1949 Padre Island DrCorpus Christi, TX 78416

Property Details for 1949 Padre Island Dr

Year built

2004

Lot size

2.09 AC

Property size (Sq ft)

6,670 SF

Zone code

B-4

Property type

Turn key restaurants

APN

8340-0003-0100

APU

834000030100

Description

This exceptional investment opportunity presents a 6,670-square-foot restaurant building situated on a 2.089-acre lot in Corpus Christi, Texas. Built in 2004, the single-story structure currently houses a restaurant and offers significant potential for various uses. The property boasts a strategic location on South Padre Island Drive (SPID), enjoying high visibility and convenient access. Approximately 1.38 acres are occupied by the existing restaurant building, leaving an additional approximately 30,927 square feet of land available for development. This excess land, fronting SPID, presents a unique opportunity for ground lease or pad site sale, offering substantial additional income potential. The property benefits from excellent cross-access with Walmart and neighboring businesses, ensuring high traffic flow and customer visibility. The asking price is $3,275,000, translating to $491 per square foot. The current tenant lease details are available upon request. This property offers the flexibility for continuation of the existing lease or owner-occupancy, making it an attractive option for both investors and owner-operators seeking a prime location in a thriving commercial area. The property's location in Nueces County, Texas, with a zip code of 78416, provides easy access to major transportation routes and a strong local market.

• CAP approach

  CAP return

  Valuation

  6%

  $1,347,393

  6.5%

  $1,243,748

  7%

  $1,154,908

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,449,410

  Geo Method

  $3,820,045

• Alternative Use

  Use

  Valuation

  Residential

  $1,049,148

  Hospitality

  $961,014

  Educational

  $799,552

  Medical

  $827,050

  Retail

  $1,243,748

Location Insight

City

Corpus Christi

County

Nueces

State

Texas

Latitude

27.7384

Longitude

-97.4359

CBSA code

18580

CBSA name

CORPUS CHRISTI, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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