Mixed-Use Property with 5
For Sale
$525,000
1802 Morgan Ave, Corpus Christi, TX 78404
CG-2 zoning supports a mixed-use configuration with residential occupancy and downstairs commercial or storage space.
Property Size3,232 SF
Price / SF$162.44
Days on Market17
Property Features for 1802 Morgan Ave
General Information
Standard status
Active
Size
3,232 SF
Property subtype
Multi-Family
Building Details
Year Built
2017
Listing Agency:
DH Realty Partners Inc
(361) 929-5003
Listed By:
James Magill · License #675040
Source:
Thebranchinc
Added: Aug 15
Changed: Aug 29
Last Checked: Aug 30 at 7:29PM
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
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.
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 = 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
$32,724
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
6.23%
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%
$654,480
$654.5K
Cap Rate 7%
$467,486
$467.5K
Cap Rate 9%
$363,600
$363.6K
Market Conditions
NOI Build-Up for 3,232 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
$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 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%
$654,480
Cap Rate 7%
$467,486
Cap Rate 9%
$363,600
Alternative Uses
Best Use
Mixed Use
$467.5K
$409.1K – $545.4K
NOI $32,724 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$431.5K
$377.5K – $503.4K
NOI $30,202 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$769.0K
$672.9K – $897.2K
NOI $53,832 @ 7.0% cap · market cap 10.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 $525,000.
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
