Furnished Triplex With Updated
For Sale
$365,000
419 Gulfspray Ave, Corpus Christi, TX 78402
Three furnished rental units offer a mix of coastal living features and flexible leasing potential near North Beach.
Property Size1,060 SF
Days on Market180
Property Features for 419 Gulfspray Ave
General Information
Standard status
Active
Size
1,060 SF
Property subtype
Triplex
Units
Unit Mix
1 x 2BR/2BA, 2 x 1BR/1BA
Multifamily Units
3
Additional Details
Furnished
Yes
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,400
Building Details
Building Size
1,060 SF
Year Built
1975
Buildings
1
Listing Agency:
Weichert REALTORS - The Place
Listed By:
Diane Gardner · License #0637379
(573) 280-4345
Source:
National-onerealty
Added: Mar 23
Changed: Sep 10
Last Checked: Sep 18 at 10:52AM
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 Weichert REALTORS - The Place
Investment Insights
Based on property information with market context.
This furnished triplex contains three rental units, including an upstairs two-bedroom, two-bath residence of approximately 1,060 square feet. The upper unit includes central air, granite countertops, laminate and vinyl flooring, a wood-burning fireplace, and surrounding walkway decks. Two lower-level one-bedroom, one-bath units feature durable hard-surface floors, tiled walk-in showers, and window air-conditioning units. A new roof was installed in 2022.
The property is located two blocks from the beach on North Beach, with access over the Harbor Bridge to Downtown Corpus Christi, Whataburger Field, the marina, museums, and I-37. The Texas State Aquarium, USS Lexington, and local restaurants are also identified nearby. The lower units have been leased week to week to project workers and may also support short-term or vacation rental use. The reported cap rate is 11%+.
The property is located two blocks from the beach on North Beach, with access over the Harbor Bridge to Downtown Corpus Christi, Whataburger Field, the marina, museums, and I-37. The Texas State Aquarium, USS Lexington, and local restaurants are also identified nearby. The lower units have been leased week to week to project workers and may also support short-term or vacation rental use. The reported cap rate is 11%+.
Key Highlights
- Three‑unit furnished triplex with one 2‑bedroom, 2‑bath unit and two 1‑bedroom, 1‑bath units
- Approximately 1,060 SF upstairs unit with central air, granite countertops, fireplace, and walkway decks
- New roof installed in 2022
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
$10,817
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
2.96%
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%
$216,340
$216.3K
Cap Rate 7%
$154,529
$154.5K
Cap Rate 9%
$120,189
$120.2K
Market Conditions
NOI Build-Up for 1,060 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
$17.6K $16.56/SF
− Vacancy
−$2.1K −$1.98/SF
EGI
$15.5K $14.58/SF
− OpEx
−$4.6K −$4.37/SF
NOI
$10.8K $10.20/SF
Area
Corpus Christi, TX
Vacancy
11.97%
Lease Rate
$16.56 /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%
$216,340
Cap Rate 7%
$154,529
Cap Rate 9%
$120,189
Alternative Uses
Best Use
Multifamily LT 5
$154.5K
$135.2K – $180.3K
NOI $10,817 @ 7.0% cap · market cap 2.96%
Second Best
Apartment 5plus
$141.5K
$123.8K – $165.1K
NOI $9,905 @ 7.0% cap · market cap 2.71%
Theoretical Best
Office A
$252.2K
$220.7K – $294.3K
NOI $17,655 @ 7.0% cap · market cap 4.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
122
Businesses Nearby
Explore this area
Business Placement
Demographics for 78402, TX
625
Population
688
Households
0.9
Avg Household Size
54
Median Age
54%
College-Educated
100%
High-School Grad
4.2 sq mi
ZIP Area
149
Density / Sq Mi
$53,102
Median Household Income
$31,643
Median Earnings
$195,800
Median Home Value
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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?
Triplex - Three furnished rental units offer a mix of coastal living features and flexible leasing potential near North Beach.
Where is this triplex located?
The property is located at 419 Gulfspray Ave Corpus Christi, TX.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Three‑unit furnished triplex with one 2‑bedroom, 2‑bath unit and two 1‑bedroom, 1‑bath units; Approximately 1,060 SF upstairs unit with central air, granite countertops, fireplace, and walkway decks; New roof installed in 2022
