Duplex with Separate
New
For Sale
$415,000
118 Cole St, Corpus Christi, TX 78404
Residential, Corpus Christi, TX
Property Size3,312 SF
Lot Size0.18 Acres
Price / SF$125.30
Days on Market2
Property Features for 118 Cole St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Deck, Patio
Interior features
HomeOffice, SplitBedrooms, WindowTreatments, BreakfastBar
Exterior features
Deck, RainGutters
Appliances
FreeStandingRange, Disposal, GasOven, GasRange, Refrigerator
Subdivision
DEL MAR
Lot features
Corner Lot
Elementary school
Menger
Middle school
Wynn Seale
High school
Ray
Elementary school district
Corpus Christi ISD
Middle school district
Corpus Christi ISD
High school district
Corpus Christi ISD
Standard status
Active
APN
205000050010
Size
3,312 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
DEL MAR BLK 5 LOT 1
Legal Description
DEL MAR BLK 5 LOT 1
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
fenced yard
deck
garage
washer/dryer connections
Building Details
Year built
1972
Floors in Building
2
Flooring type
Tile, Hardwood
Roof type
Shingle
Listing Agency:
Prime Real Estate
(361) 334-7653
Listed By:
Libby Edwards · License #0790817
(361) 688-4606
Added: Sep 17
Last Checked: Sep 18 at 4:06PM
MLS# 479758
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.
Located at 118 Cole St in Corpus Christi’s Historic Del Mar area, this 1972 duplex contains two fully separate residences with individually metered utilities. The property includes a fenced yard, deck, patio, garage, home office space, breakfast bar, and washer and dryer connections. Interior finishes include tile and hardwood flooring, with central air and central electric heating. The residences are supported by public water and public sewer, and the property has a shingle roof.
The 0.1763-acre site is positioned just off Ocean Drive near the Bayfront, Cole Park, downtown, major medical centers, dining, and shopping. The property is identified as 118 & 120 Cole St, providing distinct addresses within the duplex configuration.
The 0.1763-acre site is positioned just off Ocean Drive near the Bayfront, Cole Park, downtown, major medical centers, dining, and shopping. The property is identified as 118 & 120 Cole St, providing distinct addresses within the duplex configuration.
Key Highlights
- Two fully separate residences at 118 & 120 Cole St
- Individually metered utilities for each residence
- 0.1763‑acre site with fenced yard, deck, patio, and garage
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
Lease Details
2
Residential units
Yes
Utilities to site
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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Cap Rate, Value Estimation, Potential NOI and more
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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 - Two distinct residences offer flexible occupancy or leasing options near Corpus Christi’s Bayfront and downtown amenities.
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 fully separate residences at 118 & 120 Cole St; Individually metered utilities for each residence; 0.1763‑acre site with fenced yard, deck, patio, and garage
