1601 Mathis St - Vacant Land 5.97 Acres of Commercial Land Offered at $2,313,989 CAD in Rockport, TX 78382

Prime Investment Opportunity | Rockport, Texas 1601 Mathis St • Rockport, TX 78382 ~6 Acres • Multi-Family Development Site Income-producing development opportunity in one of the fastest-growing coastal markets in Texas. Located just minutes from the waterfront in Rockport, this ~6-acre property is primed for a multi-family community build-out with substantial progress already in place. The area is a highly desirable area in Rockport near Church & 1st St. This is a 6 acre multi-unit unfinished permitted development that would need a "tear down" of the current structures and a full development from the ground up. Estimated developments for land cost include: - the land itself - utilities - topography - engineering - permitting The cost to build the units from our homework would be $189 a foot. Each unit is about 1462 sqft. Each duplex is 2924 sqft. There is the ability to construct 19 duplexes that would create 38 individual rental units that could yield $1700 - $2300 a month. So a gross amount of $87,400 a month. Insurance will be $4000 per duplex a year ($333.33 a month) Tax rate will be 1.09% so about $6,024 per duplex a year ($502 a month) in taxes per duplex Property management fees would be 6% of total rents so $5,244 a month in fees Yearly Gross Income: $1,048,800 Yearly Taxes for 19 duplexes: $114,456 Yearly Insurance Cost: $76,000 Yearly Property Management Fees: $62,928 Creating a Net Operating Income (NOI) of $795,416 a year Each unit will be approx 1462 sq ft. Each duplex will be 2924 sqft. CapEX / cost of construction per duplex is $552,636. Total cost remaining for a developer to finish out the neighborhood is $10,500,084 to construct the 19 duplexes. So taking conservative numbers on figuring out a possible cap rate of this property IF it were completely 100% rented and in a condition to be rented we use a formula adding the Weighted Average of Debt (WAD) plus the Weighted Average of Equity (WAE) which when added together gets us a cap rate for this project. Potential CAP RATE 6.57% (0.657) Total estimated project cost is $12,106,788 10 foundations poured & ready Approved capacity for 19 total duplexes (38 doors) All city utilities available Zoned and positioned for multi-family/commercial use Whether you continue construction on the existing footprint or bring your own vision to build-out, this property offers a rare head start for developers and investors looking for scale, cash-flow opportunity, and long-term appreciation along the Texas coast. Rockport continues to see strong demand for rentals and workforce housing driven by steady economic growth, tourism, and coastal lifestyle appeal. This site presents the perfect blend of location, infrastructure, and development potential. Opportunity Highlights Nearly shovel-ready project with infrastructure in place Ideal for rental community, long-term workforce housing, or vacation rental duplexes Strong rental market with long-term growth trends Minutes to Downtown Rockport, beaches, marinas, and dining Location Advantage: Sea breezes, fishing, coastal recreation, and a strong community environment make Rockport one of the most attractive places to live and invest on the Texas Gulf Coast.