Cash-Flowing 7-Unit
For Sale
$645,000
1110 West Ashby Place, San Antonio, TX 78201
7-unit multifamily asset with 5 units occupied and reported $60,000 net operating income.
Property Size3,802 SF
Price / SF$169.65
Days on Market252
Property Features for 1110 West Ashby Place
General Information
Standard status
Active
Size
3,802 SF
Property subtype
Multi-Family / Two Story
Zoning
R6
Occupancy
71%
Net Operating Income
$60,348
Additional Details
Cap Rate
9.3%
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$6,589
Amenities
Ceramic Tile
Metal
Pre-Owned
Conventional, Cash
Patio Slab, Covered Patio
Building Details
Year Built
1917
Tenancy
Multi
Listing Agency:
Keller Williams Boerne
(210) 818-9457
Listed By:
Timothy Warlow
(210) 818-9457
Source:
Compass
Added: Dec 1, 2025
Changed: Aug 10
Last Checked: Aug 10 at 9:38AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Boerne
Investment Insights
Based on property information with market context.
This for-sale 7-unit multifamily property is currently 5 of 7 units occupied. The asset is described as cash-flowing, producing approximately $60,000 in net operating income, with going-in cap rate figures cited at 9.3% and 8.3% after tax reassessment. With most units already generating income, the remaining vacancy represents potential for additional rent once leased.
The property is located in the Alta Vista / Beacon Hill corridor of San Antonio and is positioned just minutes from San Antonio College, The Pearl, and St. Mary’s Strip, supporting steady rental demand in the area.
At the time of listing, the owner’s materials also indicate fundamentals aligned to current yield-focused acquisition criteria, based on the reported income and cap rate metrics.
The property is located in the Alta Vista / Beacon Hill corridor of San Antonio and is positioned just minutes from San Antonio College, The Pearl, and St. Mary’s Strip, supporting steady rental demand in the area.
At the time of listing, the owner’s materials also indicate fundamentals aligned to current yield-focused acquisition criteria, based on the reported income and cap rate metrics.
Key Highlights
- 7‑unit multifamily asset with 5 of 7 units currently occupied
- Reported approximately $60,000 net operating income
- Going‑in cap rate reported as 9.3% and 8.3% after tax reassessment
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
$38,837
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
6.02%
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%
$776,740
$776.7K
Cap Rate 7%
$554,814
$554.8K
Cap Rate 9%
$431,522
$431.5K
Market Conditions
NOI Build-Up for 3,802 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
$75.3K $19.80/SF
− Vacancy
−$4.7K −$1.23/SF
EGI
$70.6K $18.57/SF
− OpEx
−$31.8K −$8.36/SF
NOI
$38.8K $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%
$776,740
Cap Rate 7%
$554,814
Cap Rate 9%
$431,522
Alternative Uses
Best Use
Apartment 5plus
$554.8K
$485.5K – $647.3K
NOI $38,837 @ 7.0% cap · market cap 6.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$969.8K
$848.6K – $1.13M
NOI $67,888 @ 7.0% cap · market cap 10.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
71.4%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
501
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?
Apartment building - 7-unit multifamily asset with 5 units occupied and reported $60,000 net operating income.
Where is this apartment building located?
The property is located at 1110 West Ashby Place San Antonio, TX.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: 7‑unit multifamily asset with 5 of 7 units currently occupied; Reported approximately $60,000 net operating income; Going‑in cap rate reported as 9.3% and 8.3% after tax reassessment
