Grandfathered Bar with Covered
For Sale
$200,000
1023 JOSEPHINE Street, Corpus Christi, TX 78401
Former commercial bar includes a large covered patio on a lot zoned RM-1 for single and multi-residential use.
Property Size600 SF
Price / SF$333.33
Days on Market3486
Property Features for 1023 JOSEPHINE Street
General Information
Standard status
Active
Size
600 SF
Property subtype
General Commercial
Amenities
Window Air Conditioning
3
RM-1
Parking. Corner Lot.
On Street.
Level
Corner, Asphalt, Level.
Building Details
Year Built
1965
Listing Agency:
(361) 992-9231
Listed By:
Coldwell Banker Pacesetter Steel
(361) 815-4608
Source:
Xome
Added: Feb 20, 2017
Changed: Sep 2
Last Checked: Sep 7 at 4:39AM
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 Coldwell Banker Pacesetter Steel
Investment Insights
Based on property information with market context.
This grandfathered structure and lot is currently documented as RM-1 Mult Residential i1, and was previously used as a commercial bar. The property features a large covered patio that supported the prior bar operation.
The site is located at 1023 Josephine Street in Corpus Christi, Texas. The City of Corpus Christi Development Service Department notes the RM-1 zoning permits both single and multi residential use. Public remarks also indicate the property may be an excellent candidate for commercial rezoning in connection with the new Harbor Bridge, connecting roadways, and future development.
The site is located at 1023 Josephine Street in Corpus Christi, Texas. The City of Corpus Christi Development Service Department notes the RM-1 zoning permits both single and multi residential use. Public remarks also indicate the property may be an excellent candidate for commercial rezoning in connection with the new Harbor Bridge, connecting roadways, and future development.
Key Highlights
- Zoned RM‑1 Mult Residential i1, allowing for single and multi residential use
- Former commercial bar with a large covered patio
- Level corner lot with asphalt surface and on‑street parking
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
$7,776
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
3.89%
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%
$155,520
$155.5K
Cap Rate 7%
$111,086
$111.1K
Cap Rate 9%
$86,400
$86.4K
Market Conditions
NOI Build-Up for 600 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
$10.8K $18.00/SF
− Vacancy
−$432 −$0.72/SF
EGI
$10.4K $17.28/SF
− OpEx
−$2.6K −$4.32/SF
NOI
$7.8K $12.96/SF
Area
Corpus Christi, TX
Vacancy
4.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$155,520
Cap Rate 7%
$111,086
Cap Rate 9%
$86,400
Alternative Uses
Best Use
Specialty Retail
$111.1K
$97.2K – $129.6K
NOI $7,776 @ 7.0% cap · market cap 3.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$142.8K
$124.9K – $166.6K
NOI $9,994 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,817
Businesses Nearby
Well-served
Demand for This Use
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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- LAFLOR NUTRITION CLUB — 719 laredo st #4, corpus christi, tx 78401
- The Annex — 312 S Chaparral St, Corpus Christi, TX 78401
- Nueces Brewing and Barbecuing — 401 S Water St, Corpus Christi, TX 78401
- Los Jefes Bar — 333 N Port Ave, Corpus Christi, TX 78408
- Cristal Lounge — 315 N Chaparral St #2, Corpus Christi, TX 78401
Frequently Asked Questions
What type of property is this?
Bar & Pub - Former commercial bar includes a large covered patio on a lot zoned RM-1 for single and multi-residential use.
Where is this bar & pub located?
The property is located at 1023 JOSEPHINE Street Corpus Christi, TX.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Zoned RM‑1 Mult Residential i1, allowing for single and multi residential use; Former commercial bar with a large covered patio; Level corner lot with asphalt surface and on‑street parking
