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    London Area Retail Plaza Title is generated by Realmo AI

    2494 County Road 33, Corpus Christi, TX 78415

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    For Sale
    $5,985,000

    New retail plaza in growing Corpus Christi area.

    Type:Retail
    Property size:
    24,560 SF
    Price / SF:
    $243/SF
    Added:
    Dec 2, 2024
    Days on Market:
    540
    Last Refresh:
    Apr 24 at 7:23 am

    Property Features for 2494 County Road 33

    General Information

    Standard status
    Active
    Size
    24,560 SF
    Property subtype
    Retail

    Building Details

    Year Built
    2022

    We can help!

    Listing Contact
    Teifke Real Estate

    Listing agent Teifke Real Estate

    Listing office

    Listing date Dec 2, 2024

    Source Xome

    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

    HighLights

    • 100% leased with NNN leases, providing immediate income.
    • Newly constructed in November 2022, minimizing maintenance costs.
    • Located in a rapidly growing area.
    • Prime corner location across from the London School District on the main highway.
    • Diverse tenant mix including Urgent Care, State Farm, Restaurant, and more.
    • Turf courtyard with a stage for community events.

    Overview

    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.

    Financial Insights

    Value Estimation Calculated for Specialty Retail

    Conservative
    $3.52M
    NOI $316,916 @ 9.00% cap · cautious / downside scenario
    Moderate
    $4.53M
    NOI $316,916 @ 7.00% cap · market / base-case scenario
    Aggressive
    $6.34M
    NOI $316,916 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Specialty Retail

    Component $ $/SF
    Gross rent $456.8k $18.60
    − Vacancy −$34.3k −$1.40
    EGI $422.6k $17.21
    − OpEx −$105.6k −$4.30
    NOI $316.9k $12.90
    24,560 SF · lease $18.60/SF/yr · vacancy 7.50% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Specialty Retail
    $4.53M
    $3.96M – $5.28M (±1% cap)
    NOI $316,916 @ 7.0% cap · market cap 5.30%
    Second Best
    Retail
    $4.05M
    $3.54M – $4.72M (±1% cap)
    NOI $283,152 @ 7.0% cap · market cap 4.73%
    Theoretical Best
    Office A
    $5.84M
    $5.11M – $6.82M (±1% cap)
    NOI $409,071 @ 7.0% cap · market cap 6.83%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Restaurant Building Supply Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel Storage Facility Cafe & Coffee Shop Gym & Fitness Center Bakery

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • London Square Plaza — 1290 FM 43, Corpus Christi, TX 78415

    Location Insight

    • Map
    • Local Demand
    City
    Corpus Christi
    County
    Nueces
    State
    Texas
    Longitude
    -97.477707
    Latitude
    27.689686

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    FAQs

    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 $5,985,000.
    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.
    (361) 694-3917
    We can help!
    Listing Contact
    Teifke Real Estate
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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