Five-Unit Office
New
For Sale
$2,400,000
6102 Parkway Drive, Corpus Christi, TX 78414
CommercialSale, Corpus Christi, TX
Property Size8,000 SF
Lot Size1.21 Acres
Price / SF$300
Days on Market2
Property Features for 6102 Parkway Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Subdivision
Esplanade
Lot features
Interior Lot
Standard status
Active
APN
2329-0003-0027
Size
8,000 SF
Lot size
1.21 Acres
Taxes and HOA fees
Tax Description
ESPLANADE UNIT 1 LT 2G BLK 3
Legal Description
ESPLANADE UNIT 1 LT 2G BLK 3
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
2019
Floors in Building
1
Listing Agency:
Cobb, Lundquist & Atnip, Inc.
(361) 854-4448
Listed By:
Wayne Lundquist · License #0163197
(361) 510-7371
Added: Sep 3
Last Checked: Sep 4 at 1:06AM
MLS# 481951
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 8,000-square-foot office property was completed in 2019 and is configured as five units of 1,600 square feet each. Two units are leased, while three remain vacant for occupancy. The building includes central air conditioning, natural gas heating, public water, and public sewer.
Located at 6102 Parkway Drive in Corpus Christi, the property is near Spohn Hospital South and DaVita dialysis. Access is available to Saratoga, Staples, and Wooldridge. The 1.21-acre site provides an office-focused commercial setting with a mix of existing tenancy and available suites.
Located at 6102 Parkway Drive in Corpus Christi, the property is near Spohn Hospital South and DaVita dialysis. Access is available to Saratoga, Staples, and Wooldridge. The 1.21-acre site provides an office-focused commercial setting with a mix of existing tenancy and available suites.
Key Highlights
- 8,000‑square‑foot office property 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
$152,064
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
6.34%
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%
$3,041,280
$3.0M
Cap Rate 7%
$2,172,343
$2.2M
Cap Rate 9%
$1,689,600
$1.7M
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
$211.2K $26.40/SF
− Vacancy
−$8.4K −$1.06/SF
EGI
$202.8K $25.34/SF
− OpEx
−$50.7K −$6.34/SF
NOI
$152.1K $19.01/SF
Area
ZIP 78414
Vacancy
4.00%
Lease Rate
$26.40 /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%
$3,041,280
Cap Rate 7%
$2,172,343
Cap Rate 9%
$1,689,600
Alternative Uses
Best Use
Specialty Retail
$2.17M
$1.90M – $2.53M
NOI $152,064 @ 7.0% cap · market cap 6.34%
Second Best
Retail
$1.84M
$1.61M – $2.15M
NOI $129,024 @ 7.0% cap · market cap 5.38%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Office units
Multi-tenant
Tenancy
Yes
Paved road access
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 units - Recently built office property with two leased suites and three available units.
Where is this office units located?
The property is located at 6102 Parkway Drive 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‑square‑foot office property completed in 2019; Five 1,600‑square‑foot office units; Two units leased; three units vacant
