Remodeled 4-Unit
For Sale
$275,000
1002 23rd Street Corpus, Corpus Christi, TX 78405
Four updated one-bedroom residences with central and ductless air-conditioning systems.
Property Size1,872 SF
Days on Market48
Property Features for 1002 23rd Street Corpus
General Information
Standard status
Active
Size
1,872 SF
Property subtype
Quadruplex
Amenities
Central
Central Air
Ductless
Electric
Free-Standing Range
Refrigerator
Sewer Available, Water Available, Shingle
Building Details
Building Size
1,872 SF
Year Built
1953
Stories
1
Listing Agency:
Coastal Bend
Listed By:
Hiral Bhakta · License #0716176
(361) 704-2008
Source:
Kw
Added: Jul 17
Changed: Sep 1
Last Checked: Sep 1 at 12:24AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coastal Bend
Investment Insights
Based on property information with market context.
This quadplex contains four one-bedroom, one-bath residences that have been remodeled. Each unit includes central and ductless air-conditioning, electric service, a free-standing range, and a refrigerator. The property was built in 1953 and has a shingle exterior.
Located at 1002 23rd Street in Corpus Christi, Texas, the property has water and sewer available. Its four-unit layout and consistent one-bedroom, one-bath configuration provide a clearly defined residential income format.
Located at 1002 23rd Street in Corpus Christi, Texas, the property has water and sewer available. Its four-unit layout and consistent one-bedroom, one-bath configuration provide a clearly defined residential income format.
Key Highlights
- 4‑unit quadplex with all units configured as 1b/1b
- Remodeled residential property built in 1953
- Central and ductless air‑conditioning systems
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
$19,103
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
6.95%
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%
$382,060
$382.1K
Cap Rate 7%
$272,900
$272.9K
Cap Rate 9%
$212,256
$212.3K
Market Conditions
NOI Build-Up for 1,872 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
$31.0K $16.56/SF
− Vacancy
−$3.7K −$1.98/SF
EGI
$27.3K $14.58/SF
− OpEx
−$8.2K −$4.37/SF
NOI
$19.1K $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%
$382,060
Cap Rate 7%
$272,900
Cap Rate 9%
$212,256
Alternative Uses
Best Use
Multifamily LT 5
$272.9K
$238.8K – $318.4K
NOI $19,103 @ 7.0% cap · market cap 6.95%
Second Best
Apartment 5plus
$249.9K
$218.7K – $291.6K
NOI $17,493 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$445.4K
$389.8K – $519.7K
NOI $31,180 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
965
Businesses Nearby
Explore this area
Business Placement
Demographics for 78405, TX
14,151
Population
6,068
Households
2.3
Avg Household Size
37
Median Age
4%
College-Educated
62%
High-School Grad
5.1 sq mi
ZIP Area
2,775
Density / Sq Mi
$37,188
Median Household Income
$25,323
Median Earnings
$1,030
Median Rent
$75,300
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?
Quadplex - Four updated one-bedroom residences with central and ductless air-conditioning systems.
Where is this quadplex located?
The property is located at 1002 23rd Street Corpus Corpus Christi, TX.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 4‑unit quadplex with all units configured as 1b/1b; Remodeled residential property built in 1953; Central and ductless air‑conditioning systems
