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    Property profile & analytics

    1702 Padre Island Dr Corpus Christi, TX 78416

    • Flex space
    • 10,419 SF
    • 0.91 lot acres
    For Sale
    View listing
    $1,600,000
    Value Estimations
    Cap Rate Potential
    9.9%
    Flex space
    Location Intelligence
    Property ID
    US82-2596002
    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

    • Flex space

    Property Details for 1702 Padre Island Dr

    Lot size
    0.91 lot acres
    Property size
    10,419 SF
    Zone code
    I-2 & B-1
    Property type
    Flex space
    APN
    8948-0007-0010
    APU
    894800070010

    Description

    This exceptional investment opportunity presents two buildings totaling 14,329 square feet situated on a 39,812 square foot lot at 1702 S Padre Island Dr, Corpus Christi, TX 78416. The property, ideally suited for mixed-use purposes, currently includes a storefront, auto shop, and bar components. The buildings feature seven bay doors, perfect for various commercial uses, along with eight private offices providing ample space for administrative functions or professional services. A convenient conference room, kitchen, and break room cater to employee needs and client meetings. The property boasts multiple access points for ease of entry and exit. A significant advantage is its direct connection to a large shopping center anchored by major national retailers, ensuring high visibility and foot traffic. The asking price is $1,600,000, translating to $111.66 per square foot. This presents a compelling opportunity to acquire a well-positioned, versatile commercial property in a thriving Texas market. The property's diverse layout and prime location make it an attractive investment for a wide range of business ventures.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $555,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $910,000
      6.5%
      $840,000
      7%
      $780,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $770,000
      Market price range: $387k - $771k

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $575,000
      Current use
      OFFICE BUILDING
      $1,270,000
      Change: +121% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,245,000
      Change: +116% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,185,000
      Change: +105% Conversion: Difficult
      RESTAURANT
      $920,000
      Change: +60% Conversion: Difficult
      RETAIL STORES
      $810,000
      Change: +40% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Corpus Christi
    County
    Nueces
    State
    Texas
    Longitude
    -97.4382
    Latitude
    27.742
    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
    $24,594
    $278,684
    $644,491
    $923,175
    -
    $278,684
    $644,491
    $923,175

    Comparable in this City

    • Value Estimation by Request
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    • Value Estimation by Request
      3,200 SF

      4931 Ambassador Row

      LIGHT INDUSTRIAL • 3,200 SF
      4931 Ambassador Row, Corpus Christi, TX 78416-2101
      View Details
    • Value Estimation by Request
      7,500 SF

      5012 Ambassador Row

      LIGHT INDUSTRIAL • 7,500 SF
      5012 Ambassador Row, Corpus Christi, TX 78416-2104
      View Details
    • Value Estimation by Request
      3,200 SF

      5033 Ambassador Row

      LIGHT INDUSTRIAL • 3,200 SF
      5033 Ambassador Row, Corpus Christi, TX 78416-2103
      View Details
    • Value Estimation by Request
      360 SF

      5027 Chancellor Row

      LIGHT INDUSTRIAL • 360 SF
      5027 Chancellor Row, Corpus Christi, TX 78416
      View Details
    • Value Estimation
      $675,000
      9,375 SF

      1319 Padre Is Dr, Unit 6

      LIGHT INDUSTRIAL • 9,375 SF
      1319 Padre Is Dr, Corpus Christi, TX 78416-2118
      View Details

    Similar Nearby for Sale

    • $850,000
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      Corpus Christi Warehouse - $850K

      10,200 SF Warehouse, Light Industrial Zoning
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    • $1,300,000
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      Corpus Christi Turnkey Mechanic's Garage

      Mechanic's garage or industrial operation with high visibility and frontage.
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    • $3,275,000
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      Corpus Christi Restaurant & Land

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    • $1,600,000
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      Corpus Christi Mixed-Use Investment

      Prime South Padre Island Dr. location. Two buildings, high traffic.
      1702 Padre Island Dr, Corpus Christi, TX 78416
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    • $2,400,000
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      Prime Corpus Christi Commercial Land

      2.2 Acres, High-Traffic Location
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    • $522,720
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      Corpus Christi Retail Center Investment

      High-traffic shopping center land, build-to-suit option.
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      View Details

    Similar Nearby for Lease

    • $6 SF/Yr
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      Corpus Christi Warehouse Investment

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    • $6 SF/Yr
      101,161 SF

      South Coast Plaza Retail Space

      Corpus Christi retail & restaurant opportunity
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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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