Multifamily Apartment
122 W Formosa, San Antonio, TX 78221
For Sale
$499,900
Multi-Family (2-8 Units), San Antonio, TX
Property Size2,424 SF
Lot Size0.62 Acres
Price / SF$206.23
Days on Market47
Property Features for 122 W Formosa
General Information
Property type
Property subtype
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Subdivision
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Annual Amount
Building Details
Year built
Listing Agency:
Mission Real Estate Group
(210) 690-0050
Listed By:
Rick Pineda
(210) 833-8137
Added: Sep 25
Changed: Oct 24
Last Checked: Nov 10 at 7:06PM
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.
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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 / Yr
$24,761
Cap Rate
4.95%
Suggested Prices Based on Cap Rates
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
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 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 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$618.3K
$541.0K – $721.4K
NOI $43,282 @ 7.0% cap · market cap 8.66%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
308
Businesses Nearby
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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
$157,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in San Antonio, TX
Properties on Market for Apartment buildings in San Antonio
Vacancy Rate% for Multifamily in South region
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 $499,900.
What are key features of this property?
This property features: 2,424‑square‑foot building; Built in 1930; IDZ zoning
