Bar Building with Covered
For Sale
$200,000
1023 JOSEPHINE Street, Corpus Christi, TX 78401
CommercialSale, Corpus Christi, TX
Property Size600 SF
Lot Size0.16 Acres
Price / SF$333.33
Days on Market2893
Property Features for 1023 JOSEPHINE Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RM-1
Zoning description
RM-1
Parking features
On Street
Subdivision
Clarkson
Lot features
Corner Lot, Level
Standard status
Active
APN
160800030060
Size
600 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
CLARKSON BLK 3 LOT 6
Legal Description
CLARKSON BLK 3 LOT 6
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s)
Water source
Public
Amenities
covered patio
Building Details
Year built
1965
Floors in Building
1
Building materials
Concrete
Roof type
Shingle
Listing Agency:
Coldwell Banker Pacesetter Ste · Coldwell Banker Real Estate
(361) 992-9231
Listed By:
Faryce Macon · License #0642661
(361) 815-4608
Added: Sep 28, 2018
Changed: Aug 19
Last Checked: Aug 29 at 4:06PM
MLS# 335474
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 600-square-foot concrete structure was built in 1965 and previously operated as a bar. The property includes a large covered patio, shingle roofing, window-unit cooling, and on-street parking. Public water and sewer serve the site.
The 0.155-acre property is located on Josephine Street in Corpus Christi. It carries RM-1 zoning within the City of Corpus Christi’s Mult Residential i1 District, which permits single- and multi-residential use. The structure and lot retain grandfathered status under the existing zoning description.
The 0.155-acre property is located on Josephine Street in Corpus Christi. It carries RM-1 zoning within the City of Corpus Christi’s Mult Residential i1 District, which permits single- and multi-residential use. The structure and lot retain grandfathered status under the existing zoning description.
Key Highlights
- 600‑square‑foot structure on 0.155 acres
- Previously used as a commercial bar
- Large covered patio included
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.
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- 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 - RM-1 zoning supports single- and multi-residential use at this established structure and lot.
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: 600‑square‑foot structure on 0.155 acres; Previously used as a commercial bar; Large covered patio included
