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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1240 3rd St Corpus Christi, TX 78404-2314

    • Office buildings
    • 4,688 SF
    • 0.33 lot acres
    OFF-MARKET
    Value Estimations
    $345,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-3728202
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Herrman & Herrman P.L.L.C Car Accident Lawyers / Attorney / Trial Attorney
    • Stone Nina C / Attorney

    Property Details for 1240 3rd St

    Year built
    1965
    Lot size
    0.33 lot acres
    Property size
    4,688 SF
    Zone code
    AB
    Property type
    Office buildings
    APN
    0486-0007-0110
    APU
    48600070110

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $345,000

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $485,000
      Current use
      AUTO REPAIR, GARAGE
      $560,000
      Change: +16% Conversion: Difficult
      RETAIL STORES
      $460,000
      Change: -5% Conversion: Moderate
      MEDICAL BUILDING
      $395,000
      Change: -18% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Corpus Christi
    County
    Nueces
    State
    Texas
    Longitude
    -97.3964
    Latitude
    27.7793
    CBSA code
    18580
    CBSA name
    CORPUS CHRISTI, TX METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $12,774
    $230,192
    $369,149
    $599,341
    -
    $230,192
    $369,149
    $599,341

    Comparable in this City

    • Value Estimation
      $350,000
      4,172 SF

      658 Robinson St

      OFFICE BUILDING • 4,172 SF
      658 Robinson St, Corpus Christi, TX 78404-2521
      View Details
    • Value Estimation
      $300,000
      3,706 SF

      810 Morgan Ave

      OFFICE BUILDING • 3,706 SF
      810 Morgan Ave, Corpus Christi, TX 78404-2079
      View Details
    • Value Estimation
      $260,000
      4,520 SF

      1809 Morgan Ave

      OFFICE BUILDING • 4,520 SF
      1809 Morgan Ave, Corpus Christi, TX 78404-3551
      View Details
    • Value Estimation
      $270,000
      1,949 SF

      302 Rosebud Ave

      OFFICE BUILDING • 1,949 SF
      302 Rosebud Ave, Corpus Christi, TX 78404-1737
      View Details
    • Value Estimation
      $285,000
      1,815 SF

      1005 Santa Fe St

      OFFICE BUILDING • 1,815 SF
      1005 Santa Fe St, Corpus Christi, TX 78404-2334
      View Details
    • Value Estimation
      $245,000
      1,964 SF

      2767 Santa Fe St, Unit 13

      OFFICE BUILDING • 1,964 SF
      2767 Santa Fe St, Corpus Christi, TX 78404-1784
      View Details

    Similar Nearby for Sale

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      1,224 SF

      Renovated Office Building with Security

      Newly renovated office building with modern amenities and security features.
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    • $500,000
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      Fully leased medical office building in downtown medical district.
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    • $599,000
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      Versatile Office and Retail Space

      Two-story commercial building with office and retail space on 0.54-acre lot.
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    • New
      $250,000
      5,200 SF

      Corner Commercial Building with Parking

      Large commercial building with flexible layout and enclosed parking.
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    • $185,000
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      Commercial Office or Residential Opportunity

      Property suitable for commercial office, residential, or home business.
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      Corpus Christi Mixed-Use Opportunity

      Commercial or residential use property in prime location.
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    Similar Nearby for Lease

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      20,522 SF

      Prime Retail/Office Space in Corpus Christi

      1,520 SF Office Space - Excellent Location
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    • $1,600 /Mo
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      Corpus Christi Commercial Space Available

      Office space for rent in Corpus Christi with central air.
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      5,635 SF

      Commercial Space at The Shops

      Commercial space available for lease at The Shops at Ayers.
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    • $1.06 SF/Yr
      21,000 SF

      Medical Office Building, Corpus Christi

      Prime Medical Office Space Available
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    • $2,500 /Mo
      2,206 SF

      Versatile Office Space For Lease

      Commercial property in revitalizing area, ideal for medical or general office.
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      View Details
    • $12 SF/Yr
      16,060 SF

      Morningside Office Space - Corpus Christi

      Prime Medical/Office Space Available in Corpus Christi
      510 Gordon St, Corpus Christi, TX 78404
      View Details
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    1240 3rd St
    Corpus Christi, TX 78404-2314
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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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