Multifamily Apartment
New
For Sale
$550,000
122 W Formosa, San Antonio, TX 78221
Multi-Family (2-8 Units), San Antonio, TX
Property Size2,424 SF
Lot Size0.62 Acres
Price / SF$226.90
Days on Market3
Property Features for 122 W Formosa
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school
Bellaire
Middle school
Terrell Wells
High school
Mccollum
Elementary school district
Harlandale I.S.D
Middle school district
Harlandale I.S.D
High school district
Harlandale I.S.D
Subdivision
2100
Standard status
Active
Size
2,424 SF
Lot size
0.62 Acres
Taxes and HOA fees
Tax Annual Amount
10955
Building Details
Year built
1930
Listing Agency:
Mission Real Estate Group
(210) 690-0050
Listed By:
Rick Pineda
(210) 833-8137
Added: Sep 24
Changed: Sep 25
Last Checked: Sep 26 at 8:06PM
MLS# 2018981
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.
Located at 122 W Formosa in San Antonio, this multifamily property contains a 2,424-square-foot building constructed in 1930. The site is designated IDZ.
Key Highlights
- 2,424‑square‑foot building
- Built in 1930
- IDZ zoning
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
$24,761
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
4.50%
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%
$495,220
$495.2K
Cap Rate 7%
$353,729
$353.7K
Cap Rate 9%
$275,122
$275.1K
Market Conditions
NOI Build-Up for 2,424 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
$48.0K $19.80/SF
− Vacancy
−$3.0K −$1.23/SF
EGI
$45.0K $18.57/SF
− OpEx
−$20.3K −$8.36/SF
NOI
$24.8K $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%
$495,220
Cap Rate 7%
$353,729
Cap Rate 9%
$275,122
Alternative Uses
Best Use
Apartment 5plus
$353.7K
$309.5K – $412.7K
NOI $24,761 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$618.3K
$541.0K – $721.4K
NOI $43,282 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
308
Businesses Nearby
Explore this area
Business Placement
Demographics for 78221, TX
39,779
Population
14,939
Households
2.7
Avg Household Size
35
Median Age
12%
College-Educated
74%
High-School Grad
36.3 sq mi
ZIP Area
1,096
Density / Sq Mi
$63,114
Median Household Income
$33,439
Median Earnings
$1,147
Median Rent
$157,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - The property carries IDZ zoning in San Antonio.
Where is this apartment building located?
The property is located at 122 W Formosa San Antonio, TX.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2,424‑square‑foot building; Built in 1930; IDZ zoning
