Two-House Multifamily
For Sale
$209,900
1221 Center St, San Antonio, TX
Fully occupied residences have leases extending through July and August 2025, with recent repairs completed.
Property Size1,672 SF
Price / SF$125.54
Days on Market130
Property Features for 1221 Center St
General Information
Standard status
Active
Size
1,672 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$3,926
Listing Agency:
Home Sweet San Antonio LLC
Listed By:
Hillary Romero
(210) 269-1127
Source:
Exprealty
Added: Apr 28
Changed: Sep 2
Last Checked: Sep 2 at 2:41AM
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 one lot. The residences are fully occupied at market rents, with lease terms extending through July and August 2025. Recent repairs have been completed, and interior finishes include vinyl and laminate flooring.
Built in 1950, the property features composition and metal exterior materials, slab construction, and mature trees. The two-house configuration provides an established residential income setup within a single property.
Built in 1950, the property features composition and metal exterior materials, slab construction, and mature trees. The two-house configuration provides an established residential income setup within a single property.
Key Highlights
- Two houses located on one lot
- Fully occupied at market rents
- Leases extend 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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,142
Businesses Nearby
Explore this area
Business Placement
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 - Fully occupied residences have leases extending through July and August 2025, with recent repairs completed.
Where is this multifamily property located?
The property is located at 1221 Center St 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 located on one lot; Fully occupied at market rents; Leases extend through July and August 2025
