Corner Loft Apartment
For Sale
$5,000,000
817 N Carancahua St, Corpus Christi, TX 78401
Turnkey multifamily property with 44 renovated micro lofts and dedicated surface parking across a corner-lot arrangement.
Property Size24,384 SF
Days on Market98
Property Features for 817 N Carancahua St
General Information
Standard status
Active
Size
24,384 SF
Property subtype
Multifamily
Building Details
Building Size
24,384 SF
Year Built
1954
Listing Agency:
Cravey Real Estate Services, Inc.
Listed By:
David Heitzman · License #TX #806588
(312) 823-9626
Source:
Craveyrealestate
Added: Jun 2
Changed: Sep 2
Last Checked: Sep 7 at 7:39AM
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 Cravey Real Estate Services, Inc.
Investment Insights
Based on property information with market context.
Studio 44 Apartments is a turnkey multifamily building with 44 fully renovated micro loft units in a 24,384 SF structure. The property is described as clean and well maintained, with upgraded systems in place. The corner-lot setup is paired with a separate 0.31-acre surface parking lot containing 27 spaces, positioned catty-corner from the building to provide off-street parking.
The building is located in the Downtown Corpus Christi business district and is presented with a consistently strong occupancy history, along with multiple revenue strategies noted in the listing, including furnished rentals, corporate housing, and flexible leases.
Overall, the asset is configured as a compact micro-loft apartment offering, supported by on-site unit renovations and dedicated parking for resident use.
The building is located in the Downtown Corpus Christi business district and is presented with a consistently strong occupancy history, along with multiple revenue strategies noted in the listing, including furnished rentals, corporate housing, and flexible leases.
Overall, the asset is configured as a compact micro-loft apartment offering, supported by on-site unit renovations and dedicated parking for resident use.
Key Highlights
- 24,384 SF multifamily building built in 1954 with 44 renovated micro loft studio units
- Corner‑lot arrangement plus an adjacent 0.31‑acre surface parking lot with 27 spaces
- Fully renovated interiors with contemporary finishes and efficient micro‑unit layouts
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
$227,864
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
4.56%
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%
$4,557,280
$4.6M
Cap Rate 7%
$3,255,200
$3.3M
Cap Rate 9%
$2,531,822
$2.5M
Market Conditions
NOI Build-Up for 24,384 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
$474.0K $19.44/SF
− Vacancy
−$59.7K −$2.45/SF
EGI
$414.3K $16.99/SF
− OpEx
−$186.4K −$7.65/SF
NOI
$227.9K $9.34/SF
Area
Corpus Christi, TX
Vacancy
12.60%
Lease Rate
$19.44 /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%
$4,557,280
Cap Rate 7%
$3,255,200
Cap Rate 9%
$2,531,822
Alternative Uses
Best Use
Apartment 5plus
$3.26M
$2.85M – $3.80M
NOI $227,864 @ 7.0% cap · market cap 4.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.80M
$5.08M – $6.77M
NOI $406,140 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,283
Businesses Nearby
Explore this area
Business Placement
Demographics for 78401, TX
4,701
Population
2,115
Households
2.2
Avg Household Size
44
Median Age
15%
College-Educated
78%
High-School Grad
2.2 sq mi
ZIP Area
2,137
Density / Sq Mi
$37,796
Median Household Income
$22,254
Median Earnings
$930
Median Rent
$76,100
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 - Turnkey multifamily property with 44 renovated micro lofts and dedicated surface parking across a corner-lot arrangement.
Where is this apartment building located?
The property is located at 817 N Carancahua St Corpus Christi, TX.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 24,384 SF multifamily building built in 1954 with 44 renovated micro loft studio units; Corner‑lot arrangement plus an adjacent 0.31‑acre surface parking lot with 27 spaces; Fully renovated interiors with contemporary finishes and efficient micro‑unit layouts
