Brick Quadplex with Hardwood
For Sale
$325,000
724 Elizabeth Street, Corpus Christi, TX 78404
Residential, Corpus Christi, TX
Property Size2,660 SF
Lot Size0.15 Acres
Price / SF$122.18
Days on Market53
Property Features for 724 Elizabeth Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Parking features
Off Street
Appliances
FreeStandingRange, GasOven, GasRange, Refrigerator, RangeHood
Subdivision
Ocean View
Lot features
Interior Lot
Elementary school
Menger
Middle school
Baker
High school
Ray
Elementary school district
Corpus Christi ISD
Middle school district
Corpus Christi ISD
High school district
Corpus Christi ISD
Standard status
Active
APN
598300130150
Size
2,660 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
OCEAN VIEW LT 15 PARK BLK
Tax Annual Amount
4913
Legal Description
OCEAN VIEW LT 15 PARK BLK
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1980
Floors in Building
2
Number of units
4
Flooring type
Laminate, Tile, Hardwood
Roof type
Shingle
Listing Agency:
Keller Williams Coastal Bend · Keller Williams Realty
(361) 225-7900
Listed By:
Eddie Seal · License #0203610
(361) 688-0887
Added: Jul 3
Changed: Aug 20
Last Checked: Aug 24 at 1:06PM
MLS# 478900
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 2,660-square-foot brick quadplex was built in 1980 and sits on a 0.15-acre lot. The four-unit property includes hardwood, tile, and laminate flooring, with original interior archways adding architectural character. Individual units are equipped with window unit cooling and kitchens featuring ranges, gas ovens, range hoods, and refrigerators.
The property is within walking distance of the Corpus Christi Bayfront and CHRISTUS Spohn Shoreline Hospital. Off-street parking, public water, public sewer, and a shingle roof are also present. Its residential configuration and coastal, medical-district setting support continued multifamily use.
The property is within walking distance of the Corpus Christi Bayfront and CHRISTUS Spohn Shoreline Hospital. Off-street parking, public water, public sewer, and a shingle roof are also present. Its residential configuration and coastal, medical-district setting support continued multifamily use.
Key Highlights
- Four‑unit brick quadplex on 0.15 acres
- 2,660 square feet; built in 1980
- Within walking distance of the Corpus Christi Bayfront
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
Property Profile
Current Use
Lease Details
4
Residential units
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units occupy a sizable lot near the bayfront and a major hospital.
Where is this quadplex located?
The property is located at 724 Elizabeth Street 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: Four‑unit brick quadplex on 0.15 acres; 2,660 square feet; built in 1980; Within walking distance of the Corpus Christi Bayfront
