Furnished Downtown
For Sale
$465,000
1318 N Mesquite Street, Corpus Christi, TX 78401
Residential, Corpus Christi, TX
Property Size2,640 SF
Lot Size0.17 Acres
Price / SF$176.14
Days on Market342
Property Features for 1318 N Mesquite Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Parking features
On Street
Interior features
AirFiltration
Subdivision
Beach
Elementary school
Evans
Middle school
Driscoll
High school
Miller
Elementary school district
Corpus Christi ISD
Middle school district
Corpus Christi ISD
High school district
Corpus Christi ISD
Standard status
Active
APN
054000440090
Size
2,640 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
BEACH BLK 44 LOT 9
Tax Annual Amount
7529
Legal Description
BEACH BLK 44 LOT 9
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1946
Floors in Building
2
Flooring type
Vinyl
Roof type
Shingle
Listing Agency:
DH Realty Partners Inc
(210) 222-2424
Listed By:
James Magill · License #0675040
(361) 425-1112
Added: Oct 10, 2025
Changed: Sep 6
Last Checked: Sep 16 at 1:06PM
MLS# 466196
Copyright © 2026 South Texas Multiple Listing Service, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This furnished triplex contains 2,640 square feet and offers two downstairs one-bedroom, one-bath apartments plus an upstairs three-bedroom, one-bath unit. The property includes vinyl flooring, ceiling fans, window blinds, natural light, central air, electric and central heating, public water, public sewer, and a shingle roof. The downstairs apartments have equipped kitchens with double sinks, gas stoves, and refrigerators, while the bathrooms include pedestal sinks and stand-up showers.
Outdoor features include a covered front porch serving the lower level, an open balcony adjoining the upper unit’s kitchen and living area, and a backyard deck. Recent work includes bathroom updates, new countertops, interior and exterior paint, updated light fixtures, and a new backyard deck. Built in 1946, the property is located at 1318 N Mesquite Street in Corpus Christi, within walking distance of downtown restaurants, shops, and waterfront attractions. Parking is available on the street.
Outdoor features include a covered front porch serving the lower level, an open balcony adjoining the upper unit’s kitchen and living area, and a backyard deck. Recent work includes bathroom updates, new countertops, interior and exterior paint, updated light fixtures, and a new backyard deck. Built in 1946, the property is located at 1318 N Mesquite Street in Corpus Christi, within walking distance of downtown restaurants, shops, and waterfront attractions. Parking is available on the street.
Key Highlights
- Three‑unit layout with two 1‑bedroom, 1‑bath apartments and one 3‑bedroom, 1‑bath unit
- 2,640‑square‑foot multifamily property on a 0.17‑acre lot
- Furnished units with vinyl flooring, ceiling fans, window blinds, and natural light
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 - Furnished three-unit property with updated interiors, private outdoor areas, and a large backyard near downtown amenities.
Where is this triplex located?
The property is located at 1318 N 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: Three‑unit layout with two 1‑bedroom, 1‑bath apartments and one 3‑bedroom, 1‑bath unit; 2,640‑square‑foot multifamily property on a 0.17‑acre lot; Furnished units with vinyl flooring, ceiling fans, window blinds, and natural light
