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    1652 Padre Island Dr Corpus Christi, TX 78416

    • Restaurants
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Restaurants

    Property Details for 1652 Padre Island Dr

    Property type
    Restaurants

    Description

    This exceptional 6,150 square foot restaurant space, formerly a Johnny Carino's, presents a prime opportunity for restaurateurs in Corpus Christi, Texas. Located within the South Coast Shopping Center at the intersection of Greenwood Drive and South Padre Island Drive, this property benefits from an unparalleled location boasting significant daily traffic. Data from ESRI (2023) indicates over 88,000 vehicles pass daily to the west and more than 120,000 to the east, ensuring high visibility and potential customer reach. The property is situated in Nueces County, at 1652 S Padre Island Dr, Corpus Christi, TX 78416. The single-tenant building offers a ready-to-occupy space, ideal for a variety of restaurant concepts. Its established footprint and prime location within a shopping center provide a strong foundation for immediate success. The property's size and location make it an attractive investment for those seeking a high-traffic, established restaurant space in a thriving Corpus Christi market. A 360° virtual tour is available online for a comprehensive view of the property's layout and potential. This is a rare opportunity to acquire a well-positioned restaurant space in a high-traffic area of Corpus Christi.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Corpus Christi
    County
    Nueces
    State
    Texas
    Longitude
    -97.4392
    Latitude
    27.7422

    Comparable in this City

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      7,085 SF

      4013 Prescott St

      RESTAURANT • 7,085 SF
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      6,080 SF

      2001 Padre Is Dr

      RESTAURANT • 6,080 SF
      2001 Padre Is Dr, Corpus Christi, TX 78416-1142
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    • Value Estimation
      $620,000
      6,670 SF

      1949 Padre Is Dr

      RESTAURANT • 6,670 SF
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    • Value Estimation by Request
      816 SF

      2001 Horne Rd

      TAKE-OUT RESTAURANT • 816 SF
      2001 Horne Rd, Corpus Christi, TX 78416-1203
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    • Value Estimation
      $640,000
      9,381 SF

      1510 Padre Is Dr

      RESTAURANT • 9,381 SF
      1510 Padre Is Dr, Corpus Christi, TX 78416-1336
      View Details

    Similar Nearby for Sale

    • $3,275,000
      6,670 SF

      Corpus Christi Restaurant & Land

      Prime Restaurant Building, Excess Land, High Traffic
      1949 Padre Island Dr, Corpus Christi, TX 78416
      View Details
    • $1,600,000
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      Corpus Christi Mixed-Use Investment

      Prime South Padre Island Dr. location. Two buildings, high traffic.
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    • Contact for pricing
      2,130 SF

      Retail Space with Drive-Through

      Retail property featuring offices, storage, and drive-through capabilities.
      1928 N Padre Island Dr, Corpus Christi, TX 78416
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    • $1,300,000
      2,500 SF

      Corpus Christi Turnkey Mechanic's Garage

      Mechanic's garage or industrial operation with high visibility and frontage.
      1169 S Padre Island Dr, Corpus Christi, TX 78416
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    • $522,720
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      Corpus Christi Retail Center Investment

      High-traffic shopping center land, build-to-suit option.
      2037 Padre Island Dr, Corpus Christi, TX 78416
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    • $1,300,000

      Established Mechanic's Garage For Sale

      Turnkey mechanic's garage with high visibility and flexible commercial potential.
      1169 S Padre Island Dr, Corpus Christi, TX 78416
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    Similar Nearby for Lease

    • $6 SF/Yr
      101,161 SF

      South Coast Plaza Retail Space

      Corpus Christi retail & restaurant opportunity
      1620 Padre Island Dr, Corpus Christi, TX 78416
      View Details
    • $6 SF/Yr
      10,200 SF

      Corpus Christi Warehouse Investment

      10,200 SF Industrial Warehouse, Multiple Tenants
      838 Padre Island Dr, Corpus Christi, TX 78416
      View Details
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    Corpus Christi, TX 78416
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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