Renovated Multifamily Building Near
For Sale
$850,000
2807 Observation, San Antonio, TX 78227
MULTI_FAMILY - San Antonio, TX
Property Size5,800 SF
Lot Size0.22 Acres
Price / SF$146.55
Days on Market127
Property Features for 2807 Observation
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school
Westwood Terrace
Middle school
Jones
High school
John Jay
Elementary school district
Northside
Middle school district
Northside
High school district
Northside
Subdivision
0700
Standard status
Active
Size
5,800 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
7288
Building Details
Year built
1973
Listing Agency:
Keller Williams Heritage · Keller Williams Realty
(210) 493-3030
Listed By:
Scott Malouff · License #658231
(210) 493-3030
Added: Mar 28
Changed: Apr 14
Last Checked: Aug 1 at 8:06PM
MLS# 1949529
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 is an 8-unit apartment building located in San Antonio, Texas, specifically in the Lackland AFB corridor. The property has been fully renovated in 2024. The renovation included a new roof, HVAC system, new windows, LVP flooring, bathrooms, kitchens and appliances, granite-style countertops and cabinetry, drywall, fresh paint inside and out, doors, hardware, plumbing, and lighting throughout. The building contains two-bedroom floor plans. Currently, 7 of the 8 units are leased and renting between $1,100 and $1,300 per month. The property size is 5,800 square feet and it occupies a 0.223-acre lot. The property is intended for workforce housing.
Key Highlights
- Fully renovated in 2024 with comprehensive upgrades including roof, HVAC, windows, flooring, bathrooms, kitchens, appliances, plumbing, and lighting.
- Cash flowing from day one with 7 of 8 units currently leased.
- Located in the heart of San Antonio's Lackland AFB corridor, a strong workforce housing submarket.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $114.8k | $19.80 |
| − Vacancy | −$7.1k | −$1.23 |
| EGI | $107.7k | $18.57 |
| − OpEx | −$48.5k | −$8.36 |
| NOI | $59.2k | $10.21 |
5,800 SF · lease $19.80/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$846.4K
$740.6K – $987.4K
NOI $59,246 @ 7.0% cap · market cap 6.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.48M
$1.29M – $1.73M
NOI $103,564 @ 7.0% cap · market cap 12.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
365
Businesses Nearby
Explore this area
Business Placement
Demographics for 78227, TX
46,594
Population
16,008
Households
2.9
Avg Household Size
33
Median Age
10%
College-Educated
77%
High-School Grad
19.1 sq mi
ZIP Area
2,439
Density / Sq Mi
$48,049
Median Household Income
$28,857
Median Earnings
$1,112
Median Rent
$151,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated 8-unit apartment building in San Antonio, Texas.
Where is this apartment building located?
The property is located at 2807 Observation San Antonio, TX.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Fully renovated in 2024 with comprehensive upgrades including roof, HVAC, windows, flooring, bathrooms, kitchens, appliances, plumbing, and lighting.; Cash flowing from day one with 7 of 8 units currently leased.; Located in the heart of San Antonio's Lackland AFB corridor, a strong workforce housing submarket.
