Apartment Building with Duplex and
For Sale
$1,700,000
609 W Liberty Street, Rockport, TX 78382
MULTI_FAMILY - Rockport, TX
Property Size6,950 SF
Lot Size0.99 Acres
Price / SF$244.60
Days on Market104
Property Features for 609 W Liberty Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
19
Bathrooms
12
Full bathrooms
12
Rooms
Bathroom 7, Bedroom 12, Bathroom 11, Bathroom 4, Bedroom 6, Bathroom 8, Bathroom 6, Bedroom 16, Bedroom 7, Bedroom 1, Bedroom 4, Bathroom 2, Bathroom 3, Bedroom 10, Bedroom 14, Bedroom 2, Bedroom 13, Bathroom 9, Bathroom 1, Bedroom 5, Bedroom 3, Bedroom 11, Bedroom 17, Bedroom 18, Bathroom 12, Bedroom 8, Bathroom 10, Bedroom 19, Bedroom 15, Bathroom 5, Bedroom 9
Parking
20
Parking features
Assigned, RV, Off Street
Patio and Porch features
Patio
Interior features
WindowTreatments
Exterior features
Storage
Appliances
Dishwasher, FreeStandingRange
Subdivision
Cathys Cottages
Lot features
Interior Lot
Elementary school
Fulton
Middle school
RockportFulton
High school
RockportFulton
Elementary school district
Aransas County ISD
Middle school district
Aransas County ISD
High school district
Aransas County ISD
Standard status
Active
APN
1015001001000
Size
6,950 SF
Lot size
0.99 Acres
Taxes and HOA fees
Tax Description
CATHY'S COTTAGES, BLOCK 1, LOT 1
Tax Annual Amount
9045
Legal Description
CATHY'S COTTAGES, BLOCK 1, LOT 1
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1995
Floors in Building
1
Flooring type
Vinyl, Laminate
Building materials
Frame, WoodSiding
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
Lisa Whitehurse, Broker
(361) 461-1997
Listed By:
Lisa Whitehurse · License #0490326
(361) 461-1997
Added: May 1
Changed: Aug 4
Last Checked: Aug 12 at 5:06PM
MLS# 476220
Copyright © 2026 South Texas Multiple Listing Service, LLC. 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.
Apartment building with 10 rental units in Rockport, Texas, built in 1995. The mix includes 1 duplex unit (2 bed/1 bath) with an enclosed porch, plus 4 cottage units operating as AIRBNB and ready for rental, along with 4 separate cottages designated for long-term rental. The duplex received a new roof.
The property sits on a 0.99-acre lot and totals 6,950 square feet. Construction is frame with wood siding, and the roof is shingle. Heating is electric with central systems, and cooling is central air. Public water and public sewer services are available.
On-site parking includes off-street, RV, and assigned spaces. Exterior features include storage, and the home includes a patio and window treatments. Appliances referenced for the units include a dishwasher and a free-standing range. A small shed and two shipping containers remain unfinished and could potentially total two more units.
The property sits on a 0.99-acre lot and totals 6,950 square feet. Construction is frame with wood siding, and the roof is shingle. Heating is electric with central systems, and cooling is central air. Public water and public sewer services are available.
On-site parking includes off-street, RV, and assigned spaces. Exterior features include storage, and the home includes a patio and window treatments. Appliances referenced for the units include a dishwasher and a free-standing range. A small shed and two shipping containers remain unfinished and could potentially total two more units.
Key Highlights
- 10 rental units: 1 duplex (2 bed/1 bath with enclosed porch), 4 AIRBNB cottages ready, 4 long‑term cottages
- New roof on the duplex
- 0.99‑acre lot with 6,950 SF building
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
$56,928
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
3.35%
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%
$1,138,560
$1.1M
Cap Rate 7%
$813,257
$813.3K
Cap Rate 9%
$632,533
$632.5K
Market Conditions
NOI Build-Up for 6,950 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
$118.4K $17.04/SF
− Vacancy
−$14.9K −$2.15/SF
EGI
$103.5K $14.89/SF
− OpEx
−$46.6K −$6.70/SF
NOI
$56.9K $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%
$1,138,560
Cap Rate 7%
$813,257
Cap Rate 9%
$632,533
Alternative Uses
Best Use
Apartment 5plus
$813.3K
$711.6K – $948.8K
NOI $56,928 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.66M
$2.32M – $3.10M
NOI $185,977 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
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?
Apartment building - Apartment building offering 10 rental units, including a duplex with a new roof and multiple cottage units.
Where is this apartment building located?
The property is located at 609 W Liberty Street Rockport, TX.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 10 rental units: 1 duplex (2 bed/1 bath with enclosed porch), 4 AIRBNB cottages ready, 4 long‑term cottages; New roof on the duplex; 0.99‑acre lot with 6,950 SF building
