Fully Occupied
For Sale
$499,000
202 FIR DL, Converse, TX 78109
MULTI_FAMILY - Converse, TX
Property Size3,600 SF
Lot Size0.19 Acres
Price / SF$138.61
Days on Market18
Property Features for 202 FIR DL
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
OCL
Elementary school
COPPERFIELD ELE
Middle school
Judson Middle School
High school
Judson
Elementary school district
Judson
Middle school district
Judson
High school district
Judson
Subdivision
1700
Standard status
Active
Size
3,600 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
6964
Building Details
Year built
1986
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Michael Vasquez · License #719713
(214) 202-7615
Added: Jul 22
Last Checked: Aug 8 at 11:06PM
MLS# 2002207
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 fully occupied fourplex features four separate 2-bedroom, 2-bath units totaling approximately 3,600 square feet. Each unit includes a private entrance and the property offers street parking. Exterior improvements are a durable brick and siding combination intended for low-maintenance ownership. The site is 0.194 acres, and the property is listed under zoning OCL.
Located in the established Converse Hills neighborhood of Converse, the property provides convenient access to Loop 1604, I-10, and Randolph Air Force Base, with major employers, retail, dining, and everyday amenities across the San Antonio area.
The offering is available for purchase individually or as part of a 16-unit multifamily portfolio.
Located in the established Converse Hills neighborhood of Converse, the property provides convenient access to Loop 1604, I-10, and Randolph Air Force Base, with major employers, retail, dining, and everyday amenities across the San Antonio area.
The offering is available for purchase individually or as part of a 16-unit multifamily portfolio.
Key Highlights
- Fully occupied fourplex built in 1986 with four 2‑bedroom, 2‑bath units
- Total size of approximately 3,600 SF across four units
- 0.194‑acre lot with durable brick and siding exterior designed for low maintenance
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
$37,917
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
7.60%
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%
$758,340
$758.3K
Cap Rate 7%
$541,671
$541.7K
Cap Rate 9%
$421,300
$421.3K
Market Conditions
NOI Build-Up for 3,600 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
$58.3K $16.20/SF
− Vacancy
−$4.2K −$1.15/SF
EGI
$54.2K $15.05/SF
− OpEx
−$16.3K −$4.51/SF
NOI
$37.9K $10.53/SF
Area
Bexar County, TX
Vacancy
7.12%
Lease Rate
$16.20 /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%
$758,340
Cap Rate 7%
$541,671
Cap Rate 9%
$421,300
Alternative Uses
Best Use
Multifamily LT 5
$541.7K
$474.0K – $632.0K
NOI $37,917 @ 7.0% cap · market cap 7.60%
Second Best
Apartment 5plus
$471.0K
$412.1K – $549.5K
NOI $32,967 @ 7.0% cap · market cap 6.61%
Theoretical Best
Office A
$974.4K
$852.6K – $1.14M
NOI $68,205 @ 7.0% cap · market cap 13.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
552
Businesses Nearby
Explore this area
Business Placement
Demographics for 78109, TX
52,093
Population
19,279
Households
2.7
Avg Household Size
33
Median Age
31%
College-Educated
92%
High-School Grad
27.8 sq mi
ZIP Area
1,874
Density / Sq Mi
$87,635
Median Household Income
$44,182
Median Earnings
$1,645
Median Rent
$241,100
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?
Quadplex - Four 2-bedroom, 2-bath units with private entrances on a 0.194-acre lot, brick-and-siding exterior.
Where is this quadplex located?
The property is located at 202 FIR DL Converse, TX.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Fully occupied fourplex built in 1986 with four 2‑bedroom, 2‑bath units; Total size of approximately 3,600 SF across four units; 0.194‑acre lot with durable brick and siding exterior designed for low maintenance
