Fully Occupied
For Sale
$246,000
2601 Johanna Street, Corpus Christi, TX 78415
Residential, Corpus Christi, TX
Property Size1,874 SF
Lot Size0.23 Acres
Price / SF$131.27
Days on Market138
Property Features for 2601 Johanna Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 4, Bedroom 6, Bedroom 3, Bedroom 5, Bedroom 2, Bedroom 1
Interior features
OpenFloorplan
Appliances
FreeStandingRange, Refrigerator, RangeHood
Subdivision
Lexington
Lot features
Interior Lot
Elementary school
Los Encino
Middle school
Cunningham
High school
Moody
Elementary school district
Corpus Christi ISD
Middle school district
Corpus Christi ISD
High school district
Corpus Christi ISD
Standard status
Active
APN
437500020150
Size
1,874 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
LEXINGTON BLK 2 LOT 15
Tax Annual Amount
5028
Legal Description
LEXINGTON BLK 2 LOT 15
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central, Zoned
Cooling system
Central Air, Zoned
Water source
Public
Building Details
Year built
1952
Floors in Building
1
Flooring type
Laminate
Roof type
Shingle
Listing Agency:
KM Premier Real Estate
(361) 991-5263
Listed By:
Ashley Babbitt · License #0722251
(361) 800-5172
Added: Apr 16
Changed: Aug 26
Last Checked: Aug 31 at 11:06PM
MLS# 474914
Copyright © 2026 South Texas Multiple Listing Service, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,874-square-foot triplex contains three 2-bedroom, 1-bath units, all currently leased. The 1952 property includes laminate flooring, open floorplans, central electric heating and cooling, zoned climate control, and a shingle roof. Each residence is separately metered, and the units include free-standing ranges, refrigerators, and range hoods.
Set on 0.23 acres in Corpus Christi, the property has public water and public sewer service. Its oversized backyard includes an existing tap and meter for a potential fourth unit. The location is near SPID and within walking distance of local businesses, with shopping, schools, restaurants, and daily conveniences nearby.
The existing configuration provides six bedrooms and three bathrooms across the three-unit property, while the additional backyard infrastructure supports the stated expansion concept.
Set on 0.23 acres in Corpus Christi, the property has public water and public sewer service. Its oversized backyard includes an existing tap and meter for a potential fourth unit. The location is near SPID and within walking distance of local businesses, with shopping, schools, restaurants, and daily conveniences nearby.
The existing configuration provides six bedrooms and three bathrooms across the three-unit property, while the additional backyard infrastructure supports the stated expansion concept.
Key Highlights
- Three 2‑bedroom, 1‑bath units; all currently leased
- 1,874 square feet on a 0.23‑acre lot
- 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 - Three separately metered rental units offer current occupancy and an oversized backyard with a fourth-unit expansion concept.
Where is this triplex located?
The property is located at 2601 Johanna Street 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 2‑bedroom, 1‑bath units; all currently leased; 1,874 square feet on a 0.23‑acre lot; Each unit is separately metered
