8-Unit Apartment Buildings with New
For Sale
$1,199,989
926/930 Drury Lane, San Antonio, TX 78221
Multi-Family (2-8 Units), San Antonio, TX
Property Size6,528 SF
Lot Size0.32 Acres
Price / SF$183.82
Days on Market91
Property Features for 926/930 Drury Lane
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
CALL DISTRICT
Middle school district
CALL DISTRICT
High school district
CALL DISTRICT
Subdivision
2100
Standard status
Active
Size
6,528 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Annual Amount
16020
Building Details
Year built
2006
Listing Agency:
Uriah Real Estate Organization
(830) 600-5263
Listed By:
Uri Uriah · License #9002555
(210) 315-8885
Added: May 30
Changed: Aug 20
Last Checked: Aug 28 at 4:06PM
MLS# 1971114
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 8-unit apartment community includes two buildings constructed in 2006, with each residence offering a 2-bedroom/1-bathroom layout and approximately 816 square feet. The property provides 6,528 square feet of total rentable area on approximately 0.321 acres. Recent improvements include an Owens Corning algae-resistant laminate architectural composite shingle roof installed in September 2025, a September 2025 exterior repaint, and select-unit water heater replacements. Xeriscaped grounds reduce lawn maintenance requirements, while each apartment has separate electric and water metering along with individual central HVAC.
The property is located in San Antonio, TX 78221, near Lackland AFB, Port San Antonio, Palo Alto College, and Texas A&M San Antonio. MF-33 zoning supports the apartment configuration, and the community is positioned within an employment corridor serving multiple established institutions and facilities.
The property is located in San Antonio, TX 78221, near Lackland AFB, Port San Antonio, Palo Alto College, and Texas A&M San Antonio. MF-33 zoning supports the apartment configuration, and the community is positioned within an employment corridor serving multiple established institutions and facilities.
Key Highlights
- 8 apartment units across two buildings
- 6,528 square feet of total rentable area on approximately 0.321 acres
- All units feature 2 bedrooms, 1 bathroom, and approximately 816 square feet
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
$66,682
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
5.56%
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%
$1,333,640
$1.3M
Cap Rate 7%
$952,600
$952.6K
Cap Rate 9%
$740,911
$740.9K
Market Conditions
NOI Build-Up for 6,528 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
$129.3K $19.80/SF
− Vacancy
−$8.0K −$1.23/SF
EGI
$121.2K $18.57/SF
− OpEx
−$54.6K −$8.36/SF
NOI
$66.7K $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%
$1,333,640
Cap Rate 7%
$952,600
Cap Rate 9%
$740,911
Alternative Uses
Best Use
Apartment 5plus
$952.6K
$833.5K – $1.11M
NOI $66,682 @ 7.0% cap · market cap 5.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.67M
$1.46M – $1.94M
NOI $116,563 @ 7.0% cap · market cap 9.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
305
Businesses Nearby
Explore this area
Business Placement
Demographics for 78221, TX
39,779
Population
14,939
Households
2.7
Avg Household Size
35
Median Age
12%
College-Educated
74%
High-School Grad
36.3 sq mi
ZIP Area
1,096
Density / Sq Mi
$63,114
Median Household Income
$33,439
Median Earnings
$1,147
Median Rent
$157,500
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?
Apartment building - Stabilized multifamily property with separately metered utilities, central HVAC, and recently upgraded exterior improvements.
Where is this apartment building located?
The property is located at 926/930 Drury Lane San Antonio, TX.
What is the asking price?
The asking price for this property is $1,199,989.
What are key features of this property?
This property features: 8 apartment units across two buildings; 6,528 square feet of total rentable area on approximately 0.321 acres; All units feature 2 bedrooms, 1 bathroom, and approximately 816 square feet
