Updated Triplex with Unit
For Sale
$415,000
Pending
531 W Gramercy Pl, San Antonio, TX 78212
Multi-Family (2-8 Units), San Antonio, TX
Property Size2,658 SF
Lot Size0.15 Acres
Days on Market30
Property Features for 531 W Gramercy Pl
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM-4
Elementary school
Cotton
Middle school
Mark Twain
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
Pending
Size
2,658 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
10254
Building Details
Year built
1925
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Carmela Hampton
(214) 202-7615
Added: Jul 25
Changed: Aug 20
Last Checked: Aug 23 at 12:06AM
MLS# 2003017
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 2,658-square-foot triplex, built in 1925, contains three separately metered units. The layout includes two one-bedroom, one-bath residences on the lower level and one two-bedroom, one-bath residence upstairs. Two units are occupied, while the remaining unit is vacant and suited to an owner-occupant or incoming tenant. Cosmetic improvements completed in 2025 provide refreshed interiors while leaving flexibility for additional customization. The property sits on a 0.149-acre lot and carries RM-4 zoning.
The address is near Downtown San Antonio, the Pearl, Trinity University, and major employers. Its San Antonio location places the three-unit configuration within an established urban setting.
The address is near Downtown San Antonio, the Pearl, Trinity University, and major employers. Its San Antonio location places the three-unit configuration within an established urban setting.
Key Highlights
- 2,658‑square‑foot triplex on a 0.149‑acre lot
- Three separately metered units with two 1‑bedroom and one 2‑bedroom residences
- Unit mix includes two 1‑bath lower‑level units and one 1‑bath upstairs 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
$30,594
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
7.37%
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%
$611,880
$611.9K
Cap Rate 7%
$437,057
$437.1K
Cap Rate 9%
$339,933
$339.9K
Market Conditions
NOI Build-Up for 2,658 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
$46.2K $17.40/SF
− Vacancy
−$2.5K −$0.96/SF
EGI
$43.7K $16.44/SF
− OpEx
−$13.1K −$4.93/SF
NOI
$30.6K $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%
$611,880
Cap Rate 7%
$437,057
Cap Rate 9%
$339,933
Alternative Uses
Best Use
Multifamily LT 5
$437.1K
$382.4K – $509.9K
NOI $30,594 @ 7.0% cap · market cap 7.37%
Second Best
Apartment 5plus
$387.9K
$339.4K – $452.5K
NOI $27,151 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$678.0K
$593.3K – $791.0K
NOI $47,461 @ 7.0% cap · market cap 11.44%
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
1,073
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 separately metered residences include two one-bedroom units and one two-bedroom unit.
Where is this triplex located?
The property is located at 531 W Gramercy Pl San Antonio, TX.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 2,658‑square‑foot triplex on a 0.149‑acre lot; Three separately metered units with two 1‑bedroom and one 2‑bedroom residences; Unit mix includes two 1‑bath lower‑level units and one 1‑bath upstairs unit
