Four-Unit
New
For Sale
$325,000
907 Elizabeth St, Corpus Christi, TX 78404
All-electric apartments offer central climate control and galley kitchens with refrigerators and ranges.
Property Size2,376 SF
Days on Market7
Property Features for 907 Elizabeth St
General Information
Standard status
Active
Size
2,376 SF
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$3,277
Building Details
Building Size
2,376 SF
Year Built
1956
Listing Agency:
Gulf Coast Realty Services
Listed By:
Veronica Villarreal · License #0623305
(361) 549-2190
Source:
National-onerealty
Added: Aug 28
Changed: Sep 3
Last Checked: Sep 2 at 4:35PM
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 Gulf Coast Realty Services
Investment Insights
Based on property information with market context.
This 1956 quadplex contains four one-bedroom, one-bath apartments within a 2,376-square-foot building. Each unit includes central air conditioning and heat, along with a galley kitchen equipped with a refrigerator and range. The property operates entirely on electricity, with separate electric meters for the units and one water meter serving the building.
The address is within walking distance of Ocean Drive and Spohn Shoreline. Public transportation, restaurants, shopping, and entertainment are also accessible from the property.
The address is within walking distance of Ocean Drive and Spohn Shoreline. Public transportation, restaurants, shopping, and entertainment are also accessible from the property.
Key Highlights
- Four one‑bedroom, one‑bath units
- 2,376‑square‑foot building constructed in 1956
- Central air conditioning and heat in each unit
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
$24,246
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
7.46%
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%
$484,920
$484.9K
Cap Rate 7%
$346,371
$346.4K
Cap Rate 9%
$269,400
$269.4K
Market Conditions
NOI Build-Up for 2,376 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
$39.3K $16.56/SF
− Vacancy
−$4.7K −$1.98/SF
EGI
$34.6K $14.58/SF
− OpEx
−$10.4K −$4.37/SF
NOI
$24.2K $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%
$484,920
Cap Rate 7%
$346,371
Cap Rate 9%
$269,400
Alternative Uses
Best Use
Multifamily LT 5
$346.4K
$303.1K – $404.1K
NOI $24,246 @ 7.0% cap · market cap 7.46%
Second Best
Apartment 5plus
$317.2K
$277.5K – $370.1K
NOI $22,203 @ 7.0% cap · market cap 6.83%
Theoretical Best
Office A
$565.4K
$494.7K – $659.6K
NOI $39,575 @ 7.0% cap · market cap 12.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,401
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 - All-electric apartments offer central climate control and galley kitchens with refrigerators and ranges.
Where is this quadplex located?
The property is located at 907 Elizabeth St Corpus Christi, TX.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Four one‑bedroom, one‑bath units; 2,376‑square‑foot building constructed in 1956; Central air conditioning and heat in each unit
