Multi-Unit Office
New
For Sale
$2,400,000
6102 Parkway Dr, Corpus Christi, TX 78414
Multi-suite office property combines leased occupancy with additional space available for occupancy.
Property Size8,000 SF
Price / SF$300
Days on Market2
Property Features for 6102 Parkway Dr
General Information
Standard status
Active
Size
8,000 SF
Additional Details
Office Units
5
Building Details
Year Built
2019
Tenancy
Multi
Listing Agency:
Cobb, Lundquist & Atnip, Inc.
Listed By:
Wayne Lundquist · License #0163197
(361) 510-7371
Source:
Thebranchinc
Added: Sep 5
Last Checked: Sep 5 at 6:10AM
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 Cobb, Lundquist & Atnip, Inc.
Investment Insights
Based on property information with market context.
Built in 2019, this 8,000-square-foot office building is configured as five 1,600-square-foot units. Two units are leased, while three remain vacant, offering a mix of existing occupancy and available office space. The property includes central air and gas service, along with a concrete driveway and interior-lot placement.
Located at 6102 Parkway Drive, the property is near Spohn Hospital South and a DaVita dialysis facility. Access to Saratoga, Staples, and Wooldridge is noted from the site, supporting connections to established commercial and medical corridors.
Located at 6102 Parkway Drive, the property is near Spohn Hospital South and a DaVita dialysis facility. Access to Saratoga, Staples, and Wooldridge is noted from the site, supporting connections to established commercial and medical corridors.
Key Highlights
- 8,000 SF office building completed in 2019
- Five 1,600‑square‑foot office units
- Two units leased; three units vacant
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
$114,619
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
4.78%
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%
$2,292,380
$2.3M
Cap Rate 7%
$1,637,414
$1.6M
Cap Rate 9%
$1,273,544
$1.3M
Market Conditions
NOI Build-Up for 8,000 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
$179.5K $22.44/SF
− Vacancy
−$26.7K −$3.34/SF
EGI
$152.8K $19.10/SF
− OpEx
−$38.2K −$4.78/SF
NOI
$114.6K $14.33/SF
Area
ZIP 78414
Vacancy
14.87%
Lease Rate
$22.44 /SF/Yr
Expense Ratio
25.00%
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%
$2,292,380
Cap Rate 7%
$1,637,414
Cap Rate 9%
$1,273,544
Alternative Uses
Best Use
Office B
$1.64M
$1.43M – $1.91M
NOI $114,619 @ 7.0% cap · market cap 4.78%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.17M
$1.90M – $2.53M
NOI $152,064 @ 7.0% cap · market cap 6.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
147
Businesses Nearby
Explore this area
Business Placement
Demographics for 78414, TX
46,972
Population
20,121
Households
2.3
Avg Household Size
35
Median Age
39%
College-Educated
95%
High-School Grad
14.2 sq mi
ZIP Area
3,308
Density / Sq Mi
$96,788
Median Household Income
$56,626
Median Earnings
$1,549
Median Rent
$271,300
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?
Office building - Multi-suite office property combines leased occupancy with additional space available for occupancy.
Where is this office building located?
The property is located at 6102 Parkway Dr 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: 8,000 SF office building completed in 2019; Five 1,600‑square‑foot office units; Two units leased; three units vacant
