Flex Space with Drive-In
For Sale
$285,000
1531 S Port Ave, Corpus Christi, TX 78405
IL-zoned commercial building with adaptable space for office, automotive, storage, equipment, or light industrial operations.
Property Size2,662 SF
Days on Market91
Property Features for 1531 S Port Ave
General Information
Standard status
Active
Size
2,662 SF
Property subtype
Retail
Zoning
IL
Additional Details
Road Access
Yes
Drive-In Doors
2
Building Details
Building Size
2,662 SF
Year Built
1948
Listing Agency:
(361) 877-2463
Listed By:
Matthew Cravey, SIOR, CCIM · License #TX #203443
(361) 877-2463
Source:
Craveyrealestate
Added: Jun 3
Changed: Aug 31
Last Checked: Aug 31 at 3:07PM
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.
Built in 1948, this IL-zoned flex property offers a practical commercial layout suited to office, automotive, equipment storage, and light industrial operations. Two drive-in roll-up doors face Stanley Street, supporting direct loading and vehicle access. On-site parking serves customers and employees, with additional street accessibility.
The property fronts S. Port Avenue, a north-south commercial corridor with visibility and traffic exposure. It is located in an established commercial area near industrial users, service shops, and retail businesses. The combination of adaptable interior space, vehicle-oriented access, and light industrial zoning supports a range of commercial and service-based uses.
The property fronts S. Port Avenue, a north-south commercial corridor with visibility and traffic exposure. It is located in an established commercial area near industrial users, service shops, and retail businesses. The combination of adaptable interior space, vehicle-oriented access, and light industrial zoning supports a range of commercial and service-based uses.
Key Highlights
- Two drive‑in roll‑up garage doors facing Stanley Street
- IL (Light Industrial) zoning
- On‑site parking with direct street accessibility
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
$13,933
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
4.89%
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%
$278,660
$278.7K
Cap Rate 7%
$199,043
$199.0K
Cap Rate 9%
$154,811
$154.8K
Market Conditions
NOI Build-Up for 2,662 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
$21.4K $8.04/SF
− Vacancy
−$1.5K −$0.56/SF
EGI
$19.9K $7.48/SF
− OpEx
−$6.0K −$2.24/SF
NOI
$13.9K $5.23/SF
Area
Corpus Christi, TX
Vacancy
7.00%
Lease Rate
$8.04 /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%
$278,660
Cap Rate 7%
$199,043
Cap Rate 9%
$154,811
Alternative Uses
Best Use
Retail
$460.0K
$402.5K – $536.7K
NOI $32,200 @ 7.0% cap · market cap 11.30%
Second Best
Flex RnD
$400.4K
$350.4K – $467.2K
NOI $28,031 @ 7.0% cap · market cap 9.84%
Theoretical Best
Office A
$633.4K
$554.2K – $739.0K
NOI $44,338 @ 7.0% cap · market cap 15.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
883
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 78405, TX
14,151
Population
6,068
Households
2.3
Avg Household Size
37
Median Age
4%
College-Educated
62%
High-School Grad
5.1 sq mi
ZIP Area
2,775
Density / Sq Mi
$37,188
Median Household Income
$25,323
Median Earnings
$1,030
Median Rent
$75,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - IL-zoned commercial building with adaptable space for office, automotive, storage, equipment, or light industrial operations.
Where is this flex space located?
The property is located at 1531 S Port Ave Corpus Christi, TX.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Two drive‑in roll‑up garage doors facing Stanley Street; IL (Light Industrial) zoning; On‑site parking with direct street accessibility
