5-Unit Apartment
New
For Sale
$284,900
1218 Barton Street, Corpus Christi, TX 78418
Residential, Corpus Christi, TX
Property Size3,037 SF
Lot Size0.48 Acres
Price / SF$93.81
Days on Market7
Property Features for 1218 Barton Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 1, Bedroom 4, Bedroom 5, Bathroom 4, Bedroom 2, Bathroom 5, Bedroom 3, Bathroom 1, Bathroom 3, Bathroom 2
Parking features
RV, Off Street
Interior features
PrimaryDownstairs
Appliances
ElectricOven, ElectricRange, FreeStandingRange, GasOven, GasRange
Subdivision
Flour Bluff Center
Lot features
Interior Lot
Elementary school
Flour Bluff
Middle school
Flour Bluff
High school
Flour Bluff
Elementary school district
Flour Bluff ISD
Middle school district
Flour Bluff ISD
High school district
Flour Bluff ISD
Standard status
Active
APN
248100060280
Size
3,037 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Description
FLOUR BLUFF CENTER BLK 6 LOT 28 THRU 30
Tax Annual Amount
2944
Legal Description
FLOUR BLUFF CENTER BLK 6 LOT 28 THRU 30
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1900
Floors in Building
1
Number of units
4
Flooring type
Vinyl
Building materials
WoodSiding
Roof type
Tar/Gravel
Listing Agency:
Corpus Christi Realty Group
(361) 992-8400
Listed By:
Jacqueline O'Neill · License #0618758
(361) 947-8003
Added: Aug 25
Changed: Aug 27
Last Checked: Aug 31 at 11:06PM
MLS# 481239
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 5-unit apartment property contains three larger one-bedroom, one-bath residences and two efficiency units within 3,037 square feet of building area. The property is fully occupied and includes vinyl flooring, wood siding, window-unit cooling, a tar/gravel roof, and primary bedrooms located downstairs. Off-street parking and RV parking are provided.
The property occupies a 21,000-square-foot lot, or 0.48 acres, with public water and public sewer service. Built in 1900, the site offers five distinct living spaces in a multifamily configuration. Current monthly rents are $850 for two units, $800 for two units, and $900 for one unit.
The property occupies a 21,000-square-foot lot, or 0.48 acres, with public water and public sewer service. Built in 1900, the site offers five distinct living spaces in a multifamily configuration. Current monthly rents are $850 for two units, $800 for two units, and $900 for one unit.
Key Highlights
- Five‑unit configuration with three one‑bedroom, one‑bath units and two efficiency units
- Fully occupied with current rents of $850, $800, and $900 per month by unit groups
- 3,037 square feet of building area on a 21,000 SF lot
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
$23,825
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
8.36%
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%
$476,500
$476.5K
Cap Rate 7%
$340,357
$340.4K
Cap Rate 9%
$264,722
$264.7K
Market Conditions
NOI Build-Up for 3,037 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
$49.6K $16.32/SF
− Vacancy
−$6.2K −$2.06/SF
EGI
$43.3K $14.26/SF
− OpEx
−$19.5K −$6.42/SF
NOI
$23.8K $7.85/SF
Area
ZIP 78418
Vacancy
12.60%
Lease Rate
$16.32 /SF/Yr
Expense Ratio
45.00%
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%
$476,500
Cap Rate 7%
$340,357
Cap Rate 9%
$264,722
Alternative Uses
Best Use
Apartment 5plus
$340.4K
$297.8K – $397.1K
NOI $23,825 @ 7.0% cap · market cap 8.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.02M – $1.35M
NOI $81,268 @ 7.0% cap · market cap 28.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
Explore this area
Business Placement
Demographics for 78418, TX
31,787
Population
16,171
Households
2
Avg Household Size
42
Median Age
33%
College-Educated
91%
High-School Grad
73.3 sq mi
ZIP Area
434
Density / Sq Mi
$91,443
Median Household Income
$51,914
Median Earnings
$1,301
Median Rent
$274,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with five separate living spaces and public water and sewer service.
Where is this apartment building located?
The property is located at 1218 Barton Street Corpus Christi, TX.
What is the asking price?
The asking price for this property is $284,900.
What are key features of this property?
This property features: Five‑unit configuration with three one‑bedroom, one‑bath units and two efficiency units; Fully occupied with current rents of $850, $800, and $900 per month by unit groups; 3,037 square feet of building area on a 21,000 SF lot
