San Antonio Office Building For
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1117-1123 Patricia Dr, San Antonio, TX
Office building near Blanco and West Ave, San Antonio, TX.
Property Size9,400 SF
Lot Size0.50 Acres
Price / SF$170.21
Days on Market1106
Property Features for 1117-1123 Patricia Dr
General Information
Standard status
Active
Size
9,400 SF
Lot size
0.50 Acres
Property subtype
OFFICE
Listing Agency:
Endura Advisory Group
(210) 366-2222
Listed By:
Rick LaGrange · License #484122
(210) 289-0044
Source:
Moodyscre
Added: Aug 25, 2023
Changed: Sep 2
Last Checked: Sep 2 at 12:32AM
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 Endura Advisory Group
Investment Insights
Based on property information with market context.
This office building is located near Blanco and West Avenue, in proximity to Churchill High School. The property is fully equipped with HVAC. The roof was replaced and the parking area was resurfaced in 2019. The building is currently occupied by two tenants with leases expiring between 2027 and 2029. The property has a size of 9,400 square feet.
Key Highlights
- Located near Blanco and West Ave, near Churchill High School
- Two tenants - Lease Expires 2027‑2029
- New roof and parking resurfaced in 2019
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
$128,111
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
8.01%
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%
$2,562,220
$2.6M
Cap Rate 7%
$1,830,157
$1.8M
Cap Rate 9%
$1,423,456
$1.4M
Market Conditions
NOI Build-Up for 9,400 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
$207.6K $22.08/SF
− Vacancy
−$36.7K −$3.91/SF
EGI
$170.8K $18.17/SF
− OpEx
−$42.7K −$4.54/SF
NOI
$128.1K $13.63/SF
Area
San Antonio, TX
Vacancy
17.70%
Lease Rate
$22.08 /SF/Yr
Expense Ratio
25.00%
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%
$2,562,220
Cap Rate 7%
$1,830,157
Cap Rate 9%
$1,423,456
Alternative Uses
Best Use
Office B
$1.83M
$1.60M – $2.14M
NOI $128,111 @ 7.0% cap · market cap 8.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $167,845 @ 7.0% cap · market cap 10.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,142
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in San Antonio, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building near Blanco and West Ave, San Antonio, TX.
Where is this office building located?
The property is located at 1117-1123 Patricia Dr San Antonio, TX.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Located near Blanco and West Ave, near Churchill High School; Two tenants - Lease Expires 2027‑2029; New roof and parking resurfaced in 2019
