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    8416 Main St South Padre Island, TX 78597

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    For Sale
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    Prime 0.7-acre multifamily development site.

    Property size:
    30,492 SF

    Property Features for 8416 Main St

    General Information

    Property type
    Multifamily properties
    Square Feet
    30,492 SF
    Lot Size
    30,492 SF

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    Listing Contact
    Louie Tijerina
    Louie Tijerina

    Listing Agency: CBRE San Antonio Listing Agent: Louie Tijerina

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional 0.7-acre development opportunity in South Padre Island, Texas, presents a unique chance to create a thriving multifamily community. Located at 8416 Main St, zip code 78597, the property boasts a Planned Development District zoning, allowing for up to 25 multifamily units. The versatile zoning also permits the development of townhouses or single-family residences, offering flexibility for various project visions. With a total square footage of 30,492, this site is ideally situated within The Shores Master Planned Community, providing convenient access to the beach and marina. Its prime location is adjacent to the South Padre Island Farmers Market and the South Padre Island Convention Center, ensuring high visibility and attracting potential residents and visitors. The sale is offered as a For Sale By Owner transaction, with a Net Net Net (NNN) lease type anticipated for any future tenants. This presents a compelling investment opportunity for developers seeking to capitalize on the strong demand for residential properties in this desirable coastal location. The property is zoned for multifamily, retail use, and offers a multi-tenancy potential. This is a rare chance to build in a thriving area with excellent amenities and high potential for return on investment.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    South Padre Island
    County
    Cameron
    State
    Texas
    Longitude
    -97.173777449775
    Latitude
    26.150653788276

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    FAQs

    What type of property is this?
    Multifamily property - Prime 0.7-acre multifamily development site.
    Where is this multifamily property located?
    The property is located at 8416 Main St South Padre Island, TX.
    What are key features of this property?
    This property features: 0.7-acre development site in South Padre Island, TX (8416 Main St, 78597).; Planned Development District zoning allows up to 25 multifamily units, townhouses, or single-family homes.; 30,492 square foot lot in The Shores Master Planned Community, near the beach and marina.
    (210) 253-6061 Call to check price and availability
    Request Owner's contact information
    8416 Main St South Padre Island, TX 78597
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    South Padre Island, TX 78597
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    8416 Main St South Padre Island, TX 78597
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