6-Unit Apartment
For Sale
$474,900
2851 Highland Avenue, Corpus Christi, TX 78405
Residential, Corpus Christi, TX
Property Size4,108 SF
Lot Size0.42 Acres
Price / SF$115.60
Days on Market97
Property Features for 2851 Highland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Appliances
ElectricOven, ElectricRange
Subdivision
Montrose Park
Elementary school
Zavala
Middle school
Martin
High school
Miller
Elementary school district
Corpus Christi ISD
Middle school district
Corpus Christi ISD
High school district
Corpus Christi ISD
Standard status
Active
APN
532400040040
Size
4,108 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Description
MONTROSE PARK BLK 4 LOT 4A
Tax Annual Amount
11461
Legal Description
MONTROSE PARK BLK 4 LOT 4A
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
washer/dryer hookups
central air and heat
Building Details
Year built
2006
Floors in Building
1
Flooring type
Vinyl
Roof type
Shingle
Listing Agency:
Prime Real Estate
(361) 334-7653
Listed By:
Brooke LaClair · License #0618863
(361) 765-1003
Added: Jun 12
Changed: Sep 16
Last Checked: Sep 16 at 7:06PM
MLS# 478052
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 6-unit apartment property contains 4,108 square feet on a 0.4194-acre parcel. Each residence is configured with two bedrooms and one bathroom, along with central air conditioning and electric central heat. Washer and dryer hookups are provided throughout the building, while vinyl flooring, electric ranges, and electric ovens serve the units. The property was built in 2006 and is connected to public water and public sewer.
All six units are occupied, and residents pay their own utilities. The site is located at 2851 Highland Avenue in Corpus Christi, within a central area identified as being near employment, shopping, dining, and major transportation corridors. The asset includes a shingle roof and on-site features supported by the property record, including street parking.
All six units are occupied, and residents pay their own utilities. The site is located at 2851 Highland Avenue in Corpus Christi, within a central area identified as being near employment, shopping, dining, and major transportation corridors. The asset includes a shingle roof and on-site features supported by the property record, including street parking.
Key Highlights
- Six occupied apartment units, each with a 2‑bedroom, 1‑bath floor plan
- 4,108 square feet on a 0.4194‑acre parcel
- 100% occupancy with tenants paying their own utilities
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
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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, and washer-dryer connections in every residence.
Where is this apartment building located?
The property is located at 2851 Highland Avenue 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 occupied apartment units, each with a 2‑bedroom, 1‑bath floor plan; 4,108 square feet on a 0.4194‑acre parcel; 100% occupancy with tenants paying their own utilities
