6655 State Highway 35 Byp Rockport, TX 78382

Property Details for 6655 State Highway 35 Byp

Property size

12,232 SF

Property type

Residential income homes

APN

62447

Description

This exceptional investment opportunity presents a portfolio of three properties totaling 12,232 square feet situated on a combined 85,000 square foot lot in Rockport, Texas. Located at 6655, 6661, and 6701 Highway 35 North, this mixed-use portfolio offers a unique blend of commercial and residential income potential. Currently boasting 100% occupancy (as of October 24, 2023) across 15 units, the properties generate a current NOI of $89,548, representing a 5.78% cap rate. However, a pro-forma analysis projects a significant increase in NOI to $123,955, resulting in an 8.00% cap rate, highlighting the substantial value-add potential. The properties, built between 1968 and 2016, consist of 17 buildings and are zoned for mixed-use development, allowing for a wide range of possibilities. The asking price is $1,550,000, translating to $126.72 per square foot and $103,333.33 per unit. The land value alone is $18.24 per square foot. This prime location on Highway 35 North offers excellent visibility and accessibility, making it ideal for various commercial ventures. The proximity to the Gulf Coast further enhances the appeal and investment potential. This coastal investment trio presents a rare chance to capitalize on the growth of the Rockport area. The properties are development-ready, allowing for the creation of retail spaces, hospitality ventures, or residential developments. The portfolio's strong current performance and significant upside potential make it an attractive investment opportunity.