Three-Cottage
For Sale
$299,500
402 E Nopal St, Rockport, TX 78382
Three separate cottages occupy a corner parcel near Rockport’s beach, downtown, and maritime museum.
Property Size1,933 SF
Price / SF$154.94
Days on Market12
Property Features for 402 E Nopal St
General Information
Standard status
Active
Size
1,933 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Amenities
privacy fenced back yards
Building Details
Year Built
1940
Buildings
3
Listing Agency:
Kuper Sotheby's Intl Realty
(361) 229-5206
Listed By:
Glenda Merrell · License #0751738
Source:
Thebranchinc
Added: Aug 19
Changed: Aug 29
Last Checked: Aug 29 at 2:12PM
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 Kuper Sotheby's Intl Realty
Investment Insights
Based on property information with market context.
This triplex consists of three individual cottages totaling 1,933 square feet on a corner lot. The property was built in 1940 and includes vinyl flooring along with a roof installed in 2018. Units 2 and 3 each have a privacy-fenced backyard. The property is being sold as-is.
Located at 402 E Nopal St in Rockport, the cottages are less than 2 miles from the beach, downtown, and the maritime museum. The configuration supports separate occupancy across the three residences, with the potential to combine personal use and rental operations as permitted by the applicable requirements.
Located at 402 E Nopal St in Rockport, the cottages are less than 2 miles from the beach, downtown, and the maritime museum. The configuration supports separate occupancy across the three residences, with the potential to combine personal use and rental operations as permitted by the applicable requirements.
Key Highlights
- Three individual cottages configured as a triplex
- 1,933 square feet on a corner lot
- Roof installed in 2018
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
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
633
Businesses Nearby
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 occupy a corner parcel near Rockport’s beach, downtown, and maritime museum.
Where is this triplex located?
The property is located at 402 E Nopal St 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 configured as a triplex; 1,933 square feet on a corner lot; Roof installed in 2018
