Four-Unit Apartment
For Sale
$599,900
508 E DEWEY PL, San Antonio, TX 78212
Multi-Family (2-8 Units), San Antonio, TX
Property Size2,442 SF
Lot Size0.26 Acres
Price / SF$245.66
Days on Market150
Property Features for 508 E DEWEY PL
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MF-33
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
0900
Standard status
Active
Size
2,442 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Annual Amount
10371
Utilities
Cooling system
Central Air
Amenities
on-site laundry
Building Details
Year built
1930
Listing Agency:
Keller Williams City-View · Keller Williams Realty
(210) 696-9996
Listed By:
Danny Charbel · License #582344
(210) 887-7080
Added: Apr 15
Changed: Aug 19
Last Checked: Sep 11 at 5:06PM
MLS# 1888498
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 four-unit residential property contains three one-bedroom, one-bath units and one two-bedroom, one-bath unit within a 2,442-square-foot building. The 0.264-acre site is zoned MF-33 and identified for up to eight units. Property improvements include central HVAC, separately metered utilities, updated plumbing, gas water heaters, spray foam insulation, and completed pier-and-beam foundation corrections. An on-site laundry room adds functionality for residents.
Located at 508 E Dewey Pl in San Antonio’s Tobin Hill area, the property provides access to the St. Mary’s Strip. Rear entry is available through a connecting street or alley. Constructed in 1930, the property carries the existing four-unit configuration alongside its stated zoning capacity for up to eight units.
Located at 508 E Dewey Pl in San Antonio’s Tobin Hill area, the property provides access to the St. Mary’s Strip. Rear entry is available through a connecting street or alley. Constructed in 1930, the property carries the existing four-unit configuration alongside its stated zoning capacity for up to eight units.
Key Highlights
- Four‑unit property with three 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit
- 2,442 square feet on a 0.264‑acre lot
- MF‑33 zoning identified for up to 8 units
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
$28,108
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
4.69%
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%
$562,160
$562.2K
Cap Rate 7%
$401,543
$401.5K
Cap Rate 9%
$312,311
$312.3K
Market Conditions
NOI Build-Up for 2,442 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
$42.5K $17.40/SF
− Vacancy
−$2.3K −$0.96/SF
EGI
$40.2K $16.44/SF
− OpEx
−$12.0K −$4.93/SF
NOI
$28.1K $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%
$562,160
Cap Rate 7%
$401,543
Cap Rate 9%
$312,311
Alternative Uses
Best Use
Multifamily LT 5
$401.5K
$351.4K – $468.5K
NOI $28,108 @ 7.0% cap · market cap 4.69%
Second Best
Apartment 5plus
$356.4K
$311.8K – $415.8K
NOI $24,945 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$622.9K
$545.1K – $726.7K
NOI $43,604 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,357
Businesses Nearby
Explore this area
Business Placement
Demographics for 78212, TX
26,738
Population
13,399
Households
2
Avg Household Size
39
Median Age
39%
College-Educated
85%
High-School Grad
6.9 sq mi
ZIP Area
3,875
Density / Sq Mi
$60,222
Median Household Income
$40,037
Median Earnings
$1,084
Median Rent
$299,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Income-producing residential property with varied unit layouts, central cooling, separate utility meters, and on-site laundry.
Where is this quadplex located?
The property is located at 508 E DEWEY PL San Antonio, TX.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Four‑unit property with three 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit; 2,442 square feet on a 0.264‑acre lot; MF‑33 zoning identified for up to 8 units
