Three-Unit Triplex in Residential
For Sale
$749,000
402 Mesquite St., Fulton, TX 78358
MULTI_FAMILY - Fulton, TX
Property Size3,375 SF
Lot Size0.14 Acres
Price / SF$221.93
Days on Market135
Property Features for 402 Mesquite St.
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-1
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 5, Bedroom 4, Bedroom 1, Bedroom 6, Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 5, Bathroom 1, Bedroom 2, Bathroom 4
Subdivision
Fulton Townsite
Lot features
Corner, Trees
Elementary school district
RFISD
Middle school district
RFISD
High school district
RFISD
Standard status
Active
Size
3,375 SF
Lot size
0.14 Acres
Building Details
Floors in Building
1
Number of units
3
Building materials
Frame, Slab Foundation
Roof type
Composition
Listing Agency:
RE/MAX SECURITY R. E. · RE/MAX International
(361) 729-2256
Listed By:
Audrey Rosenfield · License #0761349
(713) 299-4280
Added: Apr 11
Changed: Aug 4
Last Checked: Aug 23 at 10:06AM
MLS# 155006
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 three-unit triplex at 402 Mesquite St. in Fulton, Texas offers a straightforward income-oriented layout with two 2-bedroom, 2-bath units and one 2-bedroom, 1-bath unit. The property is set on a 0.1435-acre lot and includes 3,375 square feet of space. Construction features frame elements with a slab foundation, and the roof is composition.
The triplex is positioned about two blocks from Aransas Bay, placing it close to the coastal activities and demand associated with Fulton Harbor and Rockport Beach. The surrounding area also includes local restaurants and access to fishing in the Coastal Bend.
With three separate residential units and a mix of bedroom and bath counts, the property supports tenant flexibility for day-to-day residential occupancy needs.
The triplex is positioned about two blocks from Aransas Bay, placing it close to the coastal activities and demand associated with Fulton Harbor and Rockport Beach. The surrounding area also includes local restaurants and access to fishing in the Coastal Bend.
With three separate residential units and a mix of bedroom and bath counts, the property supports tenant flexibility for day-to-day residential occupancy needs.
Key Highlights
- 0.1435‑acre triplex lot at 402 Mesquite St., Fulton, TX 78358
- R‑1 zoning
- 3,375 SF total building area
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
$31,196
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
4.17%
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%
$623,920
$623.9K
Cap Rate 7%
$445,657
$445.7K
Cap Rate 9%
$346,622
$346.6K
Market Conditions
NOI Build-Up for 3,375 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
$50.6K $15.00/SF
− Vacancy
−$6.1K −$1.80/SF
EGI
$44.6K $13.20/SF
− OpEx
−$13.4K −$3.96/SF
NOI
$31.2K $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%
$623,920
Cap Rate 7%
$445,657
Cap Rate 9%
$346,622
Alternative Uses
Best Use
Multifamily LT 5
$445.7K
$390.0K – $519.9K
NOI $31,196 @ 7.0% cap · market cap 4.17%
Second Best
Apartment 5plus
$394.9K
$345.6K – $460.8K
NOI $27,645 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,312 @ 7.0% cap · market cap 12.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
Explore this area
Business Placement
Demographics for 78358, TX
1,137
Population
528
Households
2.2
Avg Household Size
60
Median Age
35%
College-Educated
97%
High-School Grad
0.8 sq mi
ZIP Area
1,421
Density / Sq Mi
$75,694
Median Household Income
$38,750
Median Earnings
$1,175
Median Rent
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 - R-1 zoned triplex with three units: two two-bedroom two-bath and one two-bedroom one-bath layout.
Where is this triplex located?
The property is located at 402 Mesquite St. Fulton, TX.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 0.1435‑acre triplex lot at 402 Mesquite St., Fulton, TX 78358; R‑1 zoning; 3,375 SF total building area
