Brick Quadplex With Hardwood
For Sale
$325,000
724 Elizabeth St, Corpus Christi, TX 78404
Original interior archways add character to every unit.
Property Size2,660 SF
Days on Market78
Property Features for 724 Elizabeth St
General Information
Standard status
Active
Size
2,660 SF
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$4,913
Building Details
Building Size
2,660 SF
Year Built
1980
Construction
brick
Listing Agency:
Keller Williams Coastal Bend
Listed By:
Eddie Seal · License #0203610
(361) 688-0887
Source:
National-onerealty
Added: Jul 3
Changed: Sep 15
Last Checked: Sep 17 at 12:24AM
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 Keller Williams Coastal Bend
Investment Insights
Based on property information with market context.
This classic brick quadplex contains four units, each with hardwood floors and interior archways that retain the property's original character. Built in 1980, the property offers an established multifamily configuration suited to continued residential use.
The property is within easy walking distance of the Corpus Christi Bayfront and CHRISTUS Spohn Shoreline Hospital, placing it in a medical and coastal district. The location also supports consideration of medical, legal, or other office uses, subject to applicable requirements. Its proximity to the bayfront and hospital provides a distinct setting for an owner seeking a multifamily property with additional use considerations.
The property is within easy walking distance of the Corpus Christi Bayfront and CHRISTUS Spohn Shoreline Hospital, placing it in a medical and coastal district. The location also supports consideration of medical, legal, or other office uses, subject to applicable requirements. Its proximity to the bayfront and hospital provides a distinct setting for an owner seeking a multifamily property with additional use considerations.
Key Highlights
- Classic brick quadplex with 4 units
- Built in 1980
- Hardwood floors in each unit
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
$27,144
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
8.35%
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%
$542,880
$542.9K
Cap Rate 7%
$387,771
$387.8K
Cap Rate 9%
$301,600
$301.6K
Market Conditions
NOI Build-Up for 2,660 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
$44.0K $16.56/SF
− Vacancy
−$5.3K −$1.98/SF
EGI
$38.8K $14.58/SF
− OpEx
−$11.6K −$4.37/SF
NOI
$27.1K $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%
$542,880
Cap Rate 7%
$387,771
Cap Rate 9%
$301,600
Alternative Uses
Best Use
Multifamily LT 5
$387.8K
$339.3K – $452.4K
NOI $27,144 @ 7.0% cap · market cap 8.35%
Second Best
Apartment 5plus
$355.1K
$310.7K – $414.3K
NOI $24,857 @ 7.0% cap · market cap 7.65%
Theoretical Best
Office A
$632.9K
$553.8K – $738.4K
NOI $44,305 @ 7.0% cap · market cap 13.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,401
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 - Original interior archways add character to every unit.
Where is this quadplex located?
The property is located at 724 Elizabeth St Corpus Christi, TX.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Classic brick quadplex with 4 units; Built in 1980; Hardwood floors in each unit
