Downtown Triplex with
For Sale
$465,000
1318 Mesquite Street, Corpus Christi, TX 78401
Triplex features two downstairs 1-bed units and one upstairs 3-bed unit, with covered porch and private balcony.
Property Size2,640 SF
Price / SF$176.14
Days on Market433
Property Features for 1318 Mesquite Street
General Information
Standard status
Active
Size
2,640 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$7,529
Amenities
Central Air, Electric
3
Vinyl
Shingle
Parking.
On Street.
Other.
Building Details
Year Built
1946
Listing Agency:
DH Realty Partners Inc
(210) 222-2424
Listed By:
James Magill · License #675040
(361) 425-1112
Source:
Xome
Added: Jun 26, 2025
Changed: Aug 12
Last Checked: Aug 31 at 2:57PM
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 DH Realty Partners Inc
Investment Insights
Based on property information with market context.
This well-maintained furnished triplex includes three apartments: two downstairs 1-bedroom, 1-bath units and one upstairs 3-bedroom, 1-bath unit. Interiors feature vinyl plank flooring throughout, window blinds, and ceiling fans, with ample natural light in each unit. The downstairs units include fully equipped kitchens with double sinks, gas stoves, and refrigerators, while bathrooms feature pedestal sinks, toilets, and stand-up showers.
The lower level includes a large covered front porch, and the upstairs unit offers a spacious open balcony off the kitchen and living area. Recent improvements include bathroom updates, new countertops, fresh interior and exterior paint, updated light fixtures, and a new backyard deck. A large backyard provides space for shared tenant parking and outdoor use.
Located in downtown Corpus Christi, the property is within a Tax Reinvestment Zone (TIRZ). It is described as being within walking distance to downtown restaurants, shops, and waterfront attractions.
The lower level includes a large covered front porch, and the upstairs unit offers a spacious open balcony off the kitchen and living area. Recent improvements include bathroom updates, new countertops, fresh interior and exterior paint, updated light fixtures, and a new backyard deck. A large backyard provides space for shared tenant parking and outdoor use.
Located in downtown Corpus Christi, the property is within a Tax Reinvestment Zone (TIRZ). It is described as being within walking distance to downtown restaurants, shops, and waterfront attractions.
Key Highlights
- Triplex in Downtown Corpus Christi with potential city incentives as part of the Tax Increment Reinvestment Zone (TIRZ)
- Unit mix: two downstairs 1‑bedroom, 1‑bath apartments and one upstairs 3‑bedroom, 1‑bath apartment
- Furnished multifamily complex with vinyl plank flooring, window blinds, and ceiling fans in each unit
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
$26,940
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
5.79%
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%
$538,800
$538.8K
Cap Rate 7%
$384,857
$384.9K
Cap Rate 9%
$299,333
$299.3K
Market Conditions
NOI Build-Up for 2,640 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
$43.7K $16.56/SF
− Vacancy
−$5.2K −$1.98/SF
EGI
$38.5K $14.58/SF
− OpEx
−$11.5K −$4.37/SF
NOI
$26.9K $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%
$538,800
Cap Rate 7%
$384,857
Cap Rate 9%
$299,333
Alternative Uses
Best Use
Multifamily LT 5
$384.9K
$336.8K – $449.0K
NOI $26,940 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$352.4K
$308.4K – $411.2K
NOI $24,670 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$628.2K
$549.7K – $732.9K
NOI $43,972 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,844
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?
Triplex - Triplex features two downstairs 1-bed units and one upstairs 3-bed unit, with covered porch and private balcony.
Where is this triplex located?
The property is located at 1318 Mesquite Street Corpus Christi, TX.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Triplex in Downtown Corpus Christi with potential city incentives as part of the Tax Increment Reinvestment Zone (TIRZ); Unit mix: two downstairs 1‑bedroom, 1‑bath apartments and one upstairs 3‑bedroom, 1‑bath apartment; Furnished multifamily complex with vinyl plank flooring, window blinds, and ceiling fans in each unit
