Mid-Century Duplex With Private
For Sale
$625,000
126 Treasure Way, San Antonio, TX 78209
One-story duplex offers two separate 2-bedroom, 2-bath units with private backyards and individual laundry/storage under a shared carport.
Property Size3,406 SF
Price / SF$183.50
Days on Market452
Property Features for 126 Treasure Way
General Information
Standard status
Active
Size
3,406 SF
Total Parking Spaces
2
Property subtype
Multi-Family / One Story
Zoning
R-4
Occupancy
100%
Net Operating Income
$26,701
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$15,127
Amenities
Carpeting, Ceramic Tile, Vinyl
Heavy Composition
Slab
Pre-Owned
Conventional, VA, Cash
Patio Slab, Covered Patio, Has Gutters, Mature Trees, Cable TV Available, Mature Trees (ext feat)
Building Details
Year Built
1964
Stories
1
Tenancy
Multi
Listing Agency:
Phyllis Browning Company
Listed By:
Haley Rodriguez
(210) 508-2292
Source:
Compass
Added: Jun 12, 2025
Changed: Aug 8
Last Checked: Jul 21 at 6:47AM
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 Phyllis Browning Company
Investment Insights
Based on property information with market context.
Architecturally mid-century duplex featuring two one-story units that do not share any walls, connected only by the roof. Each unit offers 2 bedrooms and 2 bathrooms, with a large front yard and private backyards. Under the shared carport, each unit has its own private laundry/storage facilities and one parking space, with additional pad parking off the side of the driveway for extra vehicles.
The property is in the Alamo Heights Independent School District. The larger unit at 126 Treasure Way includes multiple living and dining areas, a skylit entry, a wet bar in the formal living/dining area, and a family room with sliding glass doors to a covered patio and a relatively large private yard. The primary bedroom is spacious and includes a walk-in closet and access to the covered patio.
The smaller unit at 130 Treasure Way is currently leased and has a light-filled open area with sliding glass doors to a covered patio and a smaller, private backyard suitable for dining or sitting. CPS Energy gas/electricity are separately metered, while SAWS water/sewer is combined and bills are prorated based on unit size. Trash and recycling are City of San Antonio pickup in the back alley.
The property is in the Alamo Heights Independent School District. The larger unit at 126 Treasure Way includes multiple living and dining areas, a skylit entry, a wet bar in the formal living/dining area, and a family room with sliding glass doors to a covered patio and a relatively large private yard. The primary bedroom is spacious and includes a walk-in closet and access to the covered patio.
The smaller unit at 130 Treasure Way is currently leased and has a light-filled open area with sliding glass doors to a covered patio and a smaller, private backyard suitable for dining or sitting. CPS Energy gas/electricity are separately metered, while SAWS water/sewer is combined and bills are prorated based on unit size. Trash and recycling are City of San Antonio pickup in the back alley.
Key Highlights
- One‑story Alamo Heights ISD duplex with two separate 2BD/2BA units fully leased through 2026.
- 126 Treasure Way: ~2,065 SF, 2 living areas and 2 dining areas; leased through April 2026 at $2,300/month.
- 130 Treasure Way: ~1,312 SF; leased through August 2026 at $1,750/month.
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
$39,203
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
6.27%
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%
$784,060
$784.1K
Cap Rate 7%
$560,043
$560.0K
Cap Rate 9%
$435,589
$435.6K
Market Conditions
NOI Build-Up for 3,406 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
$59.3K $17.40/SF
− Vacancy
−$3.3K −$0.96/SF
EGI
$56.0K $16.44/SF
− OpEx
−$16.8K −$4.93/SF
NOI
$39.2K $11.51/SF
Area
San Antonio, TX
Vacancy
5.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$784,060
Cap Rate 7%
$560,043
Cap Rate 9%
$435,589
Alternative Uses
Best Use
Multifamily LT 5
$560.0K
$490.0K – $653.4K
NOI $39,203 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$497.0K
$434.9K – $579.9K
NOI $34,792 @ 7.0% cap · market cap 5.57%
Theoretical Best
Office A
$868.8K
$760.2K – $1.01M
NOI $60,817 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,239
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - One-story duplex offers two separate 2-bedroom, 2-bath units with private backyards and individual laundry/storage under a shared carport.
Where is this duplex located?
The property is located at 126 Treasure Way San Antonio, TX.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: One‑story Alamo Heights ISD duplex with two separate 2BD/2BA units fully leased through 2026.; 126 Treasure Way: ~2,065 SF, 2 living areas and 2 dining areas; leased through April 2026 at $2,300/month.; 130 Treasure Way: ~1,312 SF; leased through August 2026 at $1,750/month.
