Concrete Block Flex Space
For Sale
$2,250,000
3117 Cabaniss Pkwy, Corpus Christi, TX 78415
Flex property combining warehouse and office functionality in a concrete block structure.
Property Size17,427 SF
Days on Market93
Property Features for 3117 Cabaniss Pkwy
General Information
Standard status
Active
Size
17,427 SF
Property subtype
Industrial
Building Details
Building Size
17,427 SF
Year Built
1984
Construction
concrete block
Listed By:
Matthew Cravey, SIOR, CCIM · License #TX #203443
(361) 877-2463
Source:
Craveyrealestate
Added: Jun 2
Changed: Aug 31
Last Checked: Sep 1 at 5:30PM
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 Matthew Cravey, SIOR, CCIM
Investment Insights
Based on property information with market context.
This flex space property combines warehouse and office components within a concrete block building constructed in 1984. The configuration supports both storage-oriented and administrative functions in one commercial asset.
The property is located at 3117 Cabaniss Pkwy in Corpus Christi, Texas. Its established construction and mixed warehouse-office format provide a straightforward option for users seeking an industrial-oriented building with office capability.
The property is located at 3117 Cabaniss Pkwy in Corpus Christi, Texas. Its established construction and mixed warehouse-office format provide a straightforward option for users seeking an industrial-oriented building with office capability.
Key Highlights
- Concrete block construction
- Warehouse and office configuration
- Built in 1984
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
$125,056
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
5.56%
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%
$2,501,120
$2.5M
Cap Rate 7%
$1,786,514
$1.8M
Cap Rate 9%
$1,389,511
$1.4M
Market Conditions
NOI Build-Up for 17,427 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
$209.1K $12.00/SF
− Vacancy
−$16.7K −$0.96/SF
EGI
$192.4K $11.04/SF
− OpEx
−$67.3K −$3.86/SF
NOI
$125.1K $7.18/SF
Area
ZIP 78415
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
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%
$2,501,120
Cap Rate 7%
$1,786,514
Cap Rate 9%
$1,389,511
Alternative Uses
Best Use
Office B
$3.55M
$3.10M – $4.14M
NOI $248,348 @ 7.0% cap · market cap 11.04%
Second Best
Flex RnD
$1.79M
$1.56M – $2.08M
NOI $125,056 @ 7.0% cap · market cap 5.56%
Theoretical Best
Office A
$4.15M
$3.63M – $4.84M
NOI $290,264 @ 7.0% cap · market cap 12.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 78415, TX
38,722
Population
15,465
Households
2.5
Avg Household Size
36
Median Age
11%
College-Educated
80%
High-School Grad
109.2 sq mi
ZIP Area
355
Density / Sq Mi
$53,803
Median Household Income
$31,748
Median Earnings
$1,166
Median Rent
$135,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex property combining warehouse and office functionality in a concrete block structure.
Where is this flex space located?
The property is located at 3117 Cabaniss Pkwy Corpus Christi, TX.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Concrete block construction; Warehouse and office configuration; Built in 1984
