Duplex with Fenced
For Sale
$219,900
1516 Lazy, Corpus Christi, TX 78415
Two residential units offer matching two-bedroom layouts, private laundry rooms, covered patios, and central air and heat.
Property Size1,419 SF
Price / SF$154.97
Days on Market564
Property Features for 1516 Lazy
General Information
Standard status
Active
Size
1,419 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,491
Amenities
laundry room
covered patio
central air and heat
fenced yard
all-electric appliances
Central Air, Electric, Ceiling Fan(s)
3
Hardwood, Vinyl
Refrigerator, Electric Range/Cooktop, Electric Oven
Alarm -Smoke/Fire
Shingle
Front Entrance, Concrete Driveway.
Wood
60 x 110
Interior lot.
Building Details
Year Built
1952
Listing Agency:
(361) 334-7653
Listed By:
Prime Real Estate
(361) 728-3313
Source:
Xome
Added: Feb 14, 2025
Changed: Aug 31
Last Checked: Aug 31 at 2:48PM
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 Prime Real Estate
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each with 710 square feet of air-conditioned space, two bedrooms, one bathroom, a kitchen, and a living area with hardwood flooring. Unit 1516 includes a vinyl-floored kitchen, while both residences have central air and heat, all-electric appliances, private 10' x 10' laundry rooms, and 10' x 10' covered patios. One unit has a driveway accommodating two or more vehicles, and the other provides a wider driveway with the same stated capacity.
The property at 1516-1518 Lazy Lane includes a shared fenced yard, concrete driveways, shingle roofing, wood exterior elements, and an interior-lot setting. Built in 1952, the duplex also includes smoke and fire alarm protection, refrigerators, electric range/cooktops, and electric ovens.
The property at 1516-1518 Lazy Lane includes a shared fenced yard, concrete driveways, shingle roofing, wood exterior elements, and an interior-lot setting. Built in 1952, the duplex also includes smoke and fire alarm protection, refrigerators, electric range/cooktops, and electric ovens.
Key Highlights
- Two units, each with 710 square feet, 2 bedrooms, and 1 bathroom
- Both residences include 10' x 10' laundry rooms and 10' x 10' covered patios
- Central air and heat serve both units
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
$13,116
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
5.96%
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%
$262,320
$262.3K
Cap Rate 7%
$187,371
$187.4K
Cap Rate 9%
$145,733
$145.7K
Market Conditions
NOI Build-Up for 1,419 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
$21.3K $15.00/SF
− Vacancy
−$2.5K −$1.80/SF
EGI
$18.7K $13.20/SF
− OpEx
−$5.6K −$3.96/SF
NOI
$13.1K $9.24/SF
Area
ZIP 78415
Vacancy
11.97%
Lease Rate
$15.00 /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%
$262,320
Cap Rate 7%
$187,371
Cap Rate 9%
$145,733
Alternative Uses
Best Use
Multifamily LT 5
$187.4K
$164.0K – $218.6K
NOI $13,116 @ 7.0% cap · market cap 5.96%
Second Best
Apartment 5plus
$166.0K
$145.3K – $193.7K
NOI $11,623 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$337.6K
$295.4K – $393.9K
NOI $23,635 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
286
Businesses Nearby
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer matching two-bedroom layouts, private laundry rooms, covered patios, and central air and heat.
Where is this duplex located?
The property is located at 1516 Lazy Corpus Christi, TX.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: Two units, each with 710 square feet, 2 bedrooms, and 1 bathroom; Both residences include 10' x 10' laundry rooms and 10' x 10' covered patios; Central air and heat serve both units
