Renovated Multifamily Building Near
2807 Observation, San Antonio, TX 78227
MULTI_FAMILY - San Antonio, TX
Property size:
5,800 SFLot size:
0.22 AcresPrice / SF:
$146/SF- Added:
- Mar 28, 2026
- Days on Market:
- 50
- Last Refresh:
- May 16 at 3:06 pm
Property Features for 2807 Observation
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- 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 agent Scott Malouff License #658231 (210) 493-3030
Listing office Keller Williams Heritage 1717 N. Loop 1604 E, San Antonio, TX (210) 493-3030
Listing date Mar 28, 2026
MLS# 1949529
Listing URL
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.
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.
- All units are two‑bedroom floor plans.
- Current rental income between $1,100-$1,300 per month per unit.
- Zero deferred maintenance.
Overview
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.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$658.3K
NOI $59,246 @ 9.00% cap · cautious / downside scenario
Moderate
$846.4K
NOI $59,246 @ 7.00% cap · market / base-case scenario
Aggressive
$1.18M
NOI $59,246 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Apartment 5plus
| 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 Use Scenarios
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 local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- San Antonio
- County
- Comal
- State
- Texas
- Longitude
- -98.647243
- Latitude
- 29.401185
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FAQs
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.
