Building Details

Building Size 3,232 SF

Year Built 2017

Listing Agency: DH Realty Partners Inc

Listed By: James Magill · License #0675040 Show Phone

Source: National-onerealty

Added: Jan 12 Changed: Oct 10 Last Checked: Oct 15 at 7:16AM

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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 DH Realty Partners Inc

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Investment Insights

Based on property information with market context.

This 3,232-square-foot mixed-use property, built in 2017, contains five residential units along with commercial or storage space on the lower level. The current layout combines residential occupancy with a separate nonresidential component within the same asset.

The property is located at 1802 Morgan Ave in Corpus Christi, Texas, and is situated in a CG-2 General Commercial zoning district. All five residential units and the downstairs commercial or storage area are leased, providing an established income-producing configuration. The zoning supports a range of commercial uses, while the existing layout retains its residential component.

Key Highlights

• Five residential units plus downstairs commercial or storage space
• 3,232‑square‑foot mixed‑use property
• CG‑2 (General Commercial) zoning district

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$32,724

Cap Rate

6.61%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$654,480 $654.5K

Cap Rate 7%

$467,486 $467.5K

Cap Rate 9%

$363,600 $363.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,232 SF

Gross rent

$58.2K $18.00/SF

− Vacancy

−$5.8K −$1.80/SF

EGI

$52.4K $16.20/SF

− OpEx

−$19.6K −$6.07/SF

NOI

$32.7K $10.13/SF

Area

Corpus Christi, TX

Vacancy

10.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$654,480

Cap Rate 7%

$467,486

Cap Rate 9%

$363,600

Alternative Uses

Best Use

Mixed Use

$467.5K

$409.1K – $545.4K (±1% cap)

NOI $32,724 @ 7.0% cap · market cap 6.61%

Second Best

Apartment 5plus

$431.5K

$377.5K – $503.4K (±1% cap)

NOI $30,202 @ 7.0% cap · market cap 6.10%

Theoretical Best

Office A

$769.0K

$672.9K – $897.2K (±1% cap)

NOI $53,832 @ 7.0% cap · market cap 10.88%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Mixed-use properties

Suggested Use

Top Pick Dental Office Parking Lot & Garage (Bike/Boat/Book/etc) Store Hair Salon Carpet & Flooring Store Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,374

Businesses Nearby

Explore this area Business Placement

Demographics for 78404, TX

15,339

Population

6,884

Households

2.2

Avg Household Size

42

Median Age

23%

College-Educated

79%

High-School Grad

3.2 sq mi

ZIP Area

4,793

Density / Sq Mi

$60,264

Median Household Income

$45,864

Median Earnings

$1,172

Median Rent

$180,500

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - CG-2 zoning supports a mixed-use configuration with residential occupancy and downstairs commercial or storage space.

Where is this mixed-use property located?

The property is located at 1802 Morgan Ave Corpus Christi, TX.

What is the asking price?

The asking price for this property is $495,000.

What are key features of this property?

This property features: Five residential units plus downstairs commercial or storage space; 3,232‑square‑foot mixed‑use property; CG‑2 (General Commercial) zoning district