London Area Retail
For Sale
$5,950,000
2494 County Road 33, Corpus Christi, TX 78415
New retail plaza in growing Corpus Christi area.
Property Size24,560 SF
Price / SF$242.26
Days on Market628
Property Features for 2494 County Road 33
General Information
Standard status
Active
Size
24,560 SF
Property subtype
Retail
Amenities
Electric
3
Subdivided Lot.
Subdivided.
Building Details
Year Built
2022
Stories
1
Listing Agency:
(361) 694-3917
Listed By:
Teifke Real Estate
(361) 694-3917
Source:
Xome
Added: Dec 9, 2024
Changed: Aug 28
Last Checked: Aug 29 at 5:49AM
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 Teifke Real Estate
Investment Insights
Based on property information with market context.
This retail plaza, completed in November 2022, is located in the London area of Corpus Christi, situated on a corner lot across from the London School District and along the area's main highway. Constructed of splitface block, the property is 100% leased with tenants on NNN leases. The plaza includes a turf courtyard with a stage intended for community engagement and events. Current tenants include an urgent care facility, State Farm, a restaurant, coffee shop, pizza place, kids play zone, med spa, hair salon, church, cooking club, Pelicans Ice, and a boutique. The area is experiencing growth at a rate seven times faster than the rest of Corpus Christi.
Key Highlights
- 100% leased with NNN leases, providing immediate income.
- Newly constructed in November 2022, minimizing maintenance costs.
- Located in a rapidly growing area.
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
$283,152
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
4.76%
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%
$5,663,040
$5.7M
Cap Rate 7%
$4,045,029
$4.0M
Cap Rate 9%
$3,146,133
$3.1M
Market Conditions
NOI Build-Up for 24,560 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
$442.1K $18.00/SF
− Vacancy
−$37.6K −$1.53/SF
EGI
$404.5K $16.47/SF
− OpEx
−$121.4K −$4.94/SF
NOI
$283.2K $11.53/SF
Area
ZIP 78415
Vacancy
8.50%
Lease Rate
$18.00 /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%
$5,663,040
Cap Rate 7%
$4,045,029
Cap Rate 9%
$3,146,133
Alternative Uses
Best Use
Retail
$4.05M
$3.54M – $4.72M
NOI $283,152 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.84M
$5.11M – $6.82M
NOI $409,071 @ 7.0% cap · market cap 6.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
46
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 78415, TX
38,722
Population
15,465
Households
2.5
Avg Household Size
36
Median Age
11%
College-Educated
80%
High-School Grad
109.2 sq mi
ZIP Area
355
Density / Sq Mi
$53,803
Median Household Income
$31,748
Median Earnings
$1,166
Median Rent
$135,600
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.
Similar Off Market Nearby
- London Square Plaza — 1290 FM 43, Corpus Christi, TX 78415
Frequently Asked Questions
What type of property is this?
Shopping center - New retail plaza in growing Corpus Christi area.
Where is this shopping center located?
The property is located at 2494 County Road 33 Corpus Christi, TX.
What is the asking price?
The asking price for this property is $5,950,000.
What are key features of this property?
This property features: 100% leased with NNN leases, providing immediate income.; Newly constructed in November 2022, minimizing maintenance costs.; Located in a rapidly growing area.
