Multi-Building Flex
For Sale
$1,500,000
721 Nas Drive, Corpus Christi, TX 78418
CommercialSale, Corpus Christi, TX
Property Size8,899 SF
Lot Size0.72 Acres
Price / SF$168.56
Days on Market241
Property Features for 721 Nas Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
IL
Zoning description
IL
Parking features
Covered, Off Street
Subdivision
Flour Bluff Estates #2
Lot features
Interior Lot
Standard status
Active
APN
248700080265
Size
8,899 SF
Lot size
0.72 Acres
Taxes and HOA fees
Tax Description
FLOUR BLUFF ESTATES #2 BLK 8 LOT 26B
Legal Description
FLOUR BLUFF ESTATES #2 BLK 8 LOT 26B
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1979
Floors in Building
1
Building materials
MetalSiding
Roof type
Metal
Listing Agency:
Keller Williams Coastal Bend · Keller Williams Realty
(361) 225-7900
Listed By:
Stephanie Hastings · License #0652300
(361) 779-1690
Added: Jan 1
Changed: Aug 20
Last Checked: Aug 30 at 5:06AM
MLS# 468986
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 flex-space property on 0.72 acres includes three separate buildings and a covered loading area. The first building combines a 2,349.1-square-foot warehouse, a 1,215.9-square-foot showroom, and 935 square feet of climate-controlled storage. Two additional warehouse buildings provide 3,200 square feet and 1,200 square feet, respectively. The improvements feature metal siding, metal roofing, central air, and electric and central heating.
Zoned IL, the property includes a secured yard, covered and off-street parking, and public water and sewer. Its position on NAS Drive provides access to Waldron Road and SPID in Corpus Christi. The configuration supports separate business functions, multiple occupants, or a single operation requiring warehouse, display, and conditioned areas.
Zoned IL, the property includes a secured yard, covered and off-street parking, and public water and sewer. Its position on NAS Drive provides access to Waldron Road and SPID in Corpus Christi. The configuration supports separate business functions, multiple occupants, or a single operation requiring warehouse, display, and conditioned areas.
Key Highlights
- Three‑building flex property with a covered loading area on 0.72 acres
- Building One includes a 2,349.1 SF warehouse, 1,215.9 SF showroom, and 935 SF climate‑controlled storage area
- Additional warehouses measure 3,200 SF and 1,200 SF
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
$83,919
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
5.59%
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%
$1,678,380
$1.7M
Cap Rate 7%
$1,198,843
$1.2M
Cap Rate 9%
$932,433
$932.4K
Market Conditions
NOI Build-Up for 8,899 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
$138.8K $15.60/SF
− Vacancy
−$9.7K −$1.09/SF
EGI
$129.1K $14.51/SF
− OpEx
−$45.2K −$5.08/SF
NOI
$83.9K $9.43/SF
Area
ZIP 78418
Vacancy
7.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
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%
$1,678,380
Cap Rate 7%
$1,198,843
Cap Rate 9%
$932,433
Alternative Uses
Best Use
Flex RnD
$1.20M
$1.05M – $1.40M
NOI $83,919 @ 7.0% cap · market cap 5.59%
Second Best
Warehouse
$1.03M
$904.6K – $1.21M
NOI $72,371 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$3.40M
$2.98M – $3.97M
NOI $238,131 @ 7.0% cap · market cap 15.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
427
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 78418, TX
31,787
Population
16,171
Households
2
Avg Household Size
42
Median Age
33%
College-Educated
91%
High-School Grad
73.3 sq mi
ZIP Area
434
Density / Sq Mi
$91,443
Median Household Income
$51,914
Median Earnings
$1,301
Median Rent
$274,800
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Cclc/corpus Christi Liquor Catering — 1034 McIver St #102, Corpus Christi, TX 78418
Frequently Asked Questions
What type of property is this?
Flex space - Three-building commercial property with warehouse, showroom, conditioned storage, secured yard, and public utilities.
Where is this flex space located?
The property is located at 721 Nas Drive Corpus Christi, TX.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Three‑building flex property with a covered loading area on 0.72 acres; Building One includes a 2,349.1 SF warehouse, 1,215.9 SF showroom, and 935 SF climate‑controlled storage area; Additional warehouses measure 3,200 SF and 1,200 SF
