Four-Unit Quadplex with Central
New
For Sale
$325,000
907 Elizabeth Street, Corpus Christi, TX 78404
Residential, Corpus Christi, TX
Property Size2,376 SF
Lot Size0.16 Acres
Price / SF$136.78
Days on Market6
Property Features for 907 Elizabeth Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 4, Bathroom 2, Bedroom 2, Bedroom 3
Parking features
Off Street
Security features
Security
Exterior features
Landscaping
Appliances
FreeStandingRange, Refrigerator
Subdivision
Ocean View
Lot features
Interior Lot, Landscaped
Elementary school
Menger
Middle school
Baker
High school
Ray
Elementary school district
Corpus Christi ISD
Middle school district
Corpus Christi ISD
High school district
Corpus Christi ISD
Special listing conditions
Short Sale
Standard status
Active
APN
598300060020
Size
2,376 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
OCEAN VIEW W67.5' OF LTS 1 & 2 B BK 6 VI AND PT OF ALLEY
Tax Annual Amount
3277
Legal Description
OCEAN VIEW W67.5' OF LTS 1 & 2 B BK 6 VI AND PT OF ALLEY
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
central AC and heat
refrigerator
range
Building Details
Year built
1956
Floors in Building
2
Flooring type
Laminate, Vinyl
Roof type
Shingle
Listing Agency:
Gulf Coast Realty Services
(361) 201-9060
Listed By:
Veronica Villarreal · License #0623305
(361) 549-2190
Added: Aug 28
Changed: Sep 1
Last Checked: Sep 2 at 7:06PM
MLS# 481654
Copyright © 2026 South Texas Multiple Listing Service, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,376-square-foot quadplex contains four one-bedroom, one-bath residences, each arranged with a galley kitchen. Refrigerators and ranges are included, while laminate and vinyl flooring, central air, and central electric heat serve the building. The property is all electric, with individual electric metering and a single water meter. Off-street parking, landscaping, a shingle roof, public water, and public sewer are also present.
Built in 1956, the property is located at 907 Elizabeth Street in Corpus Christi. Ocean Drive and Spohn Shoreline are within walking distance, and public transportation, restaurants, shopping, and entertainment are accessible from the property. The surrounding location and four-unit configuration provide a clear multifamily format for an owner-user or income-property buyer.
Built in 1956, the property is located at 907 Elizabeth Street in Corpus Christi. Ocean Drive and Spohn Shoreline are within walking distance, and public transportation, restaurants, shopping, and entertainment are accessible from the property. The surrounding location and four-unit configuration provide a clear multifamily format for an owner-user or income-property buyer.
Key Highlights
- Four one‑bedroom, one‑bath units
- 2,376 square feet on 0.16 acres
- Electricity separately metered; one water meter
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
Lease Details
4
Residential units
Yes
Utilities to site
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 - Income property with four separately metered residences, electric service, and central heating and cooling.
Where is this quadplex located?
The property is located at 907 Elizabeth Street 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 feet on 0.16 acres; Electricity separately metered; one water meter
