Occupied Triplex with Expansion
New
For Sale
$246,000
2601 Johanna St, Corpus Christi, TX 78415
Leased units feature separate meters and access to an oversized backyard with an existing tap and meter.
Property Size1,874 SF
Price / SF$131.27
Days on Market2
Property Features for 2601 Johanna St
General Information
Standard status
Active
Size
1,874 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Amenities
oversized backyard
Building Details
Year Built
1952
Listing Agency:
KM Premier Real Estate
Listed By:
Ashley Babbitt · License #0722251
(361) 800-5172
Source:
Thebranchinc
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 1:58AM
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 KM Premier Real Estate
Investment Insights
Based on property information with market context.
This 1,874-square-foot triplex, built in 1952, contains three two-bedroom, one-bath units. All units are leased, and each has a separate meter. The property has been well maintained and includes an oversized backyard with an existing tap and meter that could support a potential fourth unit.
Located at 2601 Johanna St in Corpus Christi, the property is near SPID and within walking distance of local businesses. Shopping, schools, restaurants, and everyday conveniences are a short drive away. The existing three-unit configuration provides current rental income, while the backyard infrastructure offers an additional expansion consideration.
Located at 2601 Johanna St in Corpus Christi, the property is near SPID and within walking distance of local businesses. Shopping, schools, restaurants, and everyday conveniences are a short drive away. The existing three-unit configuration provides current rental income, while the backyard infrastructure offers an additional expansion consideration.
Key Highlights
- Three leased two‑bedroom, one‑bath units
- 1,874 SF triplex built in 1952
- Each unit is separately metered
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
$17,322
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
7.04%
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%
$346,440
$346.4K
Cap Rate 7%
$247,457
$247.5K
Cap Rate 9%
$192,467
$192.5K
Market Conditions
NOI Build-Up for 1,874 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
$28.1K $15.00/SF
− Vacancy
−$3.4K −$1.80/SF
EGI
$24.7K $13.20/SF
− OpEx
−$7.4K −$3.96/SF
NOI
$17.3K $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%
$346,440
Cap Rate 7%
$247,457
Cap Rate 9%
$192,467
Alternative Uses
Best Use
Multifamily LT 5
$247.5K
$216.5K – $288.7K
NOI $17,322 @ 7.0% cap · market cap 7.04%
Second Best
Apartment 5plus
$219.3K
$191.9K – $255.8K
NOI $15,350 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$445.9K
$390.2K – $520.2K
NOI $31,213 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
619
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?
Triplex - Leased units feature separate meters and access to an oversized backyard with an existing tap and meter.
Where is this triplex located?
The property is located at 2601 Johanna St Corpus Christi, TX.
What is the asking price?
The asking price for this property is $246,000.
What are key features of this property?
This property features: Three leased two‑bedroom, one‑bath units; 1,874 SF triplex built in 1952; Each unit is separately metered
