Fully Occupied Apartment
For Sale
$950,000
6513 Long Meadow Drive, Corpus Christi, TX 78413
Residential, Corpus Christi, TX
Property Size6,796 SF
Lot Size0.52 Acres
Price / SF$139.79
Days on Market220
Property Features for 6513 Long Meadow Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Off Street
Interior features
CableTv
Appliances
ElectricOven, ElectricRange
Subdivision
Country Club Estates #18
Lot features
Interior Lot
Elementary school
Club Estates
Middle school
Grant
High school
Carroll
Elementary school district
Corpus Christi ISD
Middle school district
Corpus Christi ISD
High school district
Corpus Christi ISD
Standard status
Active
APN
186200020020
Size
6,796 SF
Lot size
0.52 Acres
Taxes and HOA fees
Tax Description
COUNTRY CLUB EST 18 LTS 2 & 3 BK 2
Tax Annual Amount
11618
Legal Description
COUNTRY CLUB EST 18 LTS 2 & 3 BK 2
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1977
Floors in Building
2
Number of units
3
Flooring type
Tile, Laminate
Roof type
Shingle
Listing Agency:
Corpus Christi Realty Group
(361) 992-8400
Listed By:
Alma Martin · License #0496287
(361) 728-4231
Added: Jan 23
Changed: Aug 27
Last Checked: Aug 31 at 6:06PM
MLS# 470106
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 6,796-square-foot apartment property contains 7 units, including a mix of one-bedroom and two-bedroom layouts. The building is fully occupied, with long-term tenants in place. Interior features include tile and laminate flooring, electric ranges and ovens, cable TV capability, and central electric heating and air conditioning. The property was built in 1977 and has a shingle roof.
Located in Corpus Christi, the property offers access to major roadways, employment centers, shopping, and dining. Public water and public sewer serve the site, while off-street parking supports resident use. The parcel encompasses 0.52 acres.
Located in Corpus Christi, the property offers access to major roadways, employment centers, shopping, and dining. Public water and public sewer serve the site, while off-street parking supports resident use. The parcel encompasses 0.52 acres.
Key Highlights
- 7‑unit multifamily property with one‑bedroom and two‑bedroom units
- 6,796 square feet on 0.52 acres
- Fully occupied with long‑term tenants in place
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
$55,275
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
5.82%
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%
$1,105,500
$1.1M
Cap Rate 7%
$789,643
$789.6K
Cap Rate 9%
$614,167
$614.2K
Market Conditions
NOI Build-Up for 6,796 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
$115.0K $16.92/SF
− Vacancy
−$14.5K −$2.13/SF
EGI
$100.5K $14.79/SF
− OpEx
−$45.2K −$6.65/SF
NOI
$55.3K $8.13/SF
Area
ZIP 78413
Vacancy
12.60%
Lease Rate
$16.92 /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%
$1,105,500
Cap Rate 7%
$789,643
Cap Rate 9%
$614,167
Alternative Uses
Best Use
Apartment 5plus
$789.6K
$690.9K – $921.3K
NOI $55,275 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.58M
$2.26M – $3.01M
NOI $180,545 @ 7.0% cap · market cap 19.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
637
Businesses Nearby
Explore this area
Business Placement
Demographics for 78413, TX
37,531
Population
15,501
Households
2.4
Avg Household Size
37
Median Age
31%
College-Educated
92%
High-School Grad
7.9 sq mi
ZIP Area
4,751
Density / Sq Mi
$71,624
Median Household Income
$44,342
Median Earnings
$1,321
Median Rent
$230,900
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?
Apartment building - Multifamily property with one- and two-bedroom residences, central HVAC, and off-street parking.
Where is this apartment building located?
The property is located at 6513 Long Meadow Drive Corpus Christi, TX.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 7‑unit multifamily property with one‑bedroom and two‑bedroom units; 6,796 square feet on 0.52 acres; Fully occupied with long‑term tenants in place
