9512 Padre Island DrCorpus Christi, TX 78418

Property Details for 9512 Padre Island Dr

Year built

2016

Lot size

0.43 AC

Property size (Sq ft)

4,200 SF

Property type

Strip malls

Property subtype

Neighborhood centers

APN

8934-0001-0011

APU

893400010011

Description

This Corpus Christi, Texas property, located at 9512 S Padre Island Dr, offers 4,000 square feet of space in a single-story, 2016-built building (renovated in 2022) on a 18,824 sq ft lot. The building is zoned B-3 and features 19 parking spaces. Currently, one of the four units is occupied under a 5-year NNN lease (commencing August 27, 2019) with a 3% annual rent bump. The asking price is $799,000 ($199.75/sq ft), representing a value-add opportunity with a 25% occupancy rate (full occupancy projected by October 21, 2024). The property boasts 143 feet of frontage on high-traffic South Padre Island Drive, providing excellent visibility. This location benefits from a strong retail market with low vacancy rates (3.2%) and steady rent growth. The Flour Bluff/Padre Island submarket shows positive absorption of retail spaces and significant recent sales volume. Corpus Christi's robust economy, driven by the Port of Corpus Christi and various industries, further enhances the investment potential. The property's net rentable area is 3,000 square feet. The property is a fee simple ownership with no ground lease. The lease type is NNN, and there is no tenant credit rating available.

• CAP approach

  CAP return

  Valuation

  6%

  $1,006,360

  6.5%

  $928,946

  7%

  $862,592

• Comparable approach

  Method

  Valuation

  Relative Method

  $561,607

  Geo Method

  $992,715

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,784,470

  Mixed-Use / Specialty

  $936,569

  Hospitality / Lodging

  $701,367

  Office

  $942,394

  Institutional / Educational

  $977,562

  Residential Income

  $1,143,750

  Multifamily

  $1,311,130

  Automotive / Energy

  $837,910

  Parking / Income-Based Land

  $278,349

  Restaurant / Food Service

  $510,454

  Healthcare / Senior Housing

  $949,220

Location Insight

City

Corpus Christi

County

Nueces

State

Texas

Latitude

27.6761

Longitude

-97.2985

CBSA code

18580

CBSA name

CORPUS CHRISTI, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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