Renovated 8-Unit Apartment
For Sale
$850,000
2807 Observation, San Antonio, TX 78227
Multi-Family (2-8 Units), San Antonio, TX
Property Size5,800 SF
Lot Size0.22 Acres
Price / SF$146.55
Days on Market193
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
Listed By:
Scott Malouff
(210) 493-3030
Added: Apr 14
Changed: Aug 19
Last Checked: Oct 23 at 3:06AM
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.
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Investment Insights
Based on property information with market context.
This 8-unit apartment building in San Antonio offers 5,800 square feet with two-bedroom layouts throughout. Built in 1973, the property received a comprehensive renovation in 2024 that included the roof, HVAC, windows, LVP flooring, bathrooms, kitchens, appliances, cabinetry, countertops, drywall, interior and exterior paint, doors, hardware, plumbing, and lighting. The work also addresses deferred maintenance throughout the building.
Seven of the eight units are leased, and the property is positioned in the Lackland AFB corridor. The 0.223-acre site is located in San Antonio’s 78227 ZIP code and includes updated residential improvements suited to workforce housing operations.
Seven of the eight units are leased, and the property is positioned in the Lackland AFB corridor. The 0.223-acre site is located in San Antonio’s 78227 ZIP code and includes updated residential improvements suited to workforce housing operations.
Key Highlights
- 8‑unit apartment building with 5,800 square feet
- All units feature two‑bedroom floor plans
- Comprehensive renovation completed in 2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,246
Cap Rate
6.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,184,920
$1.2M
Cap Rate 7%
$846,371
$846.4K
Cap Rate 9%
$658,289
$658.3K
Market Conditions
NOI Build-Up for 5,800 SF
Gross rent
$114.8K $19.80/SF
− Vacancy
−$7.1K −$1.23/SF
EGI
$107.7K $18.57/SF
− OpEx
−$48.5K −$8.36/SF
NOI
$59.2K $10.21/SF
Area
San Antonio, TX
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,184,920
Cap Rate 7%
$846,371
Cap Rate 9%
$658,289
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.
How Realmo checks its estimates
Property Analytics
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Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
365
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated apartment property with two-bedroom floor plans and updated building systems.
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: 8‑unit apartment building with 5,800 square feet; All units feature two‑bedroom floor plans; Comprehensive renovation completed in 2024
