New Construction
For Sale
$375,000
923 Craig St, Corpus Christi, TX 78404
Two residential units provide matching layouts with private primary suites and open living, dining, and kitchen areas.
Property Size2,548 SF
Price / SF$147.17
Days on Market31
Property Features for 923 Craig St
General Information
Standard status
Active
Size
2,548 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
2025
Buildings
1
Listing Agency:
Keller Williams Coastal Bend
(361) 442-4994
Listed By:
Missy Flores · License #0519341
Source:
Thebranchinc
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 29 at 12:24PM
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 Keller Williams Coastal Bend
Investment Insights
Based on property information with market context.
Completed in 2025, this 2,548-square-foot duplex contains two residential units, each arranged with 3 bedrooms and 2 bathrooms. Both sides feature open-concept living, dining, and kitchen areas, along with a private primary suite and en-suite bath. The design also includes well-proportioned bedrooms that can accommodate household, guest, or office needs.
Contemporary finishes, modern systems, and newly constructed improvements support a low-maintenance property profile. The duplex is located at 923 Craig St in Corpus Christi, Texas, and offers the flexibility of occupying one unit while leasing the other, leasing both units, or using the additional residence for multigenerational living.
Contemporary finishes, modern systems, and newly constructed improvements support a low-maintenance property profile. The duplex is located at 923 Craig St in Corpus Christi, Texas, and offers the flexibility of occupying one unit while leasing the other, leasing both units, or using the additional residence for multigenerational living.
Key Highlights
- Newly constructed duplex completed in 2025
- 2,548 SF total building size
- Two units, each with 3 bedrooms and 2 bathrooms
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
$26,001
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
6.93%
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%
$520,020
$520.0K
Cap Rate 7%
$371,443
$371.4K
Cap Rate 9%
$288,900
$288.9K
Market Conditions
NOI Build-Up for 2,548 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
$42.2K $16.56/SF
− Vacancy
−$5.1K −$1.98/SF
EGI
$37.1K $14.58/SF
− OpEx
−$11.1K −$4.37/SF
NOI
$26.0K $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%
$520,020
Cap Rate 7%
$371,443
Cap Rate 9%
$288,900
Alternative Uses
Best Use
Multifamily LT 5
$371.4K
$325.0K – $433.4K
NOI $26,001 @ 7.0% cap · market cap 6.93%
Second Best
Apartment 5plus
$340.2K
$297.6K – $396.9K
NOI $23,811 @ 7.0% cap · market cap 6.35%
Theoretical Best
Office A
$606.3K
$530.5K – $707.3K
NOI $42,439 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,499
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?
Duplex - Two residential units provide matching layouts with private primary suites and open living, dining, and kitchen areas.
Where is this duplex located?
The property is located at 923 Craig St Corpus Christi, TX.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Newly constructed duplex completed in 2025; 2,548 SF total building size; Two units, each with 3 bedrooms and 2 bathrooms
