Gated Six-Unit Apartment
For Sale
$799,000
419 W Concho, Rockport, TX 78382
MULTI_FAMILY - ROCKPORT, TX
Property Size5,310 SF
Lot Size0.56 Acres
Price / SF$150.47
Days on Market219
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 5, Bathroom 5, Bathroom 4, Bedroom 2, Bedroom 6, Bedroom 4, Bathroom 3, Bathroom 7, Bedroom 10, Bedroom 3, Bathroom 10, Bedroom 1, Bedroom 7, Bathroom 8, Bathroom 1, Bathroom 9, Bathroom 2, Bedroom 9, Bathroom 6, Bedroom 8
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 patio
storage building
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: Aug 4
Last Checked: Aug 30 at 12:06AM
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.
This gated apartment community contains six detached residential units built in 2013. The property is fully fenced and provides residents with gated, coded access. Each unit features two bedrooms plus a loft-style sleeping area, along with a spacious primary suite, generously sized kitchens, and soaring ceilings that create an open feel. Residents also benefit from a large covered front patio and dedicated exterior storage connected to each unit. The community includes slab foundation construction, assigned parking, and a cohesive cottage-style layout.
The portfolio is offered under single ownership as a package sale only. The property is located at 419 W Concho in Rockport, Texas, on a 0.56-acre lot and is provided with composition roofing.
With six doors under one ownership, the configuration supports long-term rental operations and also offers flexibility for short-term rental use where applicable.
The portfolio is offered under single ownership as a package sale only. The property is located at 419 W Concho in Rockport, Texas, on a 0.56-acre lot and is provided with composition roofing.
With six doors under one ownership, the configuration supports long-term rental operations and also offers flexibility for short-term rental use where applicable.
Key Highlights
- Six detached units within a fenced, gated community with coded resident access
- Built in 2013 apartment community with two bedrooms plus loft‑style sleeping area in each unit
- 0.56‑acre lot and 5,310 SF total property size
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
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six detached, fenced units with gated, coded access, built in 2013, each with covered patio and storage.
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: Six detached units within a fenced, gated community with coded resident access; Built in 2013 apartment community with two bedrooms plus loft‑style sleeping area in each unit; 0.56‑acre lot and 5,310 SF total property size
