8-Unit Apartment
For Sale
$679,900
519 S Carancahua St, Corpus Christi, TX 78401
Mostly renovated multifamily property with one-bedroom residences and four occupied units generating current income.
Property Size4,800 SF
Price / SF$141.65
Days on Market36
Property Features for 519 S Carancahua St
General Information
Standard status
Active
Size
4,800 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
only minimal work remaining
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Building Details
Year Built
1925
Buildings
1
Listing Agency:
Deal Smith Realty LLC
(361) 947-4311
Listed By:
Jon Mares · License #0738254
Source:
Thebranchinc
Added: Jul 28
Changed: Aug 29
Last Checked: Aug 31 at 7:32PM
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 Deal Smith Realty LLC
Investment Insights
Based on property information with market context.
This 4,800-square-foot apartment property contains eight one-bedroom, one-bath residences within a building constructed in 1925. Interior renovations are substantially complete, with clean finishes in place and limited remaining work concentrated in a few apartments. Four units are occupied, while the others are close to rent-ready condition.
The property is located at 519 S Carancahua St in Corpus Christi, near downtown, employment centers, and the bayfront. Its all one-bedroom, one-bath layout provides a consistent configuration across the building, with straightforward operations for an investor or owner-operator. The current occupancy and near-complete unit preparation provide a clear operating profile for the next owner.
The property is located at 519 S Carancahua St in Corpus Christi, near downtown, employment centers, and the bayfront. Its all one-bedroom, one-bath layout provides a consistent configuration across the building, with straightforward operations for an investor or owner-operator. The current occupancy and near-complete unit preparation provide a clear operating profile for the next owner.
Key Highlights
- Eight apartment units with an all one‑bedroom, one‑bath configuration
- 4,800 SF building constructed in 1925
- Four units currently occupied
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
$44,855
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
6.60%
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%
$897,100
$897.1K
Cap Rate 7%
$640,786
$640.8K
Cap Rate 9%
$498,389
$498.4K
Market Conditions
NOI Build-Up for 4,800 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
$93.3K $19.44/SF
− Vacancy
−$11.8K −$2.45/SF
EGI
$81.6K $16.99/SF
− OpEx
−$36.7K −$7.65/SF
NOI
$44.9K $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%
$897,100
Cap Rate 7%
$640,786
Cap Rate 9%
$498,389
Alternative Uses
Best Use
Apartment 5plus
$640.8K
$560.7K – $747.6K
NOI $44,855 @ 7.0% cap · market cap 6.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.14M
$999.4K – $1.33M
NOI $79,949 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,379
Businesses Nearby
Explore this area
Business Placement
Demographics for 78401, TX
4,701
Population
2,115
Households
2.2
Avg Household Size
44
Median Age
15%
College-Educated
78%
High-School Grad
2.2 sq mi
ZIP Area
2,137
Density / Sq Mi
$37,796
Median Household Income
$22,254
Median Earnings
$930
Median Rent
$76,100
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 - Mostly renovated multifamily property with one-bedroom residences and four occupied units generating current income.
Where is this apartment building located?
The property is located at 519 S Carancahua St Corpus Christi, TX.
What is the asking price?
The asking price for this property is $679,900.
What are key features of this property?
This property features: Eight apartment units with an all one‑bedroom, one‑bath configuration; 4,800 SF building constructed in 1925; Four units currently occupied
