Renovated 4-Unit
For Sale
$439,900
642 Robinson St, Corpus Christi, TX 78404
Fully occupied fourplex with a mix of furnished mid-term and unfurnished long-term rental units.
Property Size3,072 SF
Price / SF$143.20
Days on Market14
Property Features for 642 Robinson St
General Information
Standard status
Active
Size
3,072 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Furnished
Yes
Multifamily Units
4
Amenities
mini-split air conditioning
on-site laundry
Building Details
Year Built
1948
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Cass Real Estate
Listed By:
Brenton Reagan · License #0669077
(512) 736-2695
Source:
Thebranchinc
Added: Sep 5
Changed: Sep 16
Last Checked: Sep 15 at 11:33PM
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 Cass Real Estate
Investment Insights
Based on property information with market context.
Renovated fourplex containing four 2-bedroom, 1-bathroom units arranged across two levels, with two residences on each floor. Improvements completed since 2023 include foundation work with new subfloors, mini-split air systems, vinyl plank flooring, interior and exterior paint, appliances, furnishings, and décor. The three furnished units operate with all-bills-paid mid-term leases, while the remaining unit is unfurnished and leased long term. Furnishings and décor in the three furnished residences convey with the property.
The building includes an indoor front stairway to the upper units, rear entrances from each residence, and a shared rear area with a laundry closet. The washer and dryer convey and are shared by all tenants. Three units have gas stoves and one has an electric range. Water and gas use master meters, while electric service is individually metered. The property is currently 100% occupied and reports a 10.3% cap rate.
The building includes an indoor front stairway to the upper units, rear entrances from each residence, and a shared rear area with a laundry closet. The washer and dryer convey and are shared by all tenants. Three units have gas stoves and one has an electric range. Water and gas use master meters, while electric service is individually metered. The property is currently 100% occupied and reports a 10.3% cap rate.
Key Highlights
- Four 2‑bedroom, 1‑bathroom units in a two‑story layout
- 100% occupied with three furnished mid‑term units and one unfurnished long‑term unit
- 10.3% cap rate
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
$31,348
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
7.13%
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%
$626,960
$627.0K
Cap Rate 7%
$447,829
$447.8K
Cap Rate 9%
$348,311
$348.3K
Market Conditions
NOI Build-Up for 3,072 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
$50.9K $16.56/SF
− Vacancy
−$6.1K −$1.98/SF
EGI
$44.8K $14.58/SF
− OpEx
−$13.4K −$4.37/SF
NOI
$31.3K $10.20/SF
Area
Corpus Christi, TX
Vacancy
11.97%
Lease Rate
$16.56 /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%
$626,960
Cap Rate 7%
$447,829
Cap Rate 9%
$348,311
Alternative Uses
Best Use
Multifamily LT 5
$447.8K
$391.9K – $522.5K
NOI $31,348 @ 7.0% cap · market cap 7.13%
Second Best
Apartment 5plus
$410.1K
$358.8K – $478.5K
NOI $28,707 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$731.0K
$639.6K – $852.8K
NOI $51,167 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,224
Businesses Nearby
Explore this area
Business Placement
Demographics for 78404, TX
15,339
Population
6,884
Households
2.2
Avg Household Size
42
Median Age
23%
College-Educated
79%
High-School Grad
3.2 sq mi
ZIP Area
4,793
Density / Sq Mi
$60,264
Median Household Income
$45,864
Median Earnings
$1,172
Median Rent
$180,500
Median Home Value
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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?
Quadplex - Fully occupied fourplex with a mix of furnished mid-term and unfurnished long-term rental units.
Where is this quadplex located?
The property is located at 642 Robinson St Corpus Christi, TX.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bathroom units in a two‑story layout; 100% occupied with three furnished mid‑term units and one unfurnished long‑term unit; 10.3% cap rate
