Two-Unit Townhome-Style
For Sale
$333,000
401 Natalen, San Antonio, TX 78209
Multi-Family (2-8 Units), San Antonio, TX
Property Size1,656 SF
Lot Size0.22 Acres
Price / SF$201.09
Days on Market95
Property Features for 401 Natalen
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MF-33 NCD-6
Elementary school
Call District
Middle school
Call District
High school
Call District
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
1,656 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
7492
Amenities
private backyards
individual washer and dryer hookups
Building Details
Year built
1946
Listing Agency:
Sophus Properties, LLC
(210) 850-2833
Listed By:
Donna Crabtree · License #512451
(210) 219-3045
Added: Jun 2
Changed: Aug 19
Last Checked: Sep 4 at 7:06PM
MLS# 1945288
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 two-unit residential income property contains 1,656 square feet on a 0.215-acre lot. Built in 1946, the duplex is configured as townhome-style residences, with each unit offering two bedrooms, one bathroom, a private backyard, and individual washer and dryer hookups. The property requires repositioning, providing a defined renovation component for the next owner.
The asset is located at 401 Natalen in San Antonio, Texas, within the 78209 ZIP code. Zoning is MF-33 NCD-6. The property may be acquired individually or as part of a larger Mahncke Park portfolio, with additional assemblage potential involving 401/403 Natalen, 407/409 Natalen, and 413/415 Natalen.
The asset is located at 401 Natalen in San Antonio, Texas, within the 78209 ZIP code. Zoning is MF-33 NCD-6. The property may be acquired individually or as part of a larger Mahncke Park portfolio, with additional assemblage potential involving 401/403 Natalen, 407/409 Natalen, and 413/415 Natalen.
Key Highlights
- Two‑unit duplex with 1,656 square feet of building area
- Each residence has 2 bedrooms and 1 bathroom
- Townhome‑style layout with a private backyard for each unit
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
$19,061
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
5.72%
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%
$381,220
$381.2K
Cap Rate 7%
$272,300
$272.3K
Cap Rate 9%
$211,789
$211.8K
Market Conditions
NOI Build-Up for 1,656 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
$28.8K $17.40/SF
− Vacancy
−$1.6K −$0.96/SF
EGI
$27.2K $16.44/SF
− OpEx
−$8.2K −$4.93/SF
NOI
$19.1K $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%
$381,220
Cap Rate 7%
$272,300
Cap Rate 9%
$211,789
Alternative Uses
Best Use
Multifamily LT 5
$272.3K
$238.3K – $317.7K
NOI $19,061 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$241.7K
$211.5K – $281.9K
NOI $16,916 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$422.4K
$369.6K – $492.8K
NOI $29,569 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
700
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?
Duplex - Two-bedroom units include private backyards and individual laundry hookups.
Where is this duplex located?
The property is located at 401 Natalen San Antonio, TX.
What is the asking price?
The asking price for this property is $333,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,656 square feet of building area; Each residence has 2 bedrooms and 1 bathroom; Townhome‑style layout with a private backyard for each unit
