7-Unit Apartment
For Sale
$480,000
403 Terrell Ave, San Antonio, TX 78214
Multi-Family (2-8 Units), San Antonio, TX
Property Size2,599 SF
Lot Size0.37 Acres
Price / SF$184.69
Days on Market155
Property Features for 403 Terrell Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school
Call District
Middle school
Call District
High school
Call District
Elementary school district
Harlandale I.S.D
Middle school district
Harlandale I.S.D
High school district
Harlandale I.S.D
Subdivision
2100
Standard status
Active
Size
2,599 SF
Lot size
0.37 Acres
Taxes and HOA fees
Tax Annual Amount
12365
Building Details
Year built
2003
Listing Agency:
Keller Williams Heritage · Keller Williams Realty
(210) 493-3030
Listed By:
Scott Malouff · License #658231
(210) 365-6192
Added: Apr 15
Changed: Aug 19
Last Checked: Sep 16 at 9:06AM
MLS# 1914997
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 7-unit apartment property includes a mix of two-bedroom, one-bedroom, and studio layouts within a 2,599-square-foot building. Several apartments have received updates including new paint, flooring, and contemporary finishes. The property was built in 2003 and occupies a 0.368-acre lot with on-site parking.
Located at 403 Terrell Ave in San Antonio, the property provides access to IH-35, Highway 90, and Loop 410. The surrounding area includes Downtown San Antonio, Mission Concepcion, the Southtown Arts District, Toyota Manufacturing, Brooks City Base, and Lackland AFB, all identified as nearby destinations or employment centers in the property information.
Located at 403 Terrell Ave in San Antonio, the property provides access to IH-35, Highway 90, and Loop 410. The surrounding area includes Downtown San Antonio, Mission Concepcion, the Southtown Arts District, Toyota Manufacturing, Brooks City Base, and Lackland AFB, all identified as nearby destinations or employment centers in the property information.
Key Highlights
- 7‑unit apartment property with two‑bedroom, one‑bedroom, and studio floor plans
- 2,599 SF building on a 0.368‑acre lot
- Several units updated with fresh paint, flooring, and modern finishes
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
$26,548
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
5.53%
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%
$530,960
$531.0K
Cap Rate 7%
$379,257
$379.3K
Cap Rate 9%
$294,978
$295.0K
Market Conditions
NOI Build-Up for 2,599 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
$51.5K $19.80/SF
− Vacancy
−$3.2K −$1.23/SF
EGI
$48.3K $18.57/SF
− OpEx
−$21.7K −$8.36/SF
NOI
$26.5K $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 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%
$530,960
Cap Rate 7%
$379,257
Cap Rate 9%
$294,978
Alternative Uses
Best Use
Apartment 5plus
$379.3K
$331.9K – $442.5K
NOI $26,548 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$663.0K
$580.1K – $773.5K
NOI $46,407 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Explore this area
Business Placement
Demographics for 78214, TX
22,664
Population
8,447
Households
2.7
Avg Household Size
37
Median Age
9%
College-Educated
69%
High-School Grad
8.3 sq mi
ZIP Area
2,731
Density / Sq Mi
$41,334
Median Household Income
$31,397
Median Earnings
$934
Median Rent
$121,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with varied floor plans, refreshed interiors, on-site parking, and convenient regional highway connections.
Where is this apartment building located?
The property is located at 403 Terrell Ave San Antonio, TX.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: 7‑unit apartment property with two‑bedroom, one‑bedroom, and studio floor plans; 2,599 SF building on a 0.368‑acre lot; Several units updated with fresh paint, flooring, and modern finishes
