Remodeled Mixed-Use
For Sale
$595,000
535 S Carancahua Street, Corpus Christi, TX 78401
CommercialSale, Corpus Christi, TX
Property Size2,746 SF
Lot Size0.27 Acres
Price / SF$216.68
Days on Market239
Property Features for 535 S Carancahua Street
General Information
Property type
Commercial Sale
Property subtype
Office
Subdivision
Rayne Tr
Lot features
Corner Lot
Standard status
Active
APN
713500040010
Size
2,746 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Description
RAYNE TR E/2 OF BK 4 ORR TR A BK 4
Legal Description
RAYNE TR E/2 OF BK 4 ORR TR A BK 4
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1924
Floors in Building
2
Listing Agency:
DH Realty Partners Inc
(210) 222-2424
Listed By:
James Magill · License #0675040
(361) 425-1112
Added: Jan 9
Changed: Aug 19
Last Checked: Sep 5 at 5:06AM
MLS# 469729
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 remodeled mixed-use property includes a 1,930-square-foot front house and an 816-square-foot rear unit, totaling 2,746 square feet. The front residence has 3 bedrooms and 2.5 bathrooms, while the rear home contains 2 bedrooms and 1 bathroom and is currently leased. Both units are served by central air, with natural gas and public water and sewer. Built in 1924, the property offers water views from the porch and supports residential and limited commercial uses, including professional offices, small retail or service businesses, and live/work arrangements. Its location on S Carancahua Street places the property along the Carancahua corridor in Corpus Christi.
Key Highlights
- 2,746 square feet across a 1,930 SF front house and 816 SF rear unit
- Front residence includes 3 bedrooms and 2.5 bathrooms
- Rear unit offers 2 bedrooms and 1 bathroom and is currently leased
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
$28,021
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
4.71%
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%
$560,420
$560.4K
Cap Rate 7%
$400,300
$400.3K
Cap Rate 9%
$311,344
$311.3K
Market Conditions
NOI Build-Up for 2,746 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
$45.5K $16.56/SF
− Vacancy
−$5.4K −$1.98/SF
EGI
$40.0K $14.58/SF
− OpEx
−$12.0K −$4.37/SF
NOI
$28.0K $10.20/SF
Area
Corpus Christi, TX
Vacancy
11.97%
Lease Rate
$16.56 /SF/Yr
Expense Ratio
30.00%
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%
$560,420
Cap Rate 7%
$400,300
Cap Rate 9%
$311,344
Alternative Uses
Best Use
Multifamily LT 5
$400.3K
$350.3K – $467.0K
NOI $28,021 @ 7.0% cap · market cap 4.71%
Second Best
Mixed Use
$397.2K
$347.5K – $463.4K
NOI $27,803 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$653.4K
$571.7K – $762.3K
NOI $45,737 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,662
Businesses Nearby
Explore this area
Business Placement
Demographics for 78401, TX
4,701
Population
2,115
Households
2.2
Avg Household Size
44
Median Age
15%
College-Educated
78%
High-School Grad
2.2 sq mi
ZIP Area
2,137
Density / Sq Mi
$37,796
Median Household Income
$22,254
Median Earnings
$930
Median Rent
$76,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two residences support flexible residential, office, retail, service, and live/work configurations.
Where is this mixed-use property located?
The property is located at 535 S Carancahua Street Corpus Christi, TX.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 2,746 square feet across a 1,930 SF front house and 816 SF rear unit; Front residence includes 3 bedrooms and 2.5 bathrooms; Rear unit offers 2 bedrooms and 1 bathroom and is currently leased
