Triplex with Detached
For Sale
$600,000
510 E LOCUST ST, San Antonio, TX 78212
Multi-Family (2-8 Units), San Antonio, TX
Property Size2,583 SF
Lot Size0.22 Acres
Price / SF$232.29
Days on Market32
Property Features for 510 E LOCUST ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school
Hawthorne
High school
Edison
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
2,583 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
15012
Utilities
Cooling system
Central Air
Building Details
Year built
1922
Listing Agency:
Davalos & Associates · Century 21 Real Estate
(210) 734-7253
Listed By:
Joe Davalos
(210) 573-3560
Added: Aug 6
Changed: Aug 19
Last Checked: Sep 6 at 8:06AM
MLS# 2006160
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 three-unit residential property contains two units in the front building and a third unit in a detached rear structure. The improvements total 2583 square feet on a 0.215-acre parcel and were built in 1922. Central air is provided.
The property is in San Antonio, with the Pearl District, Brackenridge Park, and the Witte Museum identified in the surrounding area. Its configuration combines a principal structure with a separate rear improvement, creating a straightforward triplex layout.
The property is in San Antonio, with the Pearl District, Brackenridge Park, and the Witte Museum identified in the surrounding area. Its configuration combines a principal structure with a separate rear improvement, creating a straightforward triplex layout.
Key Highlights
- Three residential units across two structures
- Front building contains 2 units
- Detached rear building contains unit 3
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
$29,731
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
4.96%
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%
$594,620
$594.6K
Cap Rate 7%
$424,729
$424.7K
Cap Rate 9%
$330,344
$330.3K
Market Conditions
NOI Build-Up for 2,583 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
$44.9K $17.40/SF
− Vacancy
−$2.5K −$0.96/SF
EGI
$42.5K $16.44/SF
− OpEx
−$12.7K −$4.93/SF
NOI
$29.7K $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%
$594,620
Cap Rate 7%
$424,729
Cap Rate 9%
$330,344
Alternative Uses
Best Use
Multifamily LT 5
$424.7K
$371.6K – $495.5K
NOI $29,731 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$376.9K
$329.8K – $439.8K
NOI $26,385 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$658.9K
$576.5K – $768.7K
NOI $46,122 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,601
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units occupy a front building and a separate rear structure.
Where is this triplex located?
The property is located at 510 E LOCUST ST San Antonio, TX.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Three residential units across two structures; Front building contains 2 units; Detached rear building contains unit 3
