Two-Unit Duplex
For Sale
$415,000
118 Cole St, Corpus Christi, TX 78404
Separate residences with individually metered utilities and distinct layouts for flexible occupancy or leasing.
Property Size3,312 SF
Days on Market8
Property Features for 118 Cole St
General Information
Standard status
Active
Size
3,312 SF
Property subtype
Duplex
Building Details
Building Size
3,312 SF
Year Built
1972
Listing Agency:
Prime Real Estate
Listed By:
Libby Edwards · License #0790817
(361) 688-4606
Source:
National-onerealty
Added: Sep 17
Changed: Sep 21
Last Checked: Sep 22 at 10:08PM
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 Prime Real Estate
Investment Insights
Based on property information with market context.
Built in 1972, this duplex includes two separate residences at 118 and 120 Cole St. The 2,350-square-foot 118 Cole residence features an office, fenced yard, large deck, and garage. The 1,300-square-foot 120 Cole unit offers two bedrooms, one bathroom, generous living areas, and washer-dryer connections. Individually metered utilities serve each residence.
The property is located in Corpus Christi’s Historic Del Mar area, just off Ocean Drive and near the Bayfront, Cole Park, downtown, major medical centers, dining, and shopping. Its two-unit configuration supports separate occupancy, including the option to live in one residence while leasing the other.
The property is located in Corpus Christi’s Historic Del Mar area, just off Ocean Drive and near the Bayfront, Cole Park, downtown, major medical centers, dining, and shopping. Its two-unit configuration supports separate occupancy, including the option to live in one residence while leasing the other.
Key Highlights
- Two separate residences at 118 and 120 Cole St
- 2,350‑square‑foot residence with office, fenced yard, deck, and garage
- 1,300‑square‑foot unit with 2 bedrooms and 1 bathroom
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
$33,797
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
8.14%
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%
$675,940
$675.9K
Cap Rate 7%
$482,814
$482.8K
Cap Rate 9%
$375,522
$375.5K
Market Conditions
NOI Build-Up for 3,312 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
$54.8K $16.56/SF
− Vacancy
−$6.6K −$1.98/SF
EGI
$48.3K $14.58/SF
− OpEx
−$14.5K −$4.37/SF
NOI
$33.8K $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%
$675,940
Cap Rate 7%
$482,814
Cap Rate 9%
$375,522
Alternative Uses
Best Use
Multifamily LT 5
$482.8K
$422.5K – $563.3K
NOI $33,797 @ 7.0% cap · market cap 8.14%
Second Best
Apartment 5plus
$442.1K
$386.9K – $515.8K
NOI $30,950 @ 7.0% cap · market cap 7.46%
Theoretical Best
Office A
$788.1K
$689.6K – $919.4K
NOI $55,165 @ 7.0% cap · market cap 13.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,204
Businesses Nearby
Explore this area
Business Placement
Demographics for 78404, TX
15,339
Population
6,884
Households
2.2
Avg Household Size
42
Median Age
23%
College-Educated
79%
High-School Grad
3.2 sq mi
ZIP Area
4,793
Density / Sq Mi
$60,264
Median Household Income
$45,864
Median Earnings
$1,172
Median Rent
$180,500
Median Home Value
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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?
Duplex - Separate residences with individually metered utilities and distinct layouts for flexible occupancy or leasing.
Where is this duplex located?
The property is located at 118 Cole St Corpus Christi, TX.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Two separate residences at 118 and 120 Cole St; 2,350‑square‑foot residence with office, fenced yard, deck, and garage; 1,300‑square‑foot unit with 2 bedrooms and 1 bathroom
