Historic Colonial Multifamily
For Sale
$2,000,000
527 W San Antonio St, San Marcos, TX 78666
Unique 8-unit historic mansion in San Marcos' historic district.
Property Size7,396 SF
Lot Size0.49 Acres
Days on Market268
Property Features for 527 W San Antonio St
General Information
Standard status
Active
Size
7,396 SF
Lot size
0.49 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,326
Building Details
Building Size
7,396 SF
Year Built
1940
Listing Agency:
VANCE J. ELLIOTT
(512) 423-0698
Listed By:
Cari Patterson · License #0416464
(512) 423-0698
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 10
Last Checked: Aug 21 at 10:49AM
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 VANCE J. ELLIOTT
Investment Insights
Based on property information with market context.
This turn-of-the-century colonial mansion, located in the historic district of San Marcos, Texas, presents a unique investment opportunity. The multi-family zoned property features 8 individual units, each equipped with its own kitchen, bedroom, bathroom, and private entrance. Wrap-around porches enhance the building's charm and character. Situated within walking distance to the square, residents have convenient access to dining and entertainment options. The property is currently 100% leased until summer 2025 and has a solid rental history. The actual date of construction is unknown, but it is assumed to be prior to 1940.
Key Highlights
- Historic 8‑unit colonial mansion in the historic district.
- Multi‑family zoning with 8 individual units, each with its own kitchen, bedroom, bathroom, and front door.
- 100% leased units until summer 2025, providing immediate rental income.
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
$113,374
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
5.67%
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%
$2,267,480
$2.3M
Cap Rate 7%
$1,619,629
$1.6M
Cap Rate 9%
$1,259,711
$1.3M
Market Conditions
NOI Build-Up for 7,396 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
$217.4K $29.40/SF
− Vacancy
−$11.3K −$1.53/SF
EGI
$206.1K $27.87/SF
− OpEx
−$92.8K −$12.54/SF
NOI
$113.4K $15.33/SF
Area
Hays County, TX
Vacancy
5.20%
Lease Rate
$29.40 /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%
$2,267,480
Cap Rate 7%
$1,619,629
Cap Rate 9%
$1,259,711
Alternative Uses
Best Use
Apartment 5plus
$1.62M
$1.42M – $1.89M
NOI $113,374 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.09M
$2.71M – $3.61M
NOI $216,420 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,582
Businesses Nearby
Explore this area
Business Placement
Demographics for 78666, TX
86,584
Population
36,354
Households
2.4
Avg Household Size
27
Median Age
35%
College-Educated
89%
High-School Grad
192.4 sq mi
ZIP Area
450
Density / Sq Mi
$55,478
Median Household Income
$25,890
Median Earnings
$1,294
Median Rent
$271,900
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 - Unique 8-unit historic mansion in San Marcos' historic district.
Where is this apartment building located?
The property is located at 527 W San Antonio St San Marcos, TX.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Historic 8‑unit colonial mansion in the historic district.; Multi‑family zoning with 8 individual units, each with its own kitchen, bedroom, bathroom, and front door.; 100% leased units until summer 2025, providing immediate rental income.
