Flex Warehouse with Office
For Sale
Contact for pricing
6654 Leopard St, Corpus Christi, TX 78409
Renovated office space paired with warehouse facilities, overhead doors, bridge cranes, and a partially stabilized yard.
Property Size6,800 SF
Lot Size0.50 Acres
Price / SF$138.97
Days on Market205
Property Features for 6654 Leopard St
General Information
Standard status
Active
Size
6,800 SF
Lot size
0.50 Acres
Property subtype
Industrial
Zoning
IL
Occupancy
100%
Lease Type
NNN
Net Operating Income
$90,000
Additional Details
Drive-In Doors
7
Office Units
5
Building Details
Year Renovated
2024
Buildings
2
Tenancy
Single
Listing Agency:
New Southern Commercial Real Estate
Listed By:
Wade Spenst · License #TX 0677021
(361) 834-6333
Source:
Crexi
Added: Feb 11
Changed: Aug 31
Last Checked: Sep 3 at 9:32AM
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 New Southern Commercial Real Estate
Investment Insights
Based on property information with market context.
6654 Leopard St includes two separate structures configured for office and warehouse use. Building 1 offers renovated office space built in 2024, with five large offices, a break room, and a reception area, plus a warehouse component featuring three large overhead doors, a warehouse bathroom, and a 5-ton bridge crane with a 10-foot hook height.
Building 2 provides additional warehouse space with four large overhead doors and a manual bridge crane. The property also includes a partially stabilized half-acre yard to support loading, staging, or outdoor work needs, as described in the available materials. Located at 6654 Leopard Street in Corpus Christi, Texas 78409.
Building 2 provides additional warehouse space with four large overhead doors and a manual bridge crane. The property also includes a partially stabilized half-acre yard to support loading, staging, or outdoor work needs, as described in the available materials. Located at 6654 Leopard Street in Corpus Christi, Texas 78409.
Key Highlights
- Building 1 offers 1,000 SF of renovated office space (2024) with 5 large offices plus break room and reception
- Building 1 includes 4,000 SF warehouse with 3 large overhead doors and a warehouse bathroom
- Building 1 has a 5‑ton bridge crane with 10‑ft hook height
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
$71,604
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
7.58%
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%
$1,432,080
$1.4M
Cap Rate 7%
$1,022,914
$1.0M
Cap Rate 9%
$795,600
$795.6K
Market Conditions
NOI Build-Up for 6,800 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
$122.4K $18.00/SF
− Vacancy
−$12.2K −$1.80/SF
EGI
$110.2K $16.20/SF
− OpEx
−$38.6K −$5.67/SF
NOI
$71.6K $10.53/SF
Area
Corpus Christi, TX
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,432,080
Cap Rate 7%
$1,022,914
Cap Rate 9%
$795,600
Alternative Uses
Best Use
Office B
$1.39M
$1.22M – $1.62M
NOI $97,426 @ 7.0% cap · market cap 10.31%
Second Best
Flex RnD
$1.02M
$895.1K – $1.19M
NOI $71,604 @ 7.0% cap · market cap 7.58%
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,261 @ 7.0% cap · market cap 11.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Drive-in doors
5
Office units
Location Intelligence
Trade Area within ½ mile
179
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 78409, TX
2,570
Population
1,013
Households
2.5
Avg Household Size
39
Median Age
14%
College-Educated
75%
High-School Grad
18.4 sq mi
ZIP Area
140
Density / Sq Mi
$62,813
Median Household Income
$33,078
Median Earnings
$986
Median Rent
$133,100
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 - Renovated office space paired with warehouse facilities, overhead doors, bridge cranes, and a partially stabilized yard.
Where is this flex space located?
The property is located at 6654 Leopard St Corpus Christi, TX.
What is the asking price?
The asking price for this property is $945,000.
What are key features of this property?
This property features: Building 1 offers 1,000 SF of renovated office space (2024) with 5 large offices plus break room and reception; Building 1 includes 4,000 SF warehouse with 3 large overhead doors and a warehouse bathroom; Building 1 has a 5‑ton bridge crane with 10‑ft hook height
