Four-Unit Property with New
For Sale
$654,000
255 NATALEN AVE, San Antonio, TX 78209
Multi-Family (2-8 Units), San Antonio, TX
Property Size3,854 SF
Lot Size0.16 Acres
Price / SF$169.69
Days on Market85
Property Features for 255 NATALEN AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school
Lamar
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
1300
Standard status
Active
Size
3,854 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
15212
Amenities
hardwood floors
Building Details
Year built
1936
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Sterling Williams
(214) 202-7615
Added: May 30
Changed: Aug 20
Last Checked: Aug 22 at 8:06PM
MLS# 1871720
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 1936, this 3,854-square-foot quadplex sits on a 0.161-acre lot and includes four different residential configurations: a 3/2, a 2/2, a 1/1, and a studio. Hardwood flooring runs throughout the property, while each tenant has access to an off-street parking pad. A new roof was installed in November 2025.
The property is located in Mahncke Park near Downtown San Antonio, The Pearl, the San Antonio Botanical Garden, the San Antonio Zoo, Trinity University, and the University of the Incarnate Word. Its four-unit layout supports a range of occupancy arrangements, including separate residential use across the existing unit mix.
The property is located in Mahncke Park near Downtown San Antonio, The Pearl, the San Antonio Botanical Garden, the San Antonio Zoo, Trinity University, and the University of the Incarnate Word. Its four-unit layout supports a range of occupancy arrangements, including separate residential use across the existing unit mix.
Key Highlights
- 3,854 SF quadplex on a 0.161‑acre lot
- Unit mix includes 3/2, 2/2, 1/1, and studio layouts
- New roof installed November 2025
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
$44,360
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
6.78%
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%
$887,200
$887.2K
Cap Rate 7%
$633,714
$633.7K
Cap Rate 9%
$492,889
$492.9K
Market Conditions
NOI Build-Up for 3,854 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
$67.1K $17.40/SF
− Vacancy
−$3.7K −$0.96/SF
EGI
$63.4K $16.44/SF
− OpEx
−$19.0K −$4.93/SF
NOI
$44.4K $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%
$887,200
Cap Rate 7%
$633,714
Cap Rate 9%
$492,889
Alternative Uses
Best Use
Multifamily LT 5
$633.7K
$554.5K – $739.3K
NOI $44,360 @ 7.0% cap · market cap 6.78%
Second Best
Apartment 5plus
$562.4K
$492.1K – $656.1K
NOI $39,368 @ 7.0% cap · market cap 6.02%
Theoretical Best
Office A
$983.1K
$860.2K – $1.15M
NOI $68,816 @ 7.0% cap · market cap 10.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
775
Businesses Nearby
Explore this area
Business Placement
Demographics for 78209, TX
42,456
Population
22,771
Households
1.9
Avg Household Size
40
Median Age
62%
College-Educated
96%
High-School Grad
10.2 sq mi
ZIP Area
4,162
Density / Sq Mi
$84,180
Median Household Income
$57,921
Median Earnings
$1,371
Median Rent
$497,500
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 distinct floor plans include a three-bedroom unit, a two-bedroom unit, a one-bedroom unit, and a studio.
Where is this quadplex located?
The property is located at 255 NATALEN AVE San Antonio, TX.
What is the asking price?
The asking price for this property is $654,000.
What are key features of this property?
This property features: 3,854 SF quadplex on a 0.161‑acre lot; Unit mix includes 3/2, 2/2, 1/1, and studio layouts; New roof installed November 2025
