Duplex with Fenced Shared
For Sale
$219,900
1516 Lazy, Corpus Christi, TX 78415
MULTI_FAMILY - Corpus Christi, TX
Property Size1,419 SF
Lot Size0.15 Acres
Price / SF$154.97
Days on Market486
Property Features for 1516 Lazy
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bedroom 4, Bathroom 1, Bedroom 3, Bathroom 2
Interior features
AirFiltration, CableTv, CeilingFans
Appliances
ElectricOven, ElectricRange, Refrigerator
Subdivision
Wynwood #2
Lot features
Interior Lot
Elementary school
Houston
Middle school
Baker
High school
Ray
Elementary school district
Corpus Christi ISD
Middle school district
Corpus Christi ISD
High school district
Corpus Christi ISD
Standard status
Active
APN
992100060020
Size
1,419 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
WYNWOOD #2 BLK 6 LOT 2
Tax Annual Amount
3491
Legal Description
WYNWOOD #2 BLK 6 LOT 2
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
hardwood flooring
vinyl flooring
central air and heat
covered patio
laundry room
fenced yard
all-electric appliances
Building Details
Year built
1952
Floors in Building
1
Flooring type
Vinyl, Hardwood
Building materials
WoodSiding
Roof type
Shingle
Listing Agency:
Prime Real Estate
(361) 334-7653
Listed By:
Justin Colmenero · License #0581190
(361) 728-3313
Added: May 1, 2025
Changed: Aug 2
Last Checked: Aug 29 at 7:06PM
MLS# 458483
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.
Turn-key duplex at 1516-1518 Lazy Lane featuring two matching units, each with 710 square feet of air-conditioned space. Unit 1516 offers 2 bedrooms, 1 bathroom, a kitchen, and a living area with hardwood flooring, plus a 10' x 10' laundry room and a 10' x 10' covered patio. Unit 1518 includes 2 bedrooms, 1 bathroom, a vinyl-floored kitchen, and a living area with hardwood flooring, along with a 10' x 10' laundry room and a 10' x 10' covered patio. Both units have central air and heat, a driveway accommodating two or more vehicles, and share a fenced yard.
Both units use all-electric appliances, including a stove, oven, and water heater, and include a refrigerator. The property is on a 0.15-acre lot and is served by public water and public sewer. Construction includes wood siding with a shingle roof, and the home was built in 1952.
Both units use all-electric appliances, including a stove, oven, and water heater, and include a refrigerator. The property is on a 0.15-acre lot and is served by public water and public sewer. Construction includes wood siding with a shingle roof, and the home was built in 1952.
Key Highlights
- Two 710 SF air‑conditioned units, 1516‑1518 Lazy Lane
- Each unit includes 2 bedrooms, 1 bathroom, plus a kitchen and living area
- 10' x 10' laundry room and 10' x 10' covered patio per 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
$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
Multi-tenant
Tenancy
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 2-bedroom, 1-bath units with central air and electric heat share a fenced yard and driveway for multiple vehicles.
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 710 SF air‑conditioned units, 1516‑1518 Lazy Lane; Each unit includes 2 bedrooms, 1 bathroom, plus a kitchen and living area; 10' x 10' laundry room and 10' x 10' covered patio per unit
