Two-House Multifamily
For Sale
$209,900
1221 Center, San Antonio, TX 78202
Two houses occupy one lot and are fully occupied under leases extending through July and August 2025.
Property Size1,672 SF
Price / SF$125.54
Days on Market43
Property Features for 1221 Center
General Information
Standard status
Active
Size
1,672 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Building Details
Year Built
1950
Buildings
2
Listing Agency:
Home Sweet San Antonio LLC
Listed By:
Hillary Romero
(210) 647-6557
Source:
Theswinneygroup
Added: Jul 28
Changed: Sep 2
Last Checked: Sep 7 at 12:12PM
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 Home Sweet San Antonio LLC
Investment Insights
Based on property information with market context.
This multifamily property includes two houses situated on a single lot, with a combined property size of 1,672 square feet. Built in 1950, the property has undergone recent repairs and is currently fully occupied.
Existing leases extend through July and August 2025. The property is located at 1221 Center in San Antonio, Texas, within ZIP code 78202.
Existing leases extend through July and August 2025. The property is located at 1221 Center in San Antonio, Texas, within ZIP code 78202.
Key Highlights
- Two houses on one lot
- 1,672‑square‑foot property built in 1950
- Fully occupied with leases through July and August 2025
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
$17,079
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
8.14%
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%
$341,580
$341.6K
Cap Rate 7%
$243,986
$244.0K
Cap Rate 9%
$189,767
$189.8K
Market Conditions
NOI Build-Up for 1,672 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
$33.1K $19.80/SF
− Vacancy
−$2.1K −$1.23/SF
EGI
$31.1K $18.57/SF
− OpEx
−$14.0K −$8.36/SF
NOI
$17.1K $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%
$341,580
Cap Rate 7%
$243,986
Cap Rate 9%
$189,767
Alternative Uses
Best Use
Apartment 5plus
$244.0K
$213.5K – $284.7K
NOI $17,079 @ 7.0% cap · market cap 8.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$426.5K
$373.2K – $497.6K
NOI $29,855 @ 7.0% cap · market cap 14.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
739
Businesses Nearby
Explore this area
Business Placement
Demographics for 78202, TX
11,422
Population
5,288
Households
2.2
Avg Household Size
34
Median Age
26%
College-Educated
77%
High-School Grad
2.3 sq mi
ZIP Area
4,966
Density / Sq Mi
$43,708
Median Household Income
$36,390
Median Earnings
$1,218
Median Rent
$223,900
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?
Multifamily property - Two houses occupy one lot and are fully occupied under leases extending through July and August 2025.
Where is this multifamily property located?
The property is located at 1221 Center San Antonio, TX.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: Two houses on one lot; 1,672‑square‑foot property built in 1950; Fully occupied with leases through July and August 2025
