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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    106 Corral St South Padre Island, TX 78597

    • Small apartment buildings
    • 4,500 SF
    For Sale
    View listing
    $2,900,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-1388147
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Small apartment buildings

    Property Details for 106 Corral St

    Year built
    2024
    Property size
    4,500 SF
    Property type
    Small apartment buildings

    Description

    This exceptional 17-unit apartment building, completed in 2024, presents a lucrative investment opportunity in South Padre Island, Texas. Located at 106 W Corral Street, this property boasts 4,500 square feet of living space spread across nine buildings situated on a 14,170.93 square foot lot. Each of the seventeen units is a studio apartment, fully furnished and equipped with modern appliances and Wi-Fi, making them ideal for both short-term and long-term rentals. The complex offers significant convenience with a private pool and a dedicated laundry building. Security cameras provide peace of mind for both owners and tenants. The property's prime location, just steps from South Padre Island's vibrant entertainment district, ensures high occupancy rates and strong rental income potential. This turnkey operation in the highly desirable 78597 zip code offers an excellent return on investment in a rapidly growing area. The asking price for this exceptional multifamily property is $2,900,000. This is a rare opportunity to acquire a brand-new, fully operational income-generating asset in a prime South Texas location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    South Padre Island
    County
    Cameron
    State
    Texas
    Longitude
    -97.1669175
    Latitude
    26.098406

    Comparable in this City

    • $2,495,000

      Gulf Boulevard Beachfront Triplex

      Prime South Padre Island investment opportunity.
      5312 Gulf Blvd, South Padre Island, TX 78597
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    • $1,500,000
      3,506 SF

      South Padre Island Duplex Investment

      Luxury 2-unit beachfront duplex, high rental income.
      112 Dolphin Ln, South Padre Island, TX 78597
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    • $765,000

      Beachfront Duplex Investment Opportunity

      South Padre Island Duplex - Prime Location
      129 Gardenia St, South Padre Island, TX 78597
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    • $2,900,000
      Pending

      South Padre Island Studio Apartments

      17-unit studio apartment property near South Padre Island entertainment district.
      106 W Corral St, South Padre Island, TX 78597
      View Details
    • $2,900,000
      4,800 SF

      South Padre Island Studio Apartments

      17-unit studio apartment property near South Padre Island entertainment district.
      106 Corral St, South Padre Island, TX 78597
      View Details
    • $930,000
      2,962 SF

      Renovated Apartments Near Bay

      Fully renovated apartments plus studio, steps from the bay.
      107 W Mars Ln, South Padre Island, TX 78597
      View Details

    Similar Nearby for Sale

    • $765,000

      Beachfront Duplex Investment Opportunity

      South Padre Island Duplex - Prime Location
      129 Gardenia St, South Padre Island, TX 78597
      View Details
    • $2,495,000

      Gulf Boulevard Beachfront Triplex

      Prime South Padre Island investment opportunity.
      5312 Gulf Blvd, South Padre Island, TX 78597
      View Details
    • $1,500,000
      3,506 SF

      South Padre Island Duplex Investment

      Luxury 2-unit beachfront duplex, high rental income.
      112 Dolphin Ln, South Padre Island, TX 78597
      View Details
    • $2,900,000
      Pending

      South Padre Island Studio Apartments

      17-unit studio apartment property near South Padre Island entertainment district.
      106 W Corral St, South Padre Island, TX 78597
      View Details
    • $2,900,000
      4,800 SF

      South Padre Island Studio Apartments

      17-unit studio apartment property near South Padre Island entertainment district.
      106 Corral St, South Padre Island, TX 78597
      View Details
    • $930,000
      2,962 SF

      Renovated Apartments Near Bay

      Fully renovated apartments plus studio, steps from the bay.
      107 W Mars Ln, South Padre Island, TX 78597
      View Details

    Similar Nearby for Lease

    • $5,417 /Mo

      Island Property near Causeway

      Unique commercial land for rent near Isla Blanca State Park.
      210 Padre Blvd, South Padre Island, TX 78597
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    • Contact for pricing
      47,634 SF

      South Padre Island Retail Plaza

      Prime Retail Space, Multiple Units Available
      410 Padre Blvd, South Padre Island, TX 78597
      View Details
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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
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