Six-Unit Multifamily
For Sale
$525,000
243 Indiana Avenue, Corpus Christi, TX 78404
Residential, Corpus Christi, TX
Property Size4,876 SF
Lot Size0.33 Acres
Price / SF$107.67
Days on Market38
Property Features for 243 Indiana Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM-1
Zoning description
RM-1
Bedrooms
8
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 7, Bedroom 6, Bedroom 8, Bathroom 6, Bedroom 3, Bedroom 5, Bathroom 2, Bathroom 3, Bathroom 5, Bathroom 1, Bathroom 4, Bedroom 4, Bedroom 1, Bedroom 2
Parking
6
Parking features
Off Street, Covered, Carport
Patio and Porch features
Deck
Interior features
OpenFloorplan
Exterior features
Deck, SprinklerIrrigation, Storage
Appliances
FreeStandingRange
Subdivision
Bessar Park
Lot features
Interior Lot, Landscaped
Elementary school
Menger
Middle school
Baker
High school
Ray
Elementary school district
Corpus Christi ISD
Middle school district
Corpus Christi ISD
High school district
Corpus Christi ISD
Standard status
Active
APN
066600030110
Size
4,876 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Description
BESSAR PARK BLK 3 LOT 11&12
Tax Annual Amount
8822
Legal Description
BESSAR PARK BLK 3 LOT 11&12
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s)
Water source
Public
Amenities
large front deck
landscaped grounds
concrete driveway
carport
pergola
spacious yard
Building Details
Year built
1941
Floors in Building
2
Flooring type
Tile, Laminate
Building materials
Brick, Veneer
Roof type
Shingle
Additional Structures
Storage, Pergola
Listing Agency:
Gene Guernsey & Assoc.Realtors
(361) 992-4663
Listed By:
Gene Guernsey · License #0372996
(361) 960-7653
Added: Jul 29
Changed: Sep 3
Last Checked: Sep 4 at 1:06PM
MLS# 479203
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.
This 6-unit multifamily property contains four one-bedroom, one-bath residences and two two-bedroom, one-bath residences. Five units occupy the two-story main building, while the sixth is positioned beside the carport. The 4,876-square-foot property includes an open-floorplan design, tile and laminate flooring, window-unit cooling, brick veneer construction, and a 2018 re-roof. Exterior improvements include a front deck, pergola, landscaped grounds, sprinkler irrigation, storage, a concrete driveway, covered parking, and a spacious yard.
The property sits on 0.33 acres at 243 Indiana Avenue in Corpus Christi, within the 78404 ZIP code. Public water and public sewer serve the site, which is located near downtown, hospitals, shopping, and entertainment. RM-1 zoning supports its multifamily classification.
The property sits on 0.33 acres at 243 Indiana Avenue in Corpus Christi, within the 78404 ZIP code. Public water and public sewer serve the site, which is located near downtown, hospitals, shopping, and entertainment. RM-1 zoning supports its multifamily classification.
Key Highlights
- 6‑unit multifamily property with four 1‑bed/1‑bath units and two 2‑bed/1‑bath units
- 4,876 square feet on a 0.33‑acre site
- 2018 re‑roof completed
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
$45,565
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
8.68%
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%
$911,300
$911.3K
Cap Rate 7%
$650,929
$650.9K
Cap Rate 9%
$506,278
$506.3K
Market Conditions
NOI Build-Up for 4,876 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
$94.8K $19.44/SF
− Vacancy
−$11.9K −$2.45/SF
EGI
$82.8K $16.99/SF
− OpEx
−$37.3K −$7.65/SF
NOI
$45.6K $9.34/SF
Area
Corpus Christi, TX
Vacancy
12.60%
Lease Rate
$19.44 /SF/Yr
Expense Ratio
45.00%
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%
$911,300
Cap Rate 7%
$650,929
Cap Rate 9%
$506,278
Alternative Uses
Best Use
Apartment 5plus
$650.9K
$569.6K – $759.4K
NOI $45,565 @ 7.0% cap · market cap 8.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.02M – $1.35M
NOI $81,215 @ 7.0% cap · market cap 15.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
351
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - RM-1-zoned property with varied floor plans, covered parking, landscaped grounds, and a central Corpus Christi setting.
Where is this apartment building located?
The property is located at 243 Indiana 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: 6‑unit multifamily property with four 1‑bed/1‑bath units and two 2‑bed/1‑bath units; 4,876 square feet on a 0.33‑acre site; 2018 re‑roof completed
