Six-Unit Apartment
For Sale
$474,900
2851 Highland Ave, Corpus Christi, TX 78405
Fully occupied multifamily property with consistent two-bedroom layouts, central HVAC, laundry hookups, and dedicated tenant parking.
Property Size4,108 SF
Days on Market99
Property Features for 2851 Highland Ave
General Information
Standard status
Active
Size
4,108 SF
Property subtype
Multi Family
Occupancy
100%
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$11,461
Amenities
washer and dryer hookups
Building Details
Building Size
4,108 SF
Year Built
2006
Listing Agency:
Prime Real Estate
Listed By:
Brooke LaClair · License #0618863
(361) 765-1003
Source:
National-onerealty
Added: Jun 12
Changed: Sep 13
Last Checked: Sep 18 at 12:14PM
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 Prime Real Estate
Investment Insights
Based on property information with market context.
Built in 2006, this apartment property contains six occupied units, each arranged with two bedrooms and one bathroom. Every residence is equipped with central air and heat, while washer and dryer hookups add practical in-unit utility. A dedicated parking lot serves the property.
Occupancy is reported at 100%, and residents pay their own utilities. The property is located at 2851 Highland Ave in Corpus Christi, with the surrounding area described as near employment, shopping, dining, and major transportation corridors.
Occupancy is reported at 100%, and residents pay their own utilities. The property is located at 2851 Highland Ave in Corpus Christi, with the surrounding area described as near employment, shopping, dining, and major transportation corridors.
Key Highlights
- Six units, each with a 2‑bedroom, 1‑bath floor plan
- 100% occupancy reported
- Central air and heat in every unit
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
$38,388
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
8.08%
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%
$767,760
$767.8K
Cap Rate 7%
$548,400
$548.4K
Cap Rate 9%
$426,533
$426.5K
Market Conditions
NOI Build-Up for 4,108 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
$79.9K $19.44/SF
− Vacancy
−$10.1K −$2.45/SF
EGI
$69.8K $16.99/SF
− OpEx
−$31.4K −$7.65/SF
NOI
$38.4K $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%
$767,760
Cap Rate 7%
$548,400
Cap Rate 9%
$426,533
Alternative Uses
Best Use
Apartment 5plus
$548.4K
$479.9K – $639.8K
NOI $38,388 @ 7.0% cap · market cap 8.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$977.5K
$855.3K – $1.14M
NOI $68,423 @ 7.0% cap · market cap 14.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
895
Businesses Nearby
Explore this area
Business Placement
Demographics for 78405, TX
14,151
Population
6,068
Households
2.3
Avg Household Size
37
Median Age
4%
College-Educated
62%
High-School Grad
5.1 sq mi
ZIP Area
2,775
Density / Sq Mi
$37,188
Median Household Income
$25,323
Median Earnings
$1,030
Median Rent
$75,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with consistent two-bedroom layouts, central HVAC, laundry hookups, and dedicated tenant parking.
Where is this apartment building located?
The property is located at 2851 Highland Ave Corpus Christi, TX.
What is the asking price?
The asking price for this property is $474,900.
What are key features of this property?
This property features: Six units, each with a 2‑bedroom, 1‑bath floor plan; 100% occupancy reported; Central air and heat in every unit
