price?
The asking price for this property is $299,500.
What are key features of this property?
This property features: Three individual cottages on a corner lot at 402, 406, and 408 E Nopal; R‑2 zoning; New roof in 2018 and vinyl flooring throughout
