Duplex with Open
For Sale
$375,000
923 Craig Street, Corpus Christi, TX 78404
Residential, Corpus Christi, TX
Property Size2,548 SF
Lot Size0.16 Acres
Price / SF$147.17
Days on Market208
Property Features for 923 Craig Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 1, Bedroom 6, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 4, Bathroom 4, Bedroom 5
Interior features
OpenFloorplan, SplitBedrooms, CableTv, WindowTreatments, KitchenIsland
Appliances
Dishwasher, ElectricOven, ElectricRange, FreeStandingRange, Disposal, Microwave
Subdivision
Bay View
Lot features
Interior Lot
Elementary school
Allen
Middle school
Driscoll
High school
Miller
Elementary school district
Corpus Christi ISD
Middle school district
Corpus Christi ISD
High school district
Corpus Christi ISD
Standard status
Active
APN
0486-0011-0190
Size
2,548 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
BAY VIEW LT 19R BK 11
Tax Annual Amount
231
Legal Description
BAY VIEW LT 19R BK 11
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
2025
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Roof type
Shingle
Listing Agency:
Keller Williams Coastal Bend · Keller Williams Realty
(361) 225-7900
Listed By:
Missy Flores · License #0519341
(361) 442-4994
Added: Feb 2
Changed: Aug 26
Last Checked: Aug 29 at 6:06PM
MLS# 470951
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 under-construction duplex contains 2,548 square feet across two residences, with each unit offering three bedrooms and two bathrooms. Both floorplans include open living and dining areas, kitchen islands, split-bedroom arrangements, and private primary suites with en-suite baths. Vinyl flooring, central electric heating and central air conditioning support straightforward maintenance, while the appliance package includes electric ranges, ovens, microwaves, dishwashers, and disposals.
The property occupies 0.16 acres and is served by public water and public sewer. Shingle roofing and contemporary finishes are incorporated into the 2025 construction. Located in Corpus Christi, the duplex provides separate residential spaces within one income-producing property, with layouts that can accommodate owner occupancy, leasing, or multigenerational use.
The property occupies 0.16 acres and is served by public water and public sewer. Shingle roofing and contemporary finishes are incorporated into the 2025 construction. Located in Corpus Christi, the duplex provides separate residential spaces within one income-producing property, with layouts that can accommodate owner occupancy, leasing, or multigenerational use.
Key Highlights
- 2,548 square feet across a two‑unit duplex
- Each unit includes 3 bedrooms and 2 bathrooms
- Private primary suite with en‑suite bath in each residence
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 three-bedroom residences offer private primary suites, contemporary finishes, and efficient layouts for flexible occupancy.
Where is this duplex located?
The property is located at 923 Craig Street 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: 2,548 square feet across a two‑unit duplex; Each unit includes 3 bedrooms and 2 bathrooms; Private primary suite with en‑suite bath in each residence
