6-Unit Cottage Apartment
For Sale
$799,000
419 W Concho, Rockport, TX 78382
Residential Income, ROCKPORT, TX
Property Size5,310 SF
Lot Size0.56 Acres
Price / SF$150.47
Days on Market234
Property Features for 419 W Concho
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R
Bedrooms
10
Bathrooms
10
Full bathrooms
10
Rooms
Bedroom 10, Bedroom 3, Bedroom 8, Bedroom 7, Bathroom 3, Bathroom 4, Bathroom 7, Bathroom 1, Bathroom 10, Bedroom 2, Bedroom 4, Bathroom 6, Bathroom 5, Bedroom 6, Bedroom 9, Bathroom 2, Bathroom 8, Bedroom 5, Bedroom 1, Bathroom 9
Parking features
Assigned
Subdivision
Concho Place Condominiums
Lot features
Gated Community, Inside Lot, Trees
Elementary school district
RFISD
Middle school district
RFISD
High school district
RFISD
Standard status
Active
Size
5,310 SF
Lot size
0.56 Acres
Amenities
gated community
covered front patio
storage building
fully fenced
Building Details
Floors in Building
2
Number of units
6
Building materials
Slab Foundation
Roof type
Composition
Listing Agency:
eXp Realty, LLC
(888) 519-7431
Listed By:
TRACI POTEET · License #542556
(361) 557-4325
Added: Jan 23
Changed: Sep 12
Last Checked: Sep 14 at 5:06PM
MLS# 150411
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.
Built in 2013, this 6-unit apartment property consists of detached cottage-style residences totaling 5310 square feet. Each unit includes 2 bedrooms, a loft-style sleeping area, a primary suite, a kitchen, high ceilings, a covered front patio, and a dedicated exterior storage building. The improvements have slab foundations and composition roofs.
The property occupies 0.56 acres at 419 W Concho in Rockport, Texas. It is fully fenced and includes gated, coded resident access, gravel off-street parking, and assigned parking features. Zoning is R. The property is offered as a package sale only, with showings available by appointment under acceptable terms.
The property occupies 0.56 acres at 419 W Concho in Rockport, Texas. It is fully fenced and includes gated, coded resident access, gravel off-street parking, and assigned parking features. Zoning is R. The property is offered as a package sale only, with showings available by appointment under acceptable terms.
Key Highlights
- 6 detached apartment units under single ownership
- Each unit includes 2 bedrooms plus a loft‑style sleeping area
- 5310 square feet on a 0.56‑acre site
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
$43,495
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
5.44%
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%
$869,900
$869.9K
Cap Rate 7%
$621,357
$621.4K
Cap Rate 9%
$483,278
$483.3K
Market Conditions
NOI Build-Up for 5,310 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
$90.5K $17.04/SF
− Vacancy
−$11.4K −$2.15/SF
EGI
$79.1K $14.89/SF
− OpEx
−$35.6K −$6.70/SF
NOI
$43.5K $8.19/SF
Area
Aransas 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 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%
$869,900
Cap Rate 7%
$621,357
Cap Rate 9%
$483,278
Alternative Uses
Best Use
Apartment 5plus
$621.4K
$543.7K – $724.9K
NOI $43,495 @ 7.0% cap · market cap 5.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,092 @ 7.0% cap · market cap 17.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
448
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Detached residences feature loft sleeping areas, covered patios, and individual exterior storage buildings.
Where is this apartment building located?
The property is located at 419 W Concho Rockport, TX.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 6 detached apartment units under single ownership; Each unit includes 2 bedrooms plus a loft‑style sleeping area; 5310 square feet on a 0.56‑acre site
