Updated Quadplex with Garage
For Sale
$510,000
815 Ohio Ave, Corpus Christi, TX 78404
Leased units feature renovated finishes and shared on-site laundry facilities.
Property Size3,232 SF
Days on Market10
Property Features for 815 Ohio Ave
General Information
Standard status
Active
Size
3,232 SF
Property subtype
Quadruplex
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$5,848
Amenities
coin-operated laundry
Building Details
Building Size
3,232 SF
Year Built
1959
Listing Agency:
Corpus Christi Realty Group
(361) 947-6004
Listed By:
Alyssa King · License #0653930
(361) 947-6004
Source:
National-onerealty
Added: Aug 3
Changed: Aug 11
Last Checked: Aug 11 at 12:16PM
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 Corpus Christi Realty Group
Investment Insights
Based on property information with market context.
This quadplex contains four 2-bedroom, 1-bath apartments along with a 1-bedroom, 1-bath garage apartment. Interior improvements include fresh paint, granite countertops, stainless steel appliances, commercial-grade vinyl flooring, and custom tile in the kitchens and bathrooms. Shared laundry service is provided through a community space with 2 washers and 2 dryers. The property was built in 1959, and all units are currently leased.
The property is located near downtown, Ocean Dr., Six Points, hospitals, shopping, dining, and entertainment, with the beach a short drive away. The combination of multiple apartment layouts, an additional garage apartment, updated interiors, and on-site laundry provides a clearly defined residential income configuration.
The property is located near downtown, Ocean Dr., Six Points, hospitals, shopping, dining, and entertainment, with the beach a short drive away. The combination of multiple apartment layouts, an additional garage apartment, updated interiors, and on-site laundry provides a clearly defined residential income configuration.
Key Highlights
- Four 2‑bedroom, 1‑bath apartments plus a 1‑bedroom, 1‑bath garage apartment
- All units are currently leased
- Updated interiors with granite countertops, stainless steel appliances, vinyl flooring, and custom tile
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
$32,981
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
6.47%
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%
$659,620
$659.6K
Cap Rate 7%
$471,157
$471.2K
Cap Rate 9%
$366,456
$366.5K
Market Conditions
NOI Build-Up for 3,232 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
$53.5K $16.56/SF
− Vacancy
−$6.4K −$1.98/SF
EGI
$47.1K $14.58/SF
− OpEx
−$14.1K −$4.37/SF
NOI
$33.0K $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%
$659,620
Cap Rate 7%
$471,157
Cap Rate 9%
$366,456
Alternative Uses
Best Use
Multifamily LT 5
$471.2K
$412.3K – $549.7K
NOI $32,981 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$431.5K
$377.5K – $503.4K
NOI $30,202 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$769.0K
$672.9K – $897.2K
NOI $53,832 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
772
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 - Leased units feature renovated finishes and shared on-site laundry facilities.
Where is this quadplex located?
The property is located at 815 Ohio Ave Corpus Christi, TX.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath apartments plus a 1‑bedroom, 1‑bath garage apartment; All units are currently leased; Updated interiors with granite countertops, stainless steel appliances, vinyl flooring, and custom tile
