Six-Unit Multifamily
For Sale
$340,000
1915 North Interstate 35, San Antonio, TX 78208
Six-unit multifamily property offered for sale with a stated rehab/value-add opportunity.
Property Size2,925 SF
Price / SF$116.24
Days on Market484
Property Features for 1915 North Interstate 35
General Information
Standard status
Active
Size
2,925 SF
Property subtype
Multi-Family / Two Story
Net Operating Income
$35,382
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$8,049
Amenities
Other
Metal
Cash, Investors OK, Other
Patio Slab, Not Applicable/None
Building Details
Year Built
1950
Listing Agency:
Real Broker, LLC
Listed By:
Jorge Acosta
(210) 815-0593
Source:
Compass
Added: May 12, 2025
Changed: Aug 8
Last Checked: Jul 22 at 4:54AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This offering is a six-unit multifamily property presented for sale. The seller’s marketing emphasizes a value-add approach through rehab, positioning the building for investors seeking to update and improve the asset.
The property is located at 1915 N. Interstate 35 in San Antonio, within the Government Hill neighborhood. It is described as being minutes from The DoSeum, the San Antonio Museum of Art, Frost Bank Center, Fort Sam Houston, downtown dining and nightlife, and the Pearl District. The remarks also note proximity to golf courses and bike and running trails.
For buyers looking for a small, manageable multifamily investment, this six-unit configuration provides a straightforward foundation for a renovation-focused plan.
The property is located at 1915 N. Interstate 35 in San Antonio, within the Government Hill neighborhood. It is described as being minutes from The DoSeum, the San Antonio Museum of Art, Frost Bank Center, Fort Sam Houston, downtown dining and nightlife, and the Pearl District. The remarks also note proximity to golf courses and bike and running trails.
For buyers looking for a small, manageable multifamily investment, this six-unit configuration provides a straightforward foundation for a renovation-focused plan.
Key Highlights
- Six‑unit multifamily property at 1915 N. Interstate 35, San Antonio, TX 78208
- Year built: 1950
- Metal roofing
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
$29,878
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
8.79%
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%
$597,560
$597.6K
Cap Rate 7%
$426,829
$426.8K
Cap Rate 9%
$331,978
$332.0K
Market Conditions
NOI Build-Up for 2,925 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
$57.9K $19.80/SF
− Vacancy
−$3.6K −$1.23/SF
EGI
$54.3K $18.57/SF
− OpEx
−$24.4K −$8.36/SF
NOI
$29.9K $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%
$597,560
Cap Rate 7%
$426,829
Cap Rate 9%
$331,978
Alternative Uses
Best Use
Apartment 5plus
$426.8K
$373.5K – $498.0K
NOI $29,878 @ 7.0% cap · market cap 8.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$746.1K
$652.9K – $870.5K
NOI $52,228 @ 7.0% cap · market cap 15.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
733
Businesses Nearby
Explore this area
Business Placement
Demographics for 78208, TX
3,874
Population
2,292
Households
1.7
Avg Household Size
35
Median Age
13%
College-Educated
76%
High-School Grad
1.0 sq mi
ZIP Area
3,874
Density / Sq Mi
$23,194
Median Household Income
$26,136
Median Earnings
$894
Median Rent
$125,000
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?
Apartment building - Six-unit multifamily property offered for sale with a stated rehab/value-add opportunity.
Where is this apartment building located?
The property is located at 1915 North Interstate 35 San Antonio, TX.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Six‑unit multifamily property at 1915 N. Interstate 35, San Antonio, TX 78208; Year built: 1950; Metal roofing
