Two-Building Six-Unit Apartment
For Sale
Contact for pricing
302 W Front St, Corrigan, TX 75939
All residences are currently occupied, and one building includes recent roof, air-conditioning, and interior improvements.
Property Size5,248 SF
Price / SF$91.27
Days on Market133
Property Features for 302 W Front St
General Information
Standard status
Active
Size
5,248 SF
Class
C
Property subtype
Multifamily
Occupancy
100%
Investment Type
Net Lease
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Building Details
Year Built
1975
Buildings
2
Units
6
Listing Agency:
Country World Realty
Listed By:
Pat McCulley · License #tx370334
Source:
Crexi
Added: Apr 20
Changed: Aug 29
Last Checked: Aug 29 at 10:42PM
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 Country World Realty
Investment Insights
Based on property information with market context.
This apartment property comprises two separate buildings with three units in each, creating six residences and 5,248 SF of combined area. Every unit is configured as 2 Br / 1 Ba, and all are currently rented. The buildings were constructed in 1975 and are located at 302 W Front St in Corrigan, Texas.
The W Front Street building has received several recent improvements, including a new roof, 2 new A/Cs, and interior updates. The two-building configuration provides a clearly defined apartment layout, while current occupancy and available lease details support review of the existing tenancy.
The W Front Street building has received several recent improvements, including a new roof, 2 new A/Cs, and interior updates. The two-building configuration provides a clearly defined apartment layout, while current occupancy and available lease details support review of the existing tenancy.
Key Highlights
- Six‑unit apartment property spanning two separate buildings
- 5,248 SF total across the two buildings
- Three units per building, with each unit configured as 2 Br / 1 Ba
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
$35,052
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
7.32%
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%
$701,040
$701.0K
Cap Rate 7%
$500,743
$500.7K
Cap Rate 9%
$389,467
$389.5K
Market Conditions
NOI Build-Up for 5,248 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
$72.4K $13.80/SF
− Vacancy
−$8.7K −$1.66/SF
EGI
$63.7K $12.14/SF
− OpEx
−$28.7K −$5.46/SF
NOI
$35.1K $6.68/SF
Area
Polk County, TX
Vacancy
12.00%
Lease Rate
$13.80 /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%
$701,040
Cap Rate 7%
$500,743
Cap Rate 9%
$389,467
Alternative Uses
Best Use
Apartment 5plus
$500.7K
$438.2K – $584.2K
NOI $35,052 @ 7.0% cap · market cap 7.32%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$2.69M
$2.36M – $3.14M
NOI $188,456 @ 7.0% cap · market cap 39.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
Explore this area
Business Placement
Demographics for 75939, TX
3,716
Population
2,161
Households
1.7
Avg Household Size
44
Median Age
9%
College-Educated
77%
High-School Grad
252.3 sq mi
ZIP Area
15
Density / Sq Mi
$45,767
Median Household Income
$29,060
Median Earnings
$707
Median Rent
$121,400
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 - All residences are currently occupied, and one building includes recent roof, air-conditioning, and interior improvements.
Where is this apartment building located?
The property is located at 302 W Front St Corrigan, TX.
What is the asking price?
The asking price for this property is $479,000.
What are key features of this property?
This property features: Six‑unit apartment property spanning two separate buildings; 5,248 SF total across the two buildings; Three units per building, with each unit configured as 2 Br / 1 Ba
