Fully Occupied
New
For Sale
$300,000
223 BEE ST, San Antonio, TX 78208
Multi-Family (2-8 Units), San Antonio, TX
Property Size1,547 SF
Lot Size0.18 Acres
Price / SF$193.92
Days on Market5
Property Features for 223 BEE ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-6
Elementary school
Pershing
Middle school
Davis
High school
Sam Houston
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
1300
Standard status
Active
Size
1,547 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
4222
Building Details
Year built
1948
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Jesse Perez
(214) 202-7615
Added: Sep 18
Changed: Sep 21
Last Checked: Sep 22 at 2:06AM
MLS# 2017557
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 1,547-square-foot triplex contains three residential units and was built in 1948. Full occupancy provides an established rental setup, while the R-6 zoning designation supports the property’s multifamily classification.
The property is located in San Antonio’s Government Hill area, just outside Fort Sam Houston. Downtown, the River Walk, the Alamo, the Frost Bank Center, the Pearl entertainment district, and the airport are all identified as accessible from the property.
The property is located in San Antonio’s Government Hill area, just outside Fort Sam Houston. Downtown, the River Walk, the Alamo, the Frost Bank Center, the Pearl entertainment district, and the airport are all identified as accessible from the property.
Key Highlights
- Three‑unit multifamily property with all units occupied
- 1,547 square feet on 0.175 acres
- R‑6 zoning designation
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
$17,806
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
5.94%
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%
$356,120
$356.1K
Cap Rate 7%
$254,371
$254.4K
Cap Rate 9%
$197,844
$197.8K
Market Conditions
NOI Build-Up for 1,547 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
$26.9K $17.40/SF
− Vacancy
−$1.5K −$0.96/SF
EGI
$25.4K $16.44/SF
− OpEx
−$7.6K −$4.93/SF
NOI
$17.8K $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%
$356,120
Cap Rate 7%
$254,371
Cap Rate 9%
$197,844
Alternative Uses
Best Use
Multifamily LT 5
$254.4K
$222.6K – $296.8K
NOI $17,806 @ 7.0% cap · market cap 5.94%
Second Best
Apartment 5plus
$225.7K
$197.5K – $263.4K
NOI $15,802 @ 7.0% cap · market cap 5.27%
Theoretical Best
Office A
$394.6K
$345.3K – $460.4K
NOI $27,623 @ 7.0% cap · market cap 9.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
567
Businesses Nearby
Explore this area
Business Placement
Demographics for 78208, TX
3,874
Population
2,292
Households
1.7
Avg Household Size
35
Median Age
13%
College-Educated
76%
High-School Grad
1.0 sq mi
ZIP Area
3,874
Density / Sq Mi
$23,194
Median Household Income
$26,136
Median Earnings
$894
Median Rent
$125,000
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?
Triplex - Three residential units are occupied within an R-6-zoned property near Fort Sam Houston.
Where is this triplex located?
The property is located at 223 BEE ST San Antonio, TX.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Three‑unit multifamily property with all units occupied; 1,547 square feet on 0.175 acres; R‑6 zoning designation
