Alamo Heights Multifamily Investment
For Sale
$748,000
107 Willim St, San Antonio, TX 78209
Five-unit property with redevelopment potential in desirable Alamo Heights.
Property Size3,914 SF
Lot Size0.41 Acres
Days on Market144
Property Features for 107 Willim St
General Information
Standard status
Active
Size
3,914 SF
Lot size
0.41 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$21,372
Building Details
Building Size
3,914 SF
Year Built
1949
Stories
2
Units
4
Listed By:
Rick Whittemore
(512) 902-0883
Source:
Elliman
Added: Apr 24
Changed: Sep 8
Last Checked: Sep 13 at 8:41AM
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 Rick Whittemore
Investment Insights
Based on property information with market context.
Located in Alamo Heights on a 0.41-acre lot, this five-unit property offers an investment opportunity. The property features four units in the main building and one detached studio (Unit 5), which is currently not operational due to foundation considerations. The location, between Broadway and Cambridge Oval, is walkable to local amenities such as Merit Coffee, Bird Bakery, Paloma Blanca, and Cambridge Elementary, with Central Market and H-E-B nearby. The building has original wood floors, natural light, and functional layouts. There is potential for a new owner to refresh and update the property. Zoned MFD, the 0.41-acre lot provides flexibility for various strategies. In addition to operating as a multi-family investment, buyers may explore redevelopment or increased density. The City of Alamo Heights may allow up to nine units on the site. The property is offered as-is and is located in San Antonio’s desirable neighborhoods. The bike score is 49, making it somewhat bikeable. The walk score is 83, indicating it is very walkable, and the transit score is 40, suggesting some transit options are available.
Key Highlights
- Prime Alamo Heights location: Highly walkable to popular restaurants, coffee shops, and Cambridge Elementary.
- Significant value‑add potential: Opportunity to refresh, update, and optimize for increased income and appreciation.
- Large 0.41‑acre lot zoned MFD: Provides flexibility for various strategies.
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
$39,981
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
5.35%
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%
$799,620
$799.6K
Cap Rate 7%
$571,157
$571.2K
Cap Rate 9%
$444,233
$444.2K
Market Conditions
NOI Build-Up for 3,914 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
$77.5K $19.80/SF
− Vacancy
−$4.8K −$1.23/SF
EGI
$72.7K $18.57/SF
− OpEx
−$32.7K −$8.36/SF
NOI
$40.0K $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%
$799,620
Cap Rate 7%
$571,157
Cap Rate 9%
$444,233
Alternative Uses
Best Use
Apartment 5plus
$571.2K
$499.8K – $666.4K
NOI $39,981 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$998.4K
$873.6K – $1.16M
NOI $69,888 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,097
Businesses Nearby
Explore this area
Business Placement
Demographics for 78209, TX
42,456
Population
22,771
Households
1.9
Avg Household Size
40
Median Age
62%
College-Educated
96%
High-School Grad
10.2 sq mi
ZIP Area
4,162
Density / Sq Mi
$84,180
Median Household Income
$57,921
Median Earnings
$1,371
Median Rent
$497,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit property with redevelopment potential in desirable Alamo Heights.
Where is this apartment building located?
The property is located at 107 Willim St San Antonio, TX.
What is the asking price?
The asking price for this property is $748,000.
What are key features of this property?
This property features: Prime Alamo Heights location: Highly walkable to popular restaurants, coffee shops, and Cambridge Elementary.; Significant value‑add potential: Opportunity to refresh, update, and optimize for increased income and appreciation.; Large 0.41‑acre lot zoned MFD: Provides flexibility for various strategies.
