Furnished
For Sale
$365,000
419 Gulfspray Avenue, Corpus Christi, TX 78402
Residential, Corpus Christi, TX
Property Size1,060 SF
Lot Size0.11 Acres
Price / SF$344.34
Days on Market162
Property Features for 419 Gulfspray Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 4, Bathroom 4, Bedroom 3, Bedroom 2, Bedroom 1
Parking
6
Parking features
On Street
Patio and Porch features
Patio, Deck
Interior features
WindowTreatments, BreakfastBar
Exterior features
Deck
Fireplace
1
Appliances
ElectricCooktop, ElectricOven, ElectricRange, Refrigerator, RangeHood
Subdivision
Brooklyn
Lot features
Subdivided
Elementary school
Evans
Middle school
Wynn Seale
High school
Ray
Elementary school district
Corpus Christi ISD
Middle school district
Corpus Christi ISD
High school district
Corpus Christi ISD
Standard status
Active
APN
105500650115
Size
1,060 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
BROOKLYN BLK 65 LOT 11
Tax Annual Amount
3400
Legal Description
BROOKLYN BLK 65 LOT 11
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Window Unit(s), Central Air, Electric
Water source
Public
Amenities
wood-burning fireplace
walkway decks
granite countertops
tiled walk-in showers
Building Details
Year built
1975
Floors in Building
2
Number of units
1
Flooring type
Laminate, Vinyl
Building materials
Frame, WoodSiding
Roof type
Shingle
Listing Agency:
Weichert REALTORS - The Place
(361) 882-5588
Listed By:
Diane Gardner · License #0637379
(573) 280-4345
Added: Mar 23
Changed: Aug 26
Last Checked: Aug 31 at 8:06PM
MLS# 473711
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.
Located at 419 Gulfspray Avenue in Corpus Christi, this furnished triplex contains one upper residence and two lower residences. The upstairs unit is an approximately 1,060-square-foot, updated two-bedroom, two-bath layout with central air, granite countertops, laminate and vinyl flooring, and a wood-burning fireplace. Walkway decks wrap the upper level. Each downstairs unit offers an updated one-bedroom, one-bath configuration with hard-surface flooring, tiled walk-in showers, and window air-conditioning units.
The property sits two blocks from the beach on North Beach, with the Texas State Aquarium, USS Lexington, restaurants, Downtown Corpus Christi, Whataburger Field, the marina, museums, and I-37 identified nearby. A new roof was installed in 2022. Public water and public sewer serve the property, and parking is available on the street.
The property sits two blocks from the beach on North Beach, with the Texas State Aquarium, USS Lexington, restaurants, Downtown Corpus Christi, Whataburger Field, the marina, museums, and I-37 identified nearby. A new roof was installed in 2022. Public water and public sewer serve the property, and parking is available on the street.
Key Highlights
- 11%+ CAP RATE
- Furnished triplex with three maintained residential units
- Upper unit is approximately 1,060 square feet with 2 bedrooms and 2 bathrooms
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
Property Profile
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
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-unit property with updated interiors, coastal outdoor space, and flexible rental configurations.
Where is this triplex located?
The property is located at 419 Gulfspray Avenue 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: 11%+ CAP RATE; Furnished triplex with three maintained residential units; Upper unit is approximately 1,060 square feet with 2 bedrooms and 2 bathrooms
