Fully Renovated Two-Unit
For Sale
$319,999
109 Blue Bonnet, San Antonio, TX 78202
Multi-Family (2-8 Units), San Antonio, TX
Property Size2,332 SF
Lot Size0.12 Acres
Price / SF$137.22
Days on Market21
Property Features for 109 Blue Bonnet
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school
Call District
Middle school
Call District
High school
Call District
Elementary school district
San Antonio I.S.D.
Middle school district
San Antonio I.S.D.
High school district
San Antonio I.S.D.
Subdivision
1200
Standard status
Active
Size
2,332 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
5843
Amenities
front porch
backyard
Building Details
Year built
1930
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Rueben Valdez
(214) 202-7615
Added: Aug 2
Changed: Aug 20
Last Checked: Aug 22 at 5:06PM
MLS# 1892765
Copyright © 2026 LERA MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Fully renovated two-unit duplex built in 1930, offering 2,332 square feet of living space on a 0.122-acre lot. The property features an airy, open layout in each residence with high ceilings, stylish flooring, and updated fixtures.
Located at 109 Blue Bonnet in San Antonio, within the city’s historic district, the home is set back by an inviting front porch. Beyond the interiors, a generous backyard provides outdoor space for gatherings, gardening, or relaxing.
With a classic duplex configuration and refreshed interiors, this property is designed to be move-in ready while supporting practical day-to-day living in a two-residence format.
Located at 109 Blue Bonnet in San Antonio, within the city’s historic district, the home is set back by an inviting front porch. Beyond the interiors, a generous backyard provides outdoor space for gatherings, gardening, or relaxing.
With a classic duplex configuration and refreshed interiors, this property is designed to be move-in ready while supporting practical day-to-day living in a two-residence format.
Key Highlights
- Fully renovated two‑unit duplex with updated fixtures throughout
- 2,332 SF total living space
- 0.122‑acre lot with a generous backyard
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$26,842
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.39%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$536,840
$536.8K
Cap Rate 7%
$383,457
$383.5K
Cap Rate 9%
$298,244
$298.2K
Market Conditions
NOI Build-Up for 2,332 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$40.6K $17.40/SF
− Vacancy
−$2.2K −$0.96/SF
EGI
$38.3K $16.44/SF
− OpEx
−$11.5K −$4.93/SF
NOI
$26.8K $11.51/SF
Area
San Antonio, TX
Vacancy
5.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$536,840
Cap Rate 7%
$383,457
Cap Rate 9%
$298,244
Alternative Uses
Best Use
Multifamily LT 5
$383.5K
$335.5K – $447.4K
NOI $26,842 @ 7.0% cap · market cap 8.39%
Second Best
Apartment 5plus
$340.3K
$297.8K – $397.0K
NOI $23,821 @ 7.0% cap · market cap 7.44%
Theoretical Best
Office A
$594.9K
$520.5K – $694.0K
NOI $41,640 @ 7.0% cap · market cap 13.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
626
Businesses Nearby
Explore this area
Business Placement
Demographics for 78202, TX
11,422
Population
5,288
Households
2.2
Avg Household Size
34
Median Age
26%
College-Educated
77%
High-School Grad
2.3 sq mi
ZIP Area
4,966
Density / Sq Mi
$43,708
Median Household Income
$36,390
Median Earnings
$1,218
Median Rent
$223,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Fully renovated two-unit duplex with inviting outdoor space, featuring bright, open interiors and updated fixtures throughout.
Where is this duplex located?
The property is located at 109 Blue Bonnet San Antonio, TX.
What is the asking price?
The asking price for this property is $319,999.
What are key features of this property?
This property features: Fully renovated two‑unit duplex with updated fixtures throughout; 2,332 SF total living space; 0.122‑acre lot with a generous backyard
