Stabilized Multifamily Portfolio with
For Sale
$2,250,000
2523 Schubert Dr, San Antonio, TX 78210
Portfolio includes 10 multifamily units plus two contiguous R-6 vacant parcels for future residential expansion.
Property Size13,252 SF
Price / SF$169.79
Days on Market43
Property Features for 2523 Schubert Dr
General Information
Standard status
Active
Size
13,252 SF
Total Parking Spaces
30
Property subtype
Commercial
Building Details
Year Built
2007
Stories
2
Listing Agency:
Uriah Real Estate Organization
(210) 315-8885
Listed By:
Uri Uriah (uri@uriahrealestate.com) · License #9002555
Source:
Realtyvortex
Added: Jul 17
Changed: Aug 23
Last Checked: Aug 28 at 11:22AM
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 Uriah Real Estate Organization
Investment Insights
Based on property information with market context.
The Pasadena Heights Portfolio is a stabilized multifamily investment anchored by 10 income-producing units totaling approximately 13,252 square feet of rentable living area. The improvements include an eight-unit townhome building with four-bedroom, two-bathroom floor plans and a duplex with three-bedroom, two-bathroom units. The property also features private parking and outdoor space, with well-maintained interiors and functional layouts across the existing residences.
The offer further includes two contiguous vacant parcels totaling approximately 100,119 square feet, zoned R-6. These parcels support future residential development, expansion of the existing rental community, or phased value-add strategies.
Situated in the Pasadena Heights neighborhood, the portfolio is just over one mile from Interstate 10 and within minutes of Downtown San Antonio, providing convenient access to employment, retail, education, and transportation corridors.
The offer further includes two contiguous vacant parcels totaling approximately 100,119 square feet, zoned R-6. These parcels support future residential development, expansion of the existing rental community, or phased value-add strategies.
Situated in the Pasadena Heights neighborhood, the portfolio is just over one mile from Interstate 10 and within minutes of Downtown San Antonio, providing convenient access to employment, retail, education, and transportation corridors.
Key Highlights
- Portfolio includes 10 multifamily units totaling approx. 13,252 SF rentable living area (built in 2007)
- Includes an eight‑unit townhome building with 4‑bedroom, 2‑bath floor plans and a duplex with 3‑bedroom, 2‑bath units
- Private parking and outdoor space included with the income‑producing multifamily improvements
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
$135,367
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
6.02%
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%
$2,707,340
$2.7M
Cap Rate 7%
$1,933,814
$1.9M
Cap Rate 9%
$1,504,078
$1.5M
Market Conditions
NOI Build-Up for 13,252 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
$262.4K $19.80/SF
− Vacancy
−$16.3K −$1.23/SF
EGI
$246.1K $18.57/SF
− OpEx
−$110.8K −$8.36/SF
NOI
$135.4K $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%
$2,707,340
Cap Rate 7%
$1,933,814
Cap Rate 9%
$1,504,078
Alternative Uses
Best Use
Apartment 5plus
$1.93M
$1.69M – $2.26M
NOI $135,367 @ 7.0% cap · market cap 6.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.38M
$2.96M – $3.94M
NOI $236,625 @ 7.0% cap · market cap 10.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
415
Businesses Nearby
Explore this area
Business Placement
Demographics for 78210, TX
33,010
Population
14,410
Households
2.3
Avg Household Size
38
Median Age
16%
College-Educated
76%
High-School Grad
7.3 sq mi
ZIP Area
4,522
Density / Sq Mi
$51,990
Median Household Income
$33,271
Median Earnings
$1,119
Median Rent
$172,700
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 - Portfolio includes 10 multifamily units plus two contiguous R-6 vacant parcels for future residential expansion.
Where is this apartment building located?
The property is located at 2523 Schubert Dr San Antonio, TX.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Portfolio includes 10 multifamily units totaling approx. 13,252 SF rentable living area (built in 2007); Includes an eight‑unit townhome building with 4‑bedroom, 2‑bath floor plans and a duplex with 3‑bedroom, 2‑bath units; Private parking and outdoor space included with the income‑producing multifamily improvements
