Remodeled Two-Story Light Industrial
For Sale
Contact for pricing
601-605 Omaha Drive, Corpus Christi, TX 78408
Remodeled two-story office building with light-industrial zoning and ample parking for tenant and client use.
Property Size6,225 SF
Price / SF$96.31
Days on Market63
Property Features for 601-605 Omaha Drive
General Information
Standard status
Active
Size
6,225 SF
Class
B
Property subtype
Office, Industrial
Zoning
I-2, Light Industrial District
Investment Type
Owner/User
Building Details
Year Built
1973
Year Renovated
2006
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Cravey Real Estate Services Inc
(361) 289-5168
Listed By:
David Heitzman · License #TX 806588
Source:
Crexi
Added: Jul 1
Changed: Aug 23
Last Checked: Aug 31 at 6:48PM
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
Investment Insights
Based on property information with market context.
This remodeled +/- 6,225 SF two-story office building is designed to support a flexible work environment. The space includes a substantial 10' eave height and a 28' ridge height, along with a 560 SF canopy that can help protect vehicles, materials, or exterior activity. The property also has approximately 108' of frontage along the west line of Omaha Drive. On-site improvements include a 6,252 SF parking lot, and the building sits on an 18,500 SF lot with dimensions noted in the listing.
Utilities are described as available through the City of Corpus Christi, with water, gas, and wastewater services supported for operational needs. The site is noted as not being located in Flood Zone C, and the listing states there are no known detrimental easements or encroachments impacting usability. The surrounding area is characterized by distribution offices, warehouses, and light fabrication facilities, consistent with a service-oriented industrial environment.
Zoned I-2, Light Industrial, the property offers a practical fit for businesses that need office support alongside light industrial capabilities. The combination of two-story office layout, ceiling heights, exterior canopy area, and on-site parking can be useful for tenant operations that require both administrative space and functional work areas.
Utilities are described as available through the City of Corpus Christi, with water, gas, and wastewater services supported for operational needs. The site is noted as not being located in Flood Zone C, and the listing states there are no known detrimental easements or encroachments impacting usability. The surrounding area is characterized by distribution offices, warehouses, and light fabrication facilities, consistent with a service-oriented industrial environment.
Zoned I-2, Light Industrial, the property offers a practical fit for businesses that need office support alongside light industrial capabilities. The combination of two-story office layout, ceiling heights, exterior canopy area, and on-site parking can be useful for tenant operations that require both administrative space and functional work areas.
Key Highlights
- Remodeled 2‑story office building with approx. 6,225 SF and 10' eave height plus 28' ridge height
- Zoned I‑2 (Light Industrial) with approx. 108' frontage along Omaha Drive
- Lot size of 18,500 SF (108.4' x 190' x 76' x 200') with a 560 SF canopy
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
$32,582
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
5.43%
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%
$651,640
$651.6K
Cap Rate 7%
$465,457
$465.5K
Cap Rate 9%
$362,022
$362.0K
Market Conditions
NOI Build-Up for 6,225 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
$50.0K $8.04/SF
− Vacancy
−$3.5K −$0.56/SF
EGI
$46.5K $7.48/SF
− OpEx
−$14.0K −$2.24/SF
NOI
$32.6K $5.23/SF
Area
Corpus Christi, TX
Vacancy
7.00%
Lease Rate
$8.04 /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%
$651,640
Cap Rate 7%
$465,457
Cap Rate 9%
$362,022
Alternative Uses
Best Use
Office B
$1.27M
$1.11M – $1.49M
NOI $89,188 @ 7.0% cap · market cap 14.88%
Second Best
Flex RnD
$936.4K
$819.4K – $1.09M
NOI $65,549 @ 7.0% cap · market cap 10.93%
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,684 @ 7.0% cap · market cap 17.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
609
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 78408, TX
11,023
Population
4,543
Households
2.4
Avg Household Size
37
Median Age
8%
College-Educated
69%
High-School Grad
5.9 sq mi
ZIP Area
1,868
Density / Sq Mi
$43,096
Median Household Income
$30,621
Median Earnings
$979
Median Rent
$82,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Remodeled two-story office building with light-industrial zoning and ample parking for tenant and client use.
Where is this flex space located?
The property is located at 601-605 Omaha Drive Corpus Christi, TX.
What is the asking price?
The asking price for this property is $599,500.
What are key features of this property?
This property features: Remodeled 2‑story office building with approx. 6,225 SF and 10' eave height plus 28' ridge height; Zoned I‑2 (Light Industrial) with approx. 108' frontage along Omaha Drive; Lot size of 18,500 SF (108.4' x 190' x 76' x 200') with a 560 SF canopy
