6-Unit Apartment
For Sale
$525,000
243 Indiana Ave, Corpus Christi, TX 78404
Multifamily property with varied floor plans, landscaped grounds, covered parking, and a separate sixth unit.
Property Size4,876 SF
Price / SF$107.67
Days on Market32
Property Features for 243 Indiana Ave
General Information
Standard status
Active
Size
4,876 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
6
Amenities
large front deck
landscaped grounds
concrete driveway
carport
pergola
spacious yard
Building Details
Year Built
1941
Listing Agency:
Gene Guernsey & Assoc.Realtors
(361) 960-7653
Listed By:
Gene Guernsey · License #0372996
Source:
Thebranchinc
Added: Jul 31
Changed: Aug 28
Last Checked: Aug 30 at 8:55PM
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 Gene Guernsey & Assoc.Realtors
Investment Insights
Based on property information with market context.
This multifamily property contains 6 units totaling 4,876 square feet, with five residences arranged in a two-story main building and one additional unit beside the carport. The unit mix includes four 1-bedroom, 1-bath units and two 2-bedroom, 1-bath units. A 2018 re-roof adds a recent capital improvement. Exterior features include a broad front deck, landscaped grounds, concrete driveway, carport, pergola, and spacious yard.
The property is in the Bessar Park neighborhood of central Corpus Christi, near downtown, hospitals, shopping, and entertainment. Its combination of varied layouts, covered parking, outdoor areas, and a detached unit creates a clearly defined multifamily configuration.
The property is in the Bessar Park neighborhood of central Corpus Christi, near downtown, hospitals, shopping, and entertainment. Its combination of varied layouts, covered parking, outdoor areas, and a detached unit creates a clearly defined multifamily configuration.
Key Highlights
- 6‑unit multifamily property totaling 4,876 square feet
- Unit mix includes four 1‑bedroom, 1‑bath units and two 2‑bedroom, 1‑bath units
- Five units occupy the two‑story main building; sixth unit is adjacent to the carport
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
$45,565
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
8.68%
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%
$911,300
$911.3K
Cap Rate 7%
$650,929
$650.9K
Cap Rate 9%
$506,278
$506.3K
Market Conditions
NOI Build-Up for 4,876 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
$94.8K $19.44/SF
− Vacancy
−$11.9K −$2.45/SF
EGI
$82.8K $16.99/SF
− OpEx
−$37.3K −$7.65/SF
NOI
$45.6K $9.34/SF
Area
Corpus Christi, TX
Vacancy
12.60%
Lease Rate
$19.44 /SF/Yr
Expense Ratio
45.00%
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%
$911,300
Cap Rate 7%
$650,929
Cap Rate 9%
$506,278
Alternative Uses
Best Use
Apartment 5plus
$650.9K
$569.6K – $759.4K
NOI $45,565 @ 7.0% cap · market cap 8.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.02M – $1.35M
NOI $81,215 @ 7.0% cap · market cap 15.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
351
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?
Apartment building - Multifamily property with varied floor plans, landscaped grounds, covered parking, and a separate sixth unit.
Where is this apartment building located?
The property is located at 243 Indiana 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: 6‑unit multifamily property totaling 4,876 square feet; Unit mix includes four 1‑bedroom, 1‑bath units and two 2‑bedroom, 1‑bath units; Five units occupy the two‑story main building; sixth unit is adjacent to the carport
