Central 9-Unit Apartment
For Sale
$550,000
901 Furman Avenue, Corpus Christi, TX 78404
Nine units include two 2BR/1BA, six 1BR/1BA, and one efficiency, with individually metered electricity.
Property Size5,320 SF
Price / SF$103.38
Days on Market231
Property Features for 901 Furman Avenue
General Information
Standard status
Active
Size
5,320 SF
Property subtype
Apartment
Additional Details
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$8,329
Amenities
Central Air, Window Air Conditioning, Electric
3
Vinyl, Laminate
Dishwasher, Electric Oven, Electric Range/Cooktop, Refrigerator, Range Hood
Alarm -Smoke/Fire
Insulated Window
Flat, Shingle
Parking.
On Street.
Interior lot.
Building Details
Year Built
1900
Stories
2
Listing Agency:
BK Real Estate
(972) 677-9172
Listed By:
Cigdem Zambrano · License #0778006
(361) 633-1064
Source:
Xome
Added: Jan 4
Changed: Aug 12
Last Checked: Aug 23 at 3:52AM
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 BK Real Estate
Investment Insights
Based on property information with market context.
This 9-unit apartment property is configured as a front building (A–F) with six units and central A/C, and a rear building (G–J) with three units and window A/C. Unit D has a mini-split. The property includes on-site storage and operates with individually metered electricity, while the owner pays water, sewer, and trash. Separate gas meters are available, and the apartments are transitioning to electric appliances, including water heaters.
The building is located in a central area near Downtown Corpus Christi, Del Mar College, and TAMU-CC. Reported average gross income is $5,100 per month.
One efficiency unit is vacant and described as in need of repairs. The current setup also highlights potential value-add through HVAC, interior, and appliance upgrades.
The building is located in a central area near Downtown Corpus Christi, Del Mar College, and TAMU-CC. Reported average gross income is $5,100 per month.
One efficiency unit is vacant and described as in need of repairs. The current setup also highlights potential value-add through HVAC, interior, and appliance upgrades.
Key Highlights
- 9‑unit property with a mix of two 2BD/1BA, six 1BD/1BA, and one efficiency unit
- Front building has 6 units with central A/C; Unit D includes a mini‑split
- Rear building includes 3 units with window A/C and on‑site storage
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
$49,714
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
9.04%
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%
$994,280
$994.3K
Cap Rate 7%
$710,200
$710.2K
Cap Rate 9%
$552,378
$552.4K
Market Conditions
NOI Build-Up for 5,320 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
$103.4K $19.44/SF
− Vacancy
−$13.0K −$2.45/SF
EGI
$90.4K $16.99/SF
− OpEx
−$40.7K −$7.65/SF
NOI
$49.7K $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%
$994,280
Cap Rate 7%
$710,200
Cap Rate 9%
$552,378
Alternative Uses
Best Use
Apartment 5plus
$710.2K
$621.4K – $828.6K
NOI $49,714 @ 7.0% cap · market cap 9.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,610 @ 7.0% cap · market cap 16.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Nine units include two 2BR/1BA, six 1BR/1BA, and one efficiency, with individually metered electricity.
Where is this apartment building located?
The property is located at 901 Furman Avenue Corpus Christi, TX.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 9‑unit property with a mix of two 2BD/1BA, six 1BD/1BA, and one efficiency unit; Front building has 6 units with central A/C; Unit D includes a mini‑split; Rear building includes 3 units with window A/C and on‑site storage
