Updated Four-Unit
For Sale
$349,900
826 Hancock Ave, Corpus Christi, TX 78404
Income-producing residential property with a mixed one- and two-bedroom unit layout, rear carport, and laundry area.
Property Size3,106 SF
Price / SF$112.65
Days on Market48
Property Features for 826 Hancock Ave
General Information
Standard status
Active
Size
3,106 SF
Property subtype
Multi-Family
Building Details
Year Built
1955
Listing Agency:
Coldwell Banker Pacesetter Ste
(361) 229-0535
Listed By:
Janice Cruz · License #0574328
Source:
Thebranchinc
Added: Jul 15
Changed: Aug 30
Last Checked: Aug 30 at 7:14PM
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 Coldwell Banker Pacesetter Ste
Investment Insights
Based on property information with market context.
This 3,106-square-foot quadplex, built in 1955, contains four residential units with a mix of two two-bedroom, one-bath units and two one-bedroom, one-bath units. Updates have been completed throughout the property, and the rear portion includes a carport and washroom.
The property is located on Hancock Ave in Corpus Christi, near Ocean Drive and area hospitals. Its four-unit configuration and varied bedroom mix provide a clearly defined residential income layout within an established property.
The property is located on Hancock Ave in Corpus Christi, near Ocean Drive and area hospitals. Its four-unit configuration and varied bedroom mix provide a clearly defined residential income layout within an established property.
Key Highlights
- Four residential units totaling 3,106 square feet
- Unit mix includes two 2‑bedroom, 1‑bath units and two 1‑bedroom, 1‑bath units
- Built in 1955 with updates completed to the property
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
$31,695
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
9.06%
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%
$633,900
$633.9K
Cap Rate 7%
$452,786
$452.8K
Cap Rate 9%
$352,167
$352.2K
Market Conditions
NOI Build-Up for 3,106 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
$51.4K $16.56/SF
− Vacancy
−$6.2K −$1.98/SF
EGI
$45.3K $14.58/SF
− OpEx
−$13.6K −$4.37/SF
NOI
$31.7K $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%
$633,900
Cap Rate 7%
$452,786
Cap Rate 9%
$352,167
Alternative Uses
Best Use
Multifamily LT 5
$452.8K
$396.2K – $528.3K
NOI $31,695 @ 7.0% cap · market cap 9.06%
Second Best
Apartment 5plus
$414.6K
$362.8K – $483.8K
NOI $29,025 @ 7.0% cap · market cap 8.30%
Theoretical Best
Office A
$739.1K
$646.7K – $862.2K
NOI $51,734 @ 7.0% cap · market cap 14.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,427
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Income-producing residential property with a mixed one- and two-bedroom unit layout, rear carport, and laundry area.
Where is this quadplex located?
The property is located at 826 Hancock Ave Corpus Christi, TX.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Four residential units totaling 3,106 square feet; Unit mix includes two 2‑bedroom, 1‑bath units and two 1‑bedroom, 1‑bath units; Built in 1955 with updates completed to the property
