Duplex with
New
For Sale
$320,000
2020 W Kings Hwy, San Antonio, TX 78201
Multi-Family (2-8 Units), San Antonio, TX
Property Size2,508 SF
Lot Size0.18 Acres
Price / SF$127.59
Days on Market5
Property Features for 2020 W Kings Hwy
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school
Call District
Middle school
Call District
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
2,508 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
6687
Building Details
Year built
1932
Listing Agency:
Option One Real Estate
(210) 389-5266
Listed By:
Jean Reich
(210) 241-0268
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 27 at 12:06AM
MLS# 2018518
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 1932 duplex in San Antonio contains 2,508 square feet on a 0.184-acre lot. The two residences feature open living and dining areas, generously sized bedrooms, and original wood flooring. Recent updates include stoves in both units, ceiling fans in Unit 1, and a refrigerator, washer, dryer, and reverse osmosis system in Unit 2. The appliances convey with the property, which also has a backyard.
The property is near Woodlawn Lake and St. Mary's University, with access to a public bus line and I-10. The remarks place it about eight minutes from the university and cite nearby dining and shopping along Fredericksburg Road.
The property is near Woodlawn Lake and St. Mary's University, with access to a public bus line and I-10. The remarks place it about eight minutes from the university and cite nearby dining and shopping along Fredericksburg Road.
Key Highlights
- Two‑unit duplex built in 1932
- 2,508 square feet on a 0.184‑acre lot
- Fully tenant‑occupied
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
$28,867
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
9.02%
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%
$577,340
$577.3K
Cap Rate 7%
$412,386
$412.4K
Cap Rate 9%
$320,744
$320.7K
Market Conditions
NOI Build-Up for 2,508 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
$43.6K $17.40/SF
− Vacancy
−$2.4K −$0.96/SF
EGI
$41.2K $16.44/SF
− OpEx
−$12.4K −$4.93/SF
NOI
$28.9K $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%
$577,340
Cap Rate 7%
$412,386
Cap Rate 9%
$320,744
Alternative Uses
Best Use
Multifamily LT 5
$412.4K
$360.8K – $481.1K
NOI $28,867 @ 7.0% cap · market cap 9.02%
Second Best
Apartment 5plus
$366.0K
$320.2K – $427.0K
NOI $25,619 @ 7.0% cap · market cap 8.01%
Theoretical Best
Office A
$639.7K
$559.8K – $746.4K
NOI $44,782 @ 7.0% cap · market cap 13.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
652
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Both residences have open living and dining areas, and the property is fully tenant-occupied.
Where is this duplex located?
The property is located at 2020 W Kings Hwy San Antonio, TX.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1932; 2,508 square feet on a 0.184‑acre lot; Fully tenant‑occupied
