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
About this deal
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:
- Property Type: Retail
- Transaction Amount: $2.3 million
- Address: 2914 South Padre Island Drive
- Market: Corpus Christi
- Seller: 2914 SPID, LLC
- Broker: Lynann Pinkham - Cravey Real Estate Services
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.
On the Map
Retail
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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