Multifamily Property Near River
For Sale
$249,000
123 W Mitchell, San Antonio, TX 78204
1946-built residence across from Confluence Park offers both rental and owner-occupant use.
Property Size1,400 SF
Price / SF$177.86
Days on Market43
Property Features for 123 W Mitchell
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Multi-Family
Building Details
Year Built
1946
Listing Agency:
Vortex Realty
Listed By:
Grace Avila
(210) 683-7300
Source:
Kingdomtxrealty
Added: Jul 25
Changed: Aug 29
Last Checked: Sep 4 at 11:09AM
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 Vortex Realty
Investment Insights
Based on property information with market context.
This 1,400-square-foot multifamily property was built in 1946 and is offered as a residential asset with rental or personal-use flexibility. The home may also be purchased together with the neighboring property at 121 W Mitchell, which is separately listed for sale.
The property is located across from Confluence Park and near the San Antonio River and its bike trails. Additional nearby destinations identified for the area include the Historic San Antonio Missions, LoneStar, BlueStar, South Town, and the Pearl. The property is addressed at 123 W Mitchell in San Antonio, Texas.
The property is located across from Confluence Park and near the San Antonio River and its bike trails. Additional nearby destinations identified for the area include the Historic San Antonio Missions, LoneStar, BlueStar, South Town, and the Pearl. The property is addressed at 123 W Mitchell in San Antonio, Texas.
Key Highlights
- 1,400‑square‑foot multifamily property built in 1946
- Across from Confluence Park
- Near the San Antonio River and bike trails
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
$14,301
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
5.74%
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%
$286,020
$286.0K
Cap Rate 7%
$204,300
$204.3K
Cap Rate 9%
$158,900
$158.9K
Market Conditions
NOI Build-Up for 1,400 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
$27.7K $19.80/SF
− Vacancy
−$1.7K −$1.23/SF
EGI
$26.0K $18.57/SF
− OpEx
−$11.7K −$8.36/SF
NOI
$14.3K $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%
$286,020
Cap Rate 7%
$204,300
Cap Rate 9%
$158,900
Alternative Uses
Best Use
Apartment 5plus
$204.3K
$178.8K – $238.4K
NOI $14,301 @ 7.0% cap · market cap 5.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$357.1K
$312.5K – $416.6K
NOI $24,998 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
451
Businesses Nearby
Explore this area
Business Placement
Demographics for 78204, TX
11,298
Population
6,210
Households
1.8
Avg Household Size
39
Median Age
27%
College-Educated
78%
High-School Grad
2.7 sq mi
ZIP Area
4,184
Density / Sq Mi
$54,667
Median Household Income
$35,107
Median Earnings
$1,516
Median Rent
$142,200
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 - 1946-built residence across from Confluence Park offers both rental and owner-occupant use.
Where is this multifamily property located?
The property is located at 123 W Mitchell San Antonio, TX.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: 1,400‑square‑foot multifamily property built in 1946; Across from Confluence Park; Near the San Antonio River and bike trails
