4-Unit Multifamily
For Sale
$314,900
Pending
902 W Lakeside Drive, Corpus Christi, TX 78418
Residential, Corpus Christi, TX
Property Size1,926 SF
Lot Size0.24 Acres
Days on Market62
Property Features for 902 W Lakeside Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Interior features
CableTv
Appliances
FreeStandingRange, Refrigerator
Subdivision
Flour Bluff Estates
Lot features
Irregular Lot
Elementary school
Flour Bluff
Middle school
Flour Bluff
High school
Flour Bluff
Elementary school district
Flour Bluff ISD
Middle school district
Flour Bluff ISD
High school district
Flour Bluff ISD
Standard status
Pending
APN
248600030124
Size
1,926 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
FLOUR BLUFF ESTATES .243 AC OUT LT 12 BK C
Tax Annual Amount
3251
Legal Description
FLOUR BLUFF ESTATES .243 AC OUT LT 12 BK C
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Flooring type
Vinyl
Roof type
Shingle
Listing Agency:
Prime Real Estate
(361) 334-7653
Listed By:
Brooke LaClair · License #0618863
(361) 765-1003
Added: Jul 17
Changed: Sep 1
Last Checked: Sep 16 at 5:06PM
MLS# 479997
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 4-unit multifamily property contains 1,926 square feet on a 0.24-acre lot. The configuration includes two efficiency apartments, one 1-bedroom, 1-bath unit, and one 3-bedroom, 1-bath unit. Interior features include vinyl flooring, window-unit cooling, cable TV capability, a freestanding range, and a refrigerator. The property was built in 1900 and is served by public water and public sewer, with a shingle roof.
Located in Corpus Christi near schools, shopping, restaurants, NAS Corpus Christi, and the beach, the property offers a varied residential layout within a four-unit configuration. Its unit mix accommodates different household sizes and includes both efficiency and larger apartment formats.
Located in Corpus Christi near schools, shopping, restaurants, NAS Corpus Christi, and the beach, the property offers a varied residential layout within a four-unit configuration. Its unit mix accommodates different household sizes and includes both efficiency and larger apartment formats.
Key Highlights
- Four‑unit property with two efficiencies, one 1‑bedroom/1‑bath unit, and one 3‑bedroom/1‑bath unit
- 1,926 square feet on a 0.24‑acre lot
- Public water and public sewer service
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
$17,090
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
5.43%
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%
$341,800
$341.8K
Cap Rate 7%
$244,143
$244.1K
Cap Rate 9%
$189,889
$189.9K
Market Conditions
NOI Build-Up for 1,926 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
$27.7K $14.40/SF
− Vacancy
−$3.3K −$1.72/SF
EGI
$24.4K $12.68/SF
− OpEx
−$7.3K −$3.80/SF
NOI
$17.1K $8.87/SF
Area
ZIP 78418
Vacancy
11.97%
Lease Rate
$14.40 /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%
$341,800
Cap Rate 7%
$244,143
Cap Rate 9%
$189,889
Alternative Uses
Best Use
Multifamily LT 5
$244.1K
$213.6K – $284.8K
NOI $17,090 @ 7.0% cap · market cap 5.43%
Second Best
Apartment 5plus
$215.9K
$188.9K – $251.8K
NOI $15,110 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office A
$736.3K
$644.2K – $859.0K
NOI $51,538 @ 7.0% cap · market cap 16.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
506
Businesses Nearby
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
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Unit mix includes efficiencies, one-bedroom, and three-bedroom layouts.
Where is this quadplex located?
The property is located at 902 W Lakeside Drive Corpus Christi, TX.
What is the asking price?
The asking price for this property is $314,900.
What are key features of this property?
This property features: Four‑unit property with two efficiencies, one 1‑bedroom/1‑bath unit, and one 3‑bedroom/1‑bath unit; 1,926 square feet on a 0.24‑acre lot; Public water and public sewer service
