Furnished Triplex with Outdoor
New
For Sale
$465,000
1318 N Mesquite St, Corpus Christi, TX 78401
Three-unit property with updated interiors, furnished apartments, and downtown access in a designated TIRZ.
Property Size2,640 SF
Price / SF$176.14
Days on Market3
Property Features for 1318 N Mesquite St
General Information
Standard status
Active
Size
2,640 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
3
Additional Details
Furnished
Yes
Amenities
covered front porch
open balcony
backyard
Building Details
Year Built
1946
Listing Agency:
DH Realty Partners Inc
Listed By:
James Magill · License #675040
(361) 929-5003
Source:
Thebranchinc
Added: Sep 12
Last Checked: Sep 13 at 1:50PM
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 furnished triplex, built in 1946, contains two one-bedroom, one-bath apartments on the lower level and a three-bedroom, one-bath apartment upstairs. Interior features include vinyl plank flooring, ceiling fans, window blinds, natural light, and equipped kitchens in the lower units with double sinks, gas ranges, and refrigerators. Recent work includes refreshed bathrooms, replacement countertops, new interior and exterior paint, updated light fixtures, and a new backyard deck.
Outdoor areas include a covered front porch serving the lower level, an open balcony connected to the upstairs living and kitchen area, and a large backyard that can accommodate shared parking or tenant gathering space. The property is in Downtown Corpus Christi within the Tax Reinvestment Zone and is within walking distance of restaurants, shops, and waterfront attractions.
Outdoor areas include a covered front porch serving the lower level, an open balcony connected to the upstairs living and kitchen area, and a large backyard that can accommodate shared parking or tenant gathering space. The property is in Downtown Corpus Christi within the Tax Reinvestment Zone and is within walking distance of restaurants, shops, and waterfront attractions.
Key Highlights
- Three apartments: two 1‑bedroom, 1‑bath units and one 3‑bedroom, 1‑bath unit
- Furnished multifamily property in Downtown Corpus Christi
- Located within the Tax Reinvestment Zone (TIRZ)
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
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Current Use
Lease Details
3
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with updated interiors, furnished apartments, and downtown access in a designated TIRZ.
Where is this triplex located?
The property is located at 1318 N Mesquite St 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: Three apartments: two 1‑bedroom, 1‑bath units and one 3‑bedroom, 1‑bath unit; Furnished multifamily property in Downtown Corpus Christi; Located within the Tax Reinvestment Zone (TIRZ)
