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

    6940 Padre Is Dr Corpus Christi, TX 78412-4910

    • Commercial real estate
    • 4,268 SF
    • 0.94 lot acres
    OFF-MARKET
    Value Estimations
    $570,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-4843863
    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

    • Commercial real estate

    Property Details for 6940 Padre Is Dr

    Year built
    1980
    Lot size
    0.94 lot acres
    Property size
    4,268 SF
    Zone code
    B-4
    Property type
    Commercial real estate
    APN
    3347-0001-0200
    APU
    334700010200

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $365,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $845,000
      6.5%
      $780,000
      7%
      $725,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $557,000
      Market price range: $152k - $558k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $355,000
      Current use
      OFFICE BUILDING
      $585,000
      Change: +64% Conversion: Easy
      AUTO REPAIR, GARAGE
      $510,000
      Change: +43% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Corpus Christi
    County
    Nueces
    State
    Texas
    Longitude
    -97.3444
    Latitude
    27.6958
    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
    $11,243
    $489,600
    $373,305
    $862,905
    -
    $489,600
    $373,305
    $862,905

    Comparable in this City

    • Value Estimation by Request
      0.26 Acres

      Dorothy

      COMMERCIAL (GENERAL) • 0.26 Acres
      Dorothy, Corpus Christi, TX 78412
      View Details
    • Value Estimation by Request

      Lexington Rd

      COMMERCIAL (GENERAL)
      Lexington Rd, Corpus Christi, TX 78412
      View Details
    • Value Estimation
      $880,000
      7,036 SF

      7306 Padre Is Dr

      SHOW ROOM, WAREHOUSE • 7,036 SF
      7306 Padre Is Dr, Corpus Christi, TX 78412-4304
      View Details
    • Value Estimation by Request
      1,044 SF

      1138 Dorthy Dr

      COMMERCIAL (GENERAL) • 1,044 SF
      1138 Dorthy Dr, Corpus Christi, TX 78412-3454
      View Details
    • Value Estimation by Request
      4.78 Acres

      Sheridan Dr Harry St

      COMMERCIAL (GENERAL) • 4.78 Acres
      Sheridan Dr Harry St, Corpus Christi, TX 78412
      View Details
    • Value Estimation by Request
      1,748 SF

      1501 Nile Dr

      COMMERCIAL (GENERAL) • 1,748 SF
      1501 Nile Dr, Corpus Christi, TX 78412-4928
      View Details

    Similar Nearby for Sale

    • $2,238,984

      Prime Corpus Christi Commercial Land

      Waterfront Land, High Visibility
      8402 Padre Island Dr, Corpus Christi, TX 78412
      View Details
    • Contact for pricing
      0.96 Acres

      Corpus Christi Commercial Land

      Prime Commercial Lots, Alameda & Everhart
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    • $2,100,000
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      Corpus Christi Commercial Land

      5.22 Acres, High-Traffic Location
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    • $145,000
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      Airline Road Commercial Land

      Prime Corpus Christi lot, high traffic.
      1033 Airline Rd, Corpus Christi, TX 78412
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    • $1,500,000
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      Ocean Drive Waterfront Land

      Prestigious waterfront lot on Ocean Drive for custom home.
      5830 Ocean Dr, Corpus Christi, TX 78412
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    • $2,500,000

      Oceanfront Land on Ocean Drive

      Rare oceanfront land with development potential near downtown Corpus Christi.
      4402 Ocean Dr, Corpus Christi, TX 78412
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    Similar Nearby for Lease

    • $15 SF/Yr
      12,318 SF

      Corpus Christi Office Space For Lease

      Modern Office Suites, 972-2,847 SF
      2051 Rodd Field Rd, Corpus Christi, TX 78412
      View Details
    • $18 SF/Yr
      2,918 SF

      Office Space in Kleberg Bank

      Move-in ready office space with glass walls and large windows.
      2037 Airline Rd, Corpus Christi, TX 78412
      View Details
    • $8,000 /Mo

      Land on South Padre Island

      Land with frontage on South Padre Island Drive.
      1645 Airline Rd, Corpus Christi, TX 78412
      View Details
    • $14 SF/Yr
      25,000 SF

      Former Sprouts Space Available

      Former Sprouts space available for rent in Corpus Christi.
      6000 S Padre Island Dr, Corpus Christi, TX 78412
      View Details
    • $30 SF/Yr
      12,200 SF

      Ocean Bay Shops Retail Space

      Corpus Christi retail spaces, prime location.
      7514 Padre Island Dr, Corpus Christi, TX 78412
      View Details
    • $17 SF/Yr
      1,625 SF

      Retail/Office/Medical Space Available

      1,625 SF space suitable for retail, office, or medical use.
      5945 Mcardle Rd, Corpus Christi, TX 78412
      View Details
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    Corpus Christi, TX 78412-4910
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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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