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    Corner Retail Building in CBD Title is generated by Realmo AI

    523 N Water St, Corpus Christi, TX 78401

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    For Sale
    $2,400,000

    A prominently positioned downtown corner with strong street visibility and on-site parking in the Central Business District.

    Type:Retail
    Added:
    Jun 2, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 3 at 2:02 am

    Property Features for 523 N Water St

    General Information

    Standard status
    Active
    Property subtype
    Retail

    Building Details

    Year Built
    1974

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    Listing Contact
    Lynann Pinkham
    Lynann Pinkham

    Listing agent Lynann Pinkham License #TX #319336

    Listing office Cravey Real Estate Services, Inc.

    Listing date Jun 2, 2026

    Source Craveyrealestate

    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 Cravey Real Estate Services, Inc.

    HighLights

    • 1974 year built downtown corner property at N Water St and Peoples St
    • 56' frontage on Peoples Street and 63' frontage on Water Street
    • Located in the Central Business District (CBD) and within an Opportunity Zone
    • One block from Shoreline Blvd with 16,631 vehicles per day (per TxDOT)
    • 16 on‑site surface parking spaces plus a signalized intersection access nearby
    • Adjacent to the 10‑story 501 N Williams St parking garage and across from the 12‑story PlainsCapital Bank Tower

    Overview

    This downtown corner storefront property offers strong visibility with 56 feet of frontage on Peoples Street and 63 feet on Water Street. The site includes approximately 20 on-site surface parking spaces, supporting convenient access for customers and staff. The building sits within a Central Business District (CBD) zoning designation and is located in an Opportunity Zone.

    The property is positioned at the intersection of N Water St and Peoples St in Corpus Christi’s Central Business District. It is one block from Shoreline Blvd and benefits from nearby parking and major activity, including adjacency to the 10-story 501 N Williams St parking garage and being directly across from the 12-story PlainsCapital Bank Tower. The area is described as highly walkable and surrounded by offices, hotels, and retail. TxDOT data referenced in the materials indicates approximately 16,631 vehicles per day on Shoreline Blvd, supported by a signalized intersection at the location.

    This is a strong fit for retailers or service users seeking a high-visibility downtown presence with convenient parking and an active, walkable trade area. Its corner orientation and positioning among office and hospitality uses can support a variety of street-level concepts that benefit from consistent foot traffic and prominent signage exposure.
    Location Intelligence

    Current Use by Public Records

    Thai Spice Restaurant

    Suggested Use

    Real Estate Agency Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Pharmacy Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Leena Same Day Flower Delivery — 1014 N Chaparral St, Corpus Christi, TX 78401, United States
    • Erkos Florist & Same Day Flower Delivery — 617 N Chaparral St, Corpus Christi, TX 78401, United States

    Location Insight

    • Map
    • Local Demand
    City
    Corpus Christi
    County
    Nueces
    State
    Texas
    Longitude
    -97.395907
    Latitude
    27.787365

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    FAQs

    What type of property is this?
    Storefront property - A prominently positioned downtown corner with strong street visibility and on-site parking in the Central Business District.
    Where is this storefront property located?
    The property is located at 523 N Water St Corpus Christi, TX.
    What is the asking price?
    The asking price for this property is $2,400,000.
    What are key features of this property?
    This property features: 1974 year built downtown corner property at N Water St and Peoples St; 56' frontage on Peoples Street and 63' frontage on Water Street; Located in the Central Business District (CBD) and within an Opportunity Zone
    (361) 815-2155
    We can help!
    Listing Contact
    Lynann Pinkham
    Lynann Pinkham
    Real Estate License ID: TX #319336
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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