5-Unit Apartment Building with Commercial
For Sale
$525,000
1802 Morgan Avenue, Corpus Christi, TX 78404
Residential, Corpus Christi, TX
Property Size3,232 SF
Lot Size0.17 Acres
Price / SF$162.44
Days on Market241
Property Features for 1802 Morgan Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Appliances
ElectricCooktop, Refrigerator, Dryer
Subdivision
Bay View #3
Elementary school
Allen
Middle school
Wynn Seale
High school
Miller
Elementary school district
Corpus Christi ISD
Middle school district
Corpus Christi ISD
High school district
Corpus Christi ISD
Standard status
Active
APN
048800040100
Size
3,232 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
BAY VIEW #3 LT 10 BLK 4 & ADJ ALLEY
Tax Annual Amount
4833
Legal Description
BAY VIEW #3 LT 10 BLK 4 & ADJ ALLEY
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
2017
Floors in Building
2
Flooring type
Tile
Roof type
Metal
Listing Agency:
DH Realty Partners Inc
(210) 222-2424
Listed By:
James Magill · License #0675040
(361) 425-1112
Added: Jan 12
Changed: Aug 27
Last Checked: Sep 10 at 2:06PM
MLS# 469858
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.
Built in 2017, this 3,232-square-foot apartment property contains five residential units along with commercial and storage space at the ground level. The property is fully leased and includes tile flooring, window-unit cooling, a metal roof, electric cooktop, refrigerator, and dryer. Public water and public sewer serve the building.
The 0.17-acre property is located at 1802 Morgan Avenue in Corpus Christi, Texas, within a CG-2 General Commercial zoning district. That designation supports a broad range of commercial uses, while the existing layout combines residential and nonresidential space in one asset.
The 0.17-acre property is located at 1802 Morgan Avenue in Corpus Christi, Texas, within a CG-2 General Commercial zoning district. That designation supports a broad range of commercial uses, while the existing layout combines residential and nonresidential space in one asset.
Key Highlights
- Five residential units plus downstairs commercial/storage space
- 3,232 SF property on 0.17 acres
- CG‑2 (General Commercial) zoning
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
$32,724
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
6.23%
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%
$654,480
$654.5K
Cap Rate 7%
$467,486
$467.5K
Cap Rate 9%
$363,600
$363.6K
Market Conditions
NOI Build-Up for 3,232 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
$58.2K $18.00/SF
− Vacancy
−$5.8K −$1.80/SF
EGI
$52.4K $16.20/SF
− OpEx
−$19.6K −$6.07/SF
NOI
$32.7K $10.13/SF
Area
Corpus Christi, TX
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$654,480
Cap Rate 7%
$467,486
Cap Rate 9%
$363,600
Alternative Uses
Best Use
Mixed Use
$467.5K
$409.1K – $545.4K
NOI $32,724 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$431.5K
$377.5K – $503.4K
NOI $30,202 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$769.0K
$672.9K – $897.2K
NOI $53,832 @ 7.0% cap · market cap 10.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,374
Businesses Nearby
Explore this area
Business Placement
Demographics for 78404, TX
15,339
Population
6,884
Households
2.2
Avg Household Size
42
Median Age
23%
College-Educated
79%
High-School Grad
3.2 sq mi
ZIP Area
4,793
Density / Sq Mi
$60,264
Median Household Income
$45,864
Median Earnings
$1,172
Median Rent
$180,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Mixed-use configuration combines residential occupancy with downstairs commercial and storage space.
Where is this apartment building located?
The property is located at 1802 Morgan Avenue Corpus Christi, TX.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Five residential units plus downstairs commercial/storage space; 3,232 SF property on 0.17 acres; CG‑2 (General Commercial) zoning
