Renovated Triplex with Private
For Sale
$555,000
940 W Mulberry, San Antonio, TX 78201
Multi-Family (2-8 Units), San Antonio, TX
Property Size2,977 SF
Lot Size0.18 Acres
Price / SF$186.43
Days on Market104
Property Features for 940 W Mulberry
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school
Woodlawn
Middle school
Longfellow
High school
Jefferson
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
2,977 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
9610
Utilities
Cooling system
Central Air
Amenities
shared laundry room
private balconies
Building Details
Year built
1930
Listing Agency:
JB Goodwin, REALTORS
(210) 581-9050
Listed By:
Allison Mccarroll
(512) 502-7804
Added: May 27
Changed: Aug 19
Last Checked: Sep 7 at 10:06AM
MLS# 1969656
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 2,977-square-foot triplex was built in 1930 and has been renovated with wood flooring, updated kitchens, and refreshed bathrooms. The first-floor residence includes two bedrooms, two bathrooms, a spacious living area, kitchen, and ample closet storage. Two upper-level one-bedroom, one-bath units each include a living area, kitchen, bathroom, and private balcony. Central air serves the property.
A detached shared laundry room is positioned beside the two-car garage. The property is located at 940 W Mulberry in San Antonio, with access to I-10, I-35, and US-281. Downtown, The Pearl, the Medical Center, Woodlawn Lake, local parks, restaurants, and bars are identified in the surrounding area.
A detached shared laundry room is positioned beside the two-car garage. The property is located at 940 W Mulberry in San Antonio, with access to I-10, I-35, and US-281. Downtown, The Pearl, the Medical Center, Woodlawn Lake, local parks, restaurants, and bars are identified in the surrounding area.
Key Highlights
- Triplex totaling 2,977 square feet on a 0.178‑acre lot
- Built in 1930 and renovated with updated kitchens, bathrooms, and wood flooring
- One 2‑bedroom, 2‑bath unit plus two 1‑bedroom, 1‑bath 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
$34,266
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
6.17%
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%
$685,320
$685.3K
Cap Rate 7%
$489,514
$489.5K
Cap Rate 9%
$380,733
$380.7K
Market Conditions
NOI Build-Up for 2,977 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
$51.8K $17.40/SF
− Vacancy
−$2.8K −$0.96/SF
EGI
$49.0K $16.44/SF
− OpEx
−$14.7K −$4.93/SF
NOI
$34.3K $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%
$685,320
Cap Rate 7%
$489,514
Cap Rate 9%
$380,733
Alternative Uses
Best Use
Multifamily LT 5
$489.5K
$428.3K – $571.1K
NOI $34,266 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$434.4K
$380.1K – $506.8K
NOI $30,410 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$759.4K
$664.5K – $886.0K
NOI $53,157 @ 7.0% cap · market cap 9.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
941
Businesses Nearby
Explore this area
Business Placement
Demographics for 78201, TX
42,005
Population
18,661
Households
2.3
Avg Household Size
39
Median Age
17%
College-Educated
73%
High-School Grad
7.1 sq mi
ZIP Area
5,916
Density / Sq Mi
$46,129
Median Household Income
$30,517
Median Earnings
$1,033
Median Rent
$187,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three updated residences with shared laundry, a detached garage, and central air conditioning.
Where is this triplex located?
The property is located at 940 W Mulberry San Antonio, TX.
What is the asking price?
The asking price for this property is $555,000.
What are key features of this property?
This property features: Triplex totaling 2,977 square feet on a 0.178‑acre lot; Built in 1930 and renovated with updated kitchens, bathrooms, and wood flooring; One 2‑bedroom, 2‑bath unit plus two 1‑bedroom, 1‑bath units
