San Antonio Multifamily Investment
For Sale
$645,000
1110 W ASHBY PL, San Antonio, TX 78201
MULTI_FAMILY - San Antonio, TX
Property Size3,802 SF
Lot Size0.25 Acres
Price / SF$169.65
Days on Market42
Property Features for 1110 W ASHBY PL
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Elementary school
Beacon Hill
Middle school
Whittier
High school
Jefferson
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
0900
Standard status
Active
Size
3,802 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Annual Amount
6589
Building Details
Year built
1917
Listing Agency:
Keller Williams Boerne · Keller Williams Realty
(830) 816-3500
Listed By:
Timothy Warlow
(210) 696-9996
Added: Jun 30
Changed: Jul 1
Last Checked: Aug 10 at 3:06PM
MLS# 1932803
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.
This is a 7-unit multifamily property located in the Alta Vista / Beacon Hill corridor. The property is positioned to provide both immediate income and long-term appreciation. The asset produces approximately $60,000 in net operating income, offering a 9.3% going-in cap rate and an 8.3% cap rate after tax reassessment. Currently, 5 of the 7 units are occupied, providing upside through lease-up and rent optimization. The property is located minutes from San Antonio College, The Pearl, and St. Mary's Strip, benefiting from rental demand driven by students, professionals, and urban renters seeking proximity to employment and lifestyle hubs. The lot size is 0.251 acres. The property size is 3802 square feet. The zoning is R6.
Key Highlights
- High cash flow: Approximately $60,000 net operating income.
- Strong cap rate: 9.3% going‑in cap rate (8.3% after tax reassessment).
- Upside potential: 5 of 7 units currently occupied, allowing for increased income through lease‑up and rent optimization.
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
$38,837
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
6.02%
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%
$776,740
$776.7K
Cap Rate 7%
$554,814
$554.8K
Cap Rate 9%
$431,522
$431.5K
Market Conditions
NOI Build-Up for 3,802 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
$75.3K $19.80/SF
− Vacancy
−$4.7K −$1.23/SF
EGI
$70.6K $18.57/SF
− OpEx
−$31.8K −$8.36/SF
NOI
$38.8K $10.21/SF
Area
San Antonio, TX
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$776,740
Cap Rate 7%
$554,814
Cap Rate 9%
$431,522
Alternative Uses
Best Use
Apartment 5plus
$554.8K
$485.5K – $647.3K
NOI $38,837 @ 7.0% cap · market cap 6.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$969.8K
$848.6K – $1.13M
NOI $67,888 @ 7.0% cap · market cap 10.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
71.4%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
Explore this area
Business Placement
Demographics for 78201, TX
42,005
Population
18,661
Households
2.3
Avg Household Size
39
Median Age
17%
College-Educated
73%
High-School Grad
7.1 sq mi
ZIP Area
5,916
Density / Sq Mi
$46,129
Median Household Income
$30,517
Median Earnings
$1,033
Median Rent
$187,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Cash-flowing 7-unit multifamily property in a rapidly growing area.
Where is this apartment building located?
The property is located at 1110 W ASHBY PL San Antonio, TX.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: High cash flow: Approximately $60,000 net operating income.; Strong cap rate: **9.3% going‑in cap rate** (8.3% after tax reassessment).; Upside potential: 5 of 7 units currently occupied, allowing for increased income through lease‑up and rent optimization.
