Loft-Style Multifamily
For Sale
Contact for pricing
Pending
801 S CARANCAHUA ST CORPUS CHRISTI TX 78401, Corpus Christi, TX 78401
Six loft-style apartments with private patios and interior atrium, plus coin laundry and ample parking.
Property Size3,040 SF
Days on Market82
Property Features for 801 S CARANCAHUA ST CORPUS CHRISTI TX 78401
General Information
Standard status
Pending
Size
3,040 SF
Property subtype
Multifamily
Zoning
RM-3
Occupancy
100%
Additional Details
Multifamily Units
6
Building Details
Year Built
1935
Buildings
1
Stories
2
Units
6
Tenancy
Multi
Listing Agency:
Gene Guernsey & Associates Inc
Listed By:
Gene Guernsey · License #TX 533314
(361) 960-7653
Source:
Crexi
Added: Jun 15
Changed: Aug 8
Last Checked: Jul 24 at 10:09AM
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 Gene Guernsey & Associates Inc
Investment Insights
Based on property information with market context.
This multifamily property offers six income-producing loft-style apartment units, each with one bathroom, arranged around a central interior atrium. The building includes an on-site coin-operated washer and dryer for residents, and each unit features its own private patio. According to the seller, Units 3 and 4 were renovated in 2025.
Set up on the bluff, the property is described as within walking distance to the bayfront seawall. The offering also notes convenient access to downtown Corpus Christi as well as nearby restaurants, shopping, entertainment, and Corpus Christi Bay.
For tenants, the layout provides independent outdoor space through private patios and access to shared laundry via the coin-operated facilities. Utility responsibility is split: tenants pay electric within their units and are responsible for cable/internet, while the landlord covers city utilities, lawn care, and electric for the common areas. The mix of renovated and remaining units can be relevant for buyers evaluating unit-by-unit presentation and ongoing operations.
Set up on the bluff, the property is described as within walking distance to the bayfront seawall. The offering also notes convenient access to downtown Corpus Christi as well as nearby restaurants, shopping, entertainment, and Corpus Christi Bay.
For tenants, the layout provides independent outdoor space through private patios and access to shared laundry via the coin-operated facilities. Utility responsibility is split: tenants pay electric within their units and are responsible for cable/internet, while the landlord covers city utilities, lawn care, and electric for the common areas. The mix of renovated and remaining units can be relevant for buyers evaluating unit-by-unit presentation and ongoing operations.
Key Highlights
- Six loft‑style apartment units arranged around an interior atrium, each with 1 bathroom
- Units 3 and 4 were renovated in 2025
- Private patios: each unit includes its own outdoor private patio space
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
$28,408
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
6.11%
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%
$568,160
$568.2K
Cap Rate 7%
$405,829
$405.8K
Cap Rate 9%
$315,644
$315.6K
Market Conditions
NOI Build-Up for 3,040 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
$59.1K $19.44/SF
− Vacancy
−$7.4K −$2.45/SF
EGI
$51.7K $16.99/SF
− OpEx
−$23.2K −$7.65/SF
NOI
$28.4K $9.34/SF
Area
Corpus Christi, TX
Vacancy
12.60%
Lease Rate
$19.44 /SF/Yr
Expense Ratio
45.00%
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%
$568,160
Cap Rate 7%
$405,829
Cap Rate 9%
$315,644
Alternative Uses
Best Use
Apartment 5plus
$405.8K
$355.1K – $473.5K
NOI $28,408 @ 7.0% cap · market cap 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$723.3K
$632.9K – $843.9K
NOI $50,634 @ 7.0% cap · market cap 10.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,283
Businesses Nearby
Explore this area
Business Placement
Demographics for 78401, TX
4,701
Population
2,115
Households
2.2
Avg Household Size
44
Median Age
15%
College-Educated
78%
High-School Grad
2.2 sq mi
ZIP Area
2,137
Density / Sq Mi
$37,796
Median Household Income
$22,254
Median Earnings
$930
Median Rent
$76,100
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?
Apartment building - Six loft-style apartments with private patios and interior atrium, plus coin laundry and ample parking.
Where is this apartment building located?
The property is located at 801 S CARANCAHUA ST CORPUS CHRISTI TX 78401 Corpus Christi, TX.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Six loft‑style apartment units arranged around an interior atrium, each with 1 bathroom; Units 3 and 4 were renovated in 2025; Private patios: each unit includes its own outdoor private patio space
