Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Alta Vista Multifamily Value-Add Opportunity Title is generated by Realmo AI

    3221 N Flores, San Antonio, TX 78212

    View on Map
    Claim this Listing
    For Sale
    $950,000

    MULTI_FAMILY - San Antonio, TX

    Property size:
    4,039 SF
    Lot size:
    0.29 Acres
    Price / SF:
    $235/SF
    Added:
    Mar 27, 2026
    Days on Market:
    69
    Last Refresh:
    Jun 3 at 11:06 pm

    Property Features for 3221 N Flores

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R-6 CD NCD-2
    Standard status
    Active
    Size
    4,039 SF
    Lot size
    0.29 Acres

    Taxes and HOA fees

    Tax Annual Amount
    15474

    Building Details

    Year built
    1926

    We can help!

    Listing Contact
    Joel Leos

    Listing agent Joel Leos

    Listing office Keller Williams Heritage 1717 N. Loop 1604 E, San Antonio, TX

    Listing date Mar 27, 2026

    MLS# 1939828 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

    • Value‑add opportunity in desirable Alta Vista neighborhood.
    • Six units with over 4,000 SF, offering repositioning or redevelopment potential.
    • Immediate rent‑growth potential with three units at below‑market rents and one vacant unit.
    • Clear path to additional value by completing the 2‑bedroom / 1‑bath unit under construction.
    • Rare amenities including a central courtyard, on‑site parking lot, and in‑ground swimming pool.
    • Prime location near downtown San Antonio, The Pearl, and major employment centers.

    Overview

    Located in the Alta Vista neighborhood, this multifamily property features six units totaling over 4,000 square feet. The property is an estate sale, presenting an opportunity for investors seeking repositioning or redevelopment. The property is not operating at market efficiency, and there are no long-term leases. Three units are occupied on a month-to-month basis at below-market rents, offering rent-growth potential. One unit is occupied by a family member at no rent. Another unit is a 2-bedroom / 1-bath currently under construction, providing additional value upon completion. The remaining unit offers further opportunity for optimization. Notable features include a central courtyard, on-site parking lot, and an in-ground swimming pool. Located along N Flores, the asset benefits from proximity to downtown San Antonio, The Pearl, and major employment centers. The property is suited for rent optimization, light-to-moderate renovation, completion of existing improvements, and professional management.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Antonio
    County
    Comal
    State
    Texas
    Longitude
    -98.503077
    Latitude
    29.457374

    Nearby Similar for Sale

    • $1,199,989
      6,528 SF

      San Antonio Multifamily Investment Opportunity

      Stabilized 8-unit apartment community near Lackland AFB.
      926/930 Drury Lane, San Antonio, TX 78221
      View Details
    • $749,000
      6,432 SF

      San Antonio Multifamily Investment Opportunity

      Six-unit multifamily property in North Central San Antonio.
      602 Chauncey, San Antonio, TX 78216
      View Details
    • $599,000
      7,484 SF

      San Antonio Multifamily Investment Opportunity

      Value-add 8-plex near downtown San Antonio with income upside.
      1409 W Woodlawn, San Antonio, TX 78201
      View Details
    • $560,000
      5,394 SF

      San Antonio Multifamily Investment Opportunity

      Multifamily property with six units, great investment potential.
      1655 Amanda, San Antonio, TX 78210
      View Details
    • $749,000
      4,900 SF

      San Antonio Fourplex with Garages

      Five-year-old fourplex in Northeast San Antonio with strong occupancy.
      6906 CRESTWAY RD, San Antonio, TX 78239
      View Details
    • $749,000
      4,900 SF

      San Antonio Fourplex with Garages

      Five-year-old fourplex in Northeast San Antonio with strong occupancy.
      6934 CRESTWAY RD, San Antonio, TX 78239
      View Details
    • $565,000
      2,977 SF

      Renovated Triplex Near Downtown San Antonio

      Turnkey triplex with modern updates, close to downtown.
      940 W Mulberry, San Antonio, TX 78201
      View Details
    • $850,000
      5,800 SF

      Renovated Multifamily Building Near Lackland

      Fully renovated 8-unit apartment building in San Antonio, Texas.
      2807 Observation, San Antonio, TX 78227
      View Details
    • $714,990
      3,540 SF

      Modern Duplex in Denver Heights

      Three-story duplex near Alamodome, ideal for investors or owner-occupants.
      125 Dashiell St, San Antonio, TX 78203
      View Details
    • $820,000
      6,804 SF

      Multifamily Property in Monticello Park

      7-unit multifamily property in historic Monticello Park neighborhood.
      553 Club, San Antonio, TX 78201
      View Details
    • $350,000
      2,708 SF

      San Antonio Multifamily Investment Opportunity

      Turnkey multifamily investment featuring two duplexes on an MF-33 zoned lot.
      214 E Huff Ave, San Antonio, TX 78214
      View Details
    • $709,000
      4,876 SF

      San Antonio Fourplex in Gated Community

      Fourplex in Northeast San Antonio, near Fort Sam Houston.
      7014 Donovan Way, San Antonio, TX 78244
      View Details

    FAQs

    What type of property is this?
    Apartment building - Six-unit multifamily property with value-add potential in Alta Vista.
    Where is this apartment building located?
    The property is located at 3221 N Flores San Antonio, TX.
    What is the asking price?
    The asking price for this property is $950,000.
    What are key features of this property?
    This property features: Value‑add opportunity in desirable Alta Vista neighborhood.; Six units with over 4,000 SF, offering repositioning or redevelopment potential.; Immediate rent‑growth potential with three units at below‑market rents and one vacant unit.
    (210) 493-3030
    We can help!
    Listing Contact
    Joel Leos
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    3221 N Flores, San Antonio, TX 78212
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!