Grandfathered Bar with Covered
1023 JOSEPHINE Street Corpus Christi, TX 78401
1023 JOSEPHINE Street, Corpus Christi, TX, 78401
$200,000
For Sale
$200,000
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 Market3311
Property Features for 1023 JOSEPHINE Street
General Information
- Standard status
- Active
- Size
- 600 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1965
Listing agency
(361) 815-4608
Listed by
Coldwell Banker Pacesetter Steel
(361) 815-4608
Source
Xome
Added: Jun 30, 2017 Updated: Jul 21 at 5:02AM Checked: Jul 23 at 4:34AM
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
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $10.8k | $18.00 |
| − Vacancy | −$432 | −$0.72 |
| EGI | $10.4k | $17.28 |
| − OpEx | −$2.6k | −$4.32 |
| NOI | $7.8k | $12.96 |
600 SF · lease $18.00/SF/yr · vacancy 4.00% · expense 25.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Bars & Pubs
Similar For Sale Nearby
Similar Off Market Nearby
- Los Jefes Bar — 333 N Port Ave, Corpus Christi, TX 78408
- Cristal Lounge — 315 N Chaparral St #2, 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
- LAFLOR NUTRITION CLUB — 719 laredo st #4, corpus christi, tx 78401
FAQs
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
