Two-Unit Duplex
For Sale
$599,999
903 Dawson, San Antonio, TX 78202
Multi-Family (2-8 Units), San Antonio, TX
Property Size4,160 SF
Lot Size0.41 Acres
Price / SF$144.23
Days on Market134
Property Features for 903 Dawson
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM-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
1200
Standard status
Active
Size
4,160 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Annual Amount
10100
Building Details
Year built
2006
Listing Agency:
Keller Williams Heritage · Keller Williams Realty
(210) 493-3030
Listed By:
Scott Malouff · License #658231
(210) 493-3030
Added: Apr 14
Changed: Aug 19
Last Checked: Aug 25 at 9:06PM
MLS# 1948597
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 RM-6 property contains 4,160 square feet of improvements built in 2006, with two total residential units described as income-producing. The rear of the property offers room for additional duplex construction, creating a stated path for further development.
The property is located in San Antonio’s Dignowity Hill neighborhood, minutes from downtown with the skyline nearby. Access is available from Gorman, Pine, and Dawson, providing multiple street connections. The existing units, multifamily zoning, and rear development opportunity combine current residential use with additional expansion considerations.
The property is located in San Antonio’s Dignowity Hill neighborhood, minutes from downtown with the skyline nearby. Access is available from Gorman, Pine, and Dawson, providing multiple street connections. The existing units, multifamily zoning, and rear development opportunity combine current residential use with additional expansion considerations.
Key Highlights
- Two total income‑producing residential units
- 4,160 square feet of property improvements
- RM‑6 zoning
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
$47,882
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
7.98%
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%
$957,640
$957.6K
Cap Rate 7%
$684,029
$684.0K
Cap Rate 9%
$532,022
$532.0K
Market Conditions
NOI Build-Up for 4,160 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
$72.4K $17.40/SF
− Vacancy
−$4.0K −$0.96/SF
EGI
$68.4K $16.44/SF
− OpEx
−$20.5K −$4.93/SF
NOI
$47.9K $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%
$957,640
Cap Rate 7%
$684,029
Cap Rate 9%
$532,022
Alternative Uses
Best Use
Multifamily LT 5
$684.0K
$598.5K – $798.0K
NOI $47,882 @ 7.0% cap · market cap 7.98%
Second Best
Apartment 5plus
$607.1K
$531.2K – $708.2K
NOI $42,494 @ 7.0% cap · market cap 7.08%
Theoretical Best
Office A
$1.06M
$928.5K – $1.24M
NOI $74,280 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,002
Businesses Nearby
Explore this area
Business Placement
Demographics for 78202, TX
11,422
Population
5,288
Households
2.2
Avg Household Size
34
Median Age
26%
College-Educated
77%
High-School Grad
2.3 sq mi
ZIP Area
4,966
Density / Sq Mi
$43,708
Median Household Income
$36,390
Median Earnings
$1,218
Median Rent
$223,900
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?
Duplex - RM-6-zoned multifamily asset with existing income-producing units and access from Gorman, Pine, and Dawson.
Where is this duplex located?
The property is located at 903 Dawson San Antonio, TX.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: Two total income‑producing residential units; 4,160 square feet of property improvements; RM‑6 zoning
