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2914 South Padre Island Drive

Local Attorney Acquires 20,175-SF Retail Property In Corpus Christi From 2914 SPID, LLC For $2.3M
SOLDRetail

Local Attorney Acquires 20,175-SF Retail Property In Corpus Christi From 2914 SPID, LLC For $2.3M

2914 South Padre Island Drive

Building Size

20,175 SF

Asset Type

Retail

Closing

Nov 26, 2024

AI

The transaction involved the sale of a retail asset located at 2914 South Padre Island Drive in Corpus Christi. This property, built in 1973, encompasses a total square footage of 20,175 and occupies a 0.95-acre lot. It was listed at a price of $2.3 million and is situated along a major commercial corridor with significant traffic, averaging 121,979 vehicles daily, providing prime visibility and dual access points.

Summary of transaction details:

The sale was facilitated by Lynann Pinkham from Cravey Real Estate Services, who represented the seller, 2914 SPID, LLC. The property was acquired by a local attorney focused on business expansion, highlighting the strategic interests behind this transaction in the region.

Players

Lynann Pinkham

Cravey Real Estate Services

Broker

5 deals

Broker

Corpus Christi Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93