3031 McArdle Rd 67 Unit Apartment Building $2,200,000 ($32,836/Unit) 12% Cap Rate Corpus Christi, TX 78415

3031 McArdle Road presents the opportunity for buyers to take over operations of a high-profit, low-maintenance multifamily property ideally positioned to Corpus Christi’s unique market demands with long-term appreciation and value-add potential.

Converted from assisted living into an apartment community in 2017, 3031 McArdle Road now comprises 67 residential studio units. The studio units each have a closet and come fully furnished with a bed, television, refrigerator, chair, and window A/C unit. Select units have private bathrooms and others share a hallway bathroom. 3031 McArdle also features a replaced fire system, a storage area, a security monitoring room, and a shared tenant kitchen. There are additional revenue generators via the vending machines and coin laundry room, which bring in about $500 per month.

3031 McArdle Road is the premier option for investors looking to take over a turnkey property with steady cash flow and low operating costs. The current owner has a team in place to manage the property and will assist in transitioning operators. Monthly operating expenses are only $8,000, and the average monthly rent is about $600 with tenants on three-, six-, and 12-month terms, and many are long-term residents. With strong income at the outset, and flexible leases to provide openings for value-add renovations, buyers have limitless opportunities to take advantage of this powerful market.

Due to Corpus Christi’s industrial-heavy economic landscape, many laborers are transitory contractor types, uniquely positioned to 3031 McArdle Road’s flexible short-term leasing model. Its location is very convenient for all tenant pools, with a bus line serving the property and the intersection of Crosstown Expressway and TX-138, only three minutes away. Nearby grocers, department stores, entertainment options, local bars, fast food, and casual restaurants enhance this appeal even more. These factors contribute to the Corpus Christi multifamily submarket’s positive trends as demand was strong in 2024, with 700 units newly occupied, significantly outpacing the 10-year average of 240 units. 3031 McArdle Road’s rates are markedly lower than the submarket average, affording new buyers ample value-add potential to raise rents and a positive outlook for long-term appreciation or redevelopment.