Historic Office Building For
For Sale
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118 E Ashby Pl, San Antonio, TX 78212
1915 property ideal for law firm or professional services.
Property Size3,990 SF
Price / SF$313.28
Days on Market170
Property Features for 118 E Ashby Pl
General Information
Standard status
Active
Size
3,990 SF
Property subtype
Retail, Office, Hospitality
Zoning
C-2
Occupancy
100%
Lease Type
NNN
Building Details
Buildings
2
Stories
2
Tenancy
Single
Listing Agency:
URBAN TEXAN REALTY GROUP
(210) 618-6924
Listed By:
Patrick Vallejo · License #663331
Source:
Crexi
Added: Feb 23
Changed: Aug 12
Last Checked: Aug 12 at 6:14AM
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 URBAN TEXAN REALTY GROUP
Investment Insights
Based on property information with market context.
This beautifully preserved property, constructed in 1915, currently operates as a law office. The 3,990 square foot building features a reception area with an original fireplace, high ceilings, rich wood trim, and abundant natural light. The first floor includes a corner office, conference room, full kitchen, two restrooms, and support spaces. The upstairs area offers five private offices, an additional conference room, and two full restrooms. A one-bedroom apartment is located in a secondary building on the property. The property is centrally located with convenient access to Downtown and major corridors. It is suitable for a law firm, professional services, medical practice, or an owner-user.
Key Highlights
- Prime central location with convenient access to Downtown and major corridors.
- Beautifully preserved 1915 property with timeless character.
- Ideal for law firm, professional services, medical, or owner‑user.
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
$54,379
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
4.35%
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%
$1,087,580
$1.1M
Cap Rate 7%
$776,843
$776.8K
Cap Rate 9%
$604,211
$604.2K
Market Conditions
NOI Build-Up for 3,990 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
$88.1K $22.08/SF
− Vacancy
−$15.6K −$3.91/SF
EGI
$72.5K $18.17/SF
− OpEx
−$18.1K −$4.54/SF
NOI
$54.4K $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%
$1,087,580
Cap Rate 7%
$776,843
Cap Rate 9%
$604,211
Alternative Uses
Best Use
Office B
$776.8K
$679.7K – $906.3K
NOI $54,379 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$890.6K – $1.19M
NOI $71,245 @ 7.0% cap · market cap 5.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,144
Businesses Nearby
Explore this area
Business Placement
Demographics for 78212, TX
26,738
Population
13,399
Households
2
Avg Household Size
39
Median Age
39%
College-Educated
85%
High-School Grad
6.9 sq mi
ZIP Area
3,875
Density / Sq Mi
$60,222
Median Household Income
$40,037
Median Earnings
$1,084
Median Rent
$299,400
Median Home Value
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 - 1915 property ideal for law firm or professional services.
Where is this office building located?
The property is located at 118 E Ashby Pl San Antonio, TX.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Prime central location with convenient access to Downtown and major corridors.; Beautifully preserved 1915 property with timeless character.; Ideal for law firm, professional services, medical, or owner‑user.
