Updated Quadplex with Garage
For Sale
$510,000
815 Ohio Ave, Corpus Christi, TX 78404
Five residential units feature refreshed interiors, modern finishes, and shared on-site laundry facilities.
Property Size3,232 SF
Days on Market54
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
Listed By:
Alyssa King · License #0653930
(361) 947-6004
Source:
National-onerealty
Added: Aug 3
Changed: Sep 23
Last Checked: Sep 24 at 6:22PM
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.
Built in 1959, this updated quadplex contains four two-bedroom, one-bath apartments plus a bonus one-bedroom, one-bath garage apartment. Interior improvements include fresh paint, granite countertops, stainless steel appliances, commercial-grade vinyl flooring, and custom tile work in the kitchens and bathrooms. The property also provides a shared laundry area with 2 washers and 2 dryers; the industrial machines are leased by the owner and serviced by a third party. All units are currently leased.
The property is situated near downtown, Ocean Dr., Six Points, hospitals, shopping, dining, and entertainment, with the beach a short drive away. The combination of multiple residential units, a separate garage apartment, updated interiors, and on-site amenities creates a practical multifamily configuration in a convenient Corpus Christi setting.
The property is situated near downtown, Ocean Dr., Six Points, hospitals, shopping, dining, and entertainment, with the beach a short drive away. The combination of multiple residential units, a separate garage apartment, updated interiors, and on-site amenities creates a practical multifamily configuration in a convenient Corpus Christi setting.
Key Highlights
- Four 2‑bedroom, 1‑bath apartments plus a bonus 1‑bedroom, 1‑bath garage apartment
- All units currently leased
- Updated interiors with granite countertops, stainless steel appliances, and custom tile work
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
660
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Five residential units feature refreshed interiors, modern 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 bonus 1‑bedroom, 1‑bath garage apartment; All units currently leased; Updated interiors with granite countertops, stainless steel appliances, and custom tile work
