Eight-Unit Apartment
For Sale
$679,900
519 S Carancahua Street, Corpus Christi, TX 78401
Residential, Corpus Christi, TX
Property Size4,800 SF
Lot Size0.31 Acres
Price / SF$141.65
Days on Market195
Property Features for 519 S Carancahua Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking features
Off Street
Subdivision
Bernard John D Tr
Lot features
Corner Lot
Elementary school
Allen
Middle school
Driscoll
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
065600010030
Size
4,800 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Description
J D BERNARD LTS 3, 4, E5.5' OF LT 5 & LT 6A BK 1
Tax Annual Amount
4616
Legal Description
J D BERNARD LTS 3, 4, E5.5' OF LT 5 & LT 6A BK 1
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Ductless
Water source
Public
Building Details
Year built
1925
Floors in Building
1
Flooring type
Vinyl
Roof type
Flat
Listing Agency:
Deal Smith Realty LLC
(512) 784-1945
Listed By:
Jon Mares · License #0738254
(361) 947-4311
Added: Mar 5
Changed: Sep 7
Last Checked: Sep 16 at 10:06AM
MLS# 472821
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 4,800-square-foot apartment property contains eight one-bedroom, one-bath units at 519 S Carancahua Street in Corpus Christi. The building dates to 1925 and features vinyl flooring, ductless heating and cooling, a flat roof, off-street parking, public water, and public sewer. Most of the property has been renovated, with limited work remaining in select units.
Four units are occupied, while the others are described as nearly rent-ready. The property is near downtown Corpus Christi, local employment centers, and the bayfront, placing the building within an established urban setting. Its compact unit configuration and existing occupancy provide a clear overview of the current multifamily operation.
Four units are occupied, while the others are described as nearly rent-ready. The property is near downtown Corpus Christi, local employment centers, and the bayfront, placing the building within an established urban setting. Its compact unit configuration and existing occupancy provide a clear overview of the current multifamily operation.
Key Highlights
- Eight 1 bed / 1 bath apartment units
- 4,800 Square Feet building on 0.31 acres
- 4 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
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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
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 - Mostly renovated multifamily asset with vinyl flooring, ductless HVAC, and off-street parking.
Where is this apartment building located?
The property is located at 519 S Carancahua Street 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 1 bed / 1 bath apartment units; 4,800 Square Feet building on 0.31 acres; 4 units currently occupied
