Historic Two-Unit
For Sale
$473,900
210 E Lullwood Ave, San Antonio, TX 78212
Multi-Family (2-8 Units), San Antonio, TX
Property Size1,872 SF
Lot Size0.15 Acres
Price / SF$253.15
Days on Market155
Property Features for 210 E Lullwood Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school
Travis
Middle school
Mark Twain
High school
Edison
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
1,872 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
11870
Utilities
Cooling system
Central Air
Amenities
backyard
storage shed
Building Details
Year built
1920
Listing Agency:
Premier Realty Group Platinum
(210) 641-1400
Listed By:
Meredith Dunn
(210) 367-2529
Added: Apr 15
Changed: Aug 19
Last Checked: Sep 16 at 11:06AM
MLS# 1909431
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.
Built in 1920, this masonry-and-stone duplex contains 1,872 square feet arranged as two residences, each with 2 bedrooms and 1 bathroom. Both units feature spacious rooms, large windows, original hardwood flooring, ceramic tile, and updated elements. A roof replacement completed in 2020 adds a recent major improvement, while dual central HVAC systems and individual electric and gas meters support separate unit operation.
The property includes a large backyard, storage shed, and onsite parking, with additional pad and street parking. It is located at 210 E Lullwood Ave in San Antonio’s Monte Vista historic district, near Trinity University, the University of the Incarnate Word, San Antonio College, The Pearl, downtown, shops, and restaurants.
The property includes a large backyard, storage shed, and onsite parking, with additional pad and street parking. It is located at 210 E Lullwood Ave in San Antonio’s Monte Vista historic district, near Trinity University, the University of the Incarnate Word, San Antonio College, The Pearl, downtown, shops, and restaurants.
Key Highlights
- Two units, each configured with 2 beds and 1 bath
- 1,872 square feet of living space
- Roof replaced in 2020
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
$21,547
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
4.55%
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%
$430,940
$430.9K
Cap Rate 7%
$307,814
$307.8K
Cap Rate 9%
$239,411
$239.4K
Market Conditions
NOI Build-Up for 1,872 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
$32.6K $17.40/SF
− Vacancy
−$1.8K −$0.96/SF
EGI
$30.8K $16.44/SF
− OpEx
−$9.2K −$4.93/SF
NOI
$21.5K $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%
$430,940
Cap Rate 7%
$307,814
Cap Rate 9%
$239,411
Alternative Uses
Best Use
Multifamily LT 5
$307.8K
$269.3K – $359.1K
NOI $21,547 @ 7.0% cap · market cap 4.55%
Second Best
Apartment 5plus
$273.2K
$239.0K – $318.7K
NOI $19,122 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$477.5K
$417.8K – $557.1K
NOI $33,426 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,104
Businesses Nearby
Explore this area
Business Placement
Demographics for 78212, TX
26,738
Population
13,399
Households
2
Avg Household Size
39
Median Age
39%
College-Educated
85%
High-School Grad
6.9 sq mi
ZIP Area
3,875
Density / Sq Mi
$60,222
Median Household Income
$40,037
Median Earnings
$1,084
Median Rent
$299,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate utility metering and dual central HVAC support independent unit operations.
Where is this duplex located?
The property is located at 210 E Lullwood Ave San Antonio, TX.
What is the asking price?
The asking price for this property is $473,900.
What are key features of this property?
This property features: Two units, each configured with 2 beds and 1 bath; 1,872 square feet of living space; Roof replaced in 2020
