Updated Tenant-Occupied
For Sale
$305,000
1703 W MULBERRY AVE, San Antonio, TX 78201
Multi-Family (2-8 Units), San Antonio, TX
Property Size1,532 SF
Lot Size0.23 Acres
Price / SF$199.09
Days on Market47
Property Features for 1703 W MULBERRY AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school
Woodlawn
Middle school
Longfellow
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
0800
Standard status
Active
Size
1,532 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Annual Amount
5381
Building Details
Year built
1952
Listing Agency:
PMI Birdy Properties, CRMC
(210) 524-9400
Listed By:
Matthew Ridings
(210) 524-9400
Added: Jul 15
Changed: Aug 28
Last Checked: Aug 30 at 2:06PM
MLS# 2000307
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 1952 duplex contains two separately addressed 2-bedroom, 1-bath residences within a 1,532-square-foot property. Both units are tenant-occupied, with lease terms extending through 10/19/2026 and 09/28/2026. Each residence has vinyl flooring, an open living and dining area, an eat-in kitchen with cabinetry, solid countertops, an electric range, and a full-size refrigerator. Central HVAC, energy-efficient windows, programmable thermostats, carbon monoxide detectors, and washer and dryer hookups are included.
Recent updates include the roof, HVAC systems, water heaters, and multiple appliances, all approximately two years old. Separate CPS Energy and SAWS meters serve the units. The 0.228-acre corner lot also provides covered one-car carports, covered patios, chain-link fencing, storage space, and backyard access from the primary bedrooms. The property is located near shopping, dining, schools, and major highways in San Antonio, Texas.
Recent updates include the roof, HVAC systems, water heaters, and multiple appliances, all approximately two years old. Separate CPS Energy and SAWS meters serve the units. The 0.228-acre corner lot also provides covered one-car carports, covered patios, chain-link fencing, storage space, and backyard access from the primary bedrooms. The property is located near shopping, dining, schools, and major highways in San Antonio, Texas.
Key Highlights
- Two 2‑bedroom, 1‑bath units in a 1,532‑square‑foot duplex
- Both units tenant‑occupied with leases extending through 10/19/2026 and 09/28/2026
- Roof, HVAC systems, water heaters, and many appliances approximately two years old
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
$17,633
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
5.78%
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%
$352,660
$352.7K
Cap Rate 7%
$251,900
$251.9K
Cap Rate 9%
$195,922
$195.9K
Market Conditions
NOI Build-Up for 1,532 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
$26.7K $17.40/SF
− Vacancy
−$1.5K −$0.96/SF
EGI
$25.2K $16.44/SF
− OpEx
−$7.6K −$4.93/SF
NOI
$17.6K $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%
$352,660
Cap Rate 7%
$251,900
Cap Rate 9%
$195,922
Alternative Uses
Best Use
Multifamily LT 5
$251.9K
$220.4K – $293.9K
NOI $17,633 @ 7.0% cap · market cap 5.78%
Second Best
Apartment 5plus
$223.6K
$195.6K – $260.8K
NOI $15,649 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$390.8K
$341.9K – $455.9K
NOI $27,355 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
937
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?
Duplex - Two separately addressed residences feature private utility metering, covered parking, and recent major system replacements.
Where is this duplex located?
The property is located at 1703 W MULBERRY AVE San Antonio, TX.
What is the asking price?
The asking price for this property is $305,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units in a 1,532‑square‑foot duplex; Both units tenant‑occupied with leases extending through 10/19/2026 and 09/28/2026; Roof, HVAC systems, water heaters, and many appliances approximately two years old
