Turnkey Triplex Investment
For Sale
$340,000
1302 West Winnipeg Avenue, San Antonio, TX 78225
Fully occupied triplex offering three tenant-occupied units and immediate rental income potential.
Property Size2,219 SF
Price / SF$153.22
Days on Market432
Property Features for 1302 West Winnipeg Avenue
General Information
Standard status
Active
Size
2,219 SF
Property subtype
Multi-Family / Two Story
Zoning
R-5 CD
Net Operating Income
$20,580
Taxes and HOA fees
Annual Taxes
$4,270
Amenities
Ceramic Tile, Vinyl
Composition
Conventional, 1st Seller Carry, Cash, Investors OK, Other
Patio Slab, Mature Trees
Building Details
Year Built
1946
Listing Agency:
Uriah Real Estate Organization
Listed By:
Uri Uriah · License #9002555
(210) 315-8885
Source:
Compass
Added: Jul 4, 2025
Changed: Aug 8
Last Checked: Jul 22 at 7:42PM
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.
This fully occupied triplex includes three tenant-occupied units, providing a stabilized setup with consistent rental income from day one. The property is offered for sale as a turnkey investment.
Located at 1302 West Winnipeg Avenue in San Antonio’s Palm Heights area, the triplex is described as being about 5 miles from Downtown, with access to major employers and a variety of shopping, restaurants, and entertainment.
With all units tenant-occupied, the property’s configuration is set up for investors seeking multifamily income without requiring immediate leasing or tenant turnover.
Located at 1302 West Winnipeg Avenue in San Antonio’s Palm Heights area, the triplex is described as being about 5 miles from Downtown, with access to major employers and a variety of shopping, restaurants, and entertainment.
With all units tenant-occupied, the property’s configuration is set up for investors seeking multifamily income without requiring immediate leasing or tenant turnover.
Key Highlights
- Triplex at 1302 W Winnipeg Ave in Palm Heights with three tenant‑occupied units
- Fully occupied and stabilized, offering consistent rental income
- Approx. 5 miles from Downtown San Antonio with access to major employers, shopping, restaurants, and entertainment
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
$25,541
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
7.51%
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%
$510,820
$510.8K
Cap Rate 7%
$364,871
$364.9K
Cap Rate 9%
$283,789
$283.8K
Market Conditions
NOI Build-Up for 2,219 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
$38.6K $17.40/SF
− Vacancy
−$2.1K −$0.96/SF
EGI
$36.5K $16.44/SF
− OpEx
−$10.9K −$4.93/SF
NOI
$25.5K $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%
$510,820
Cap Rate 7%
$364,871
Cap Rate 9%
$283,789
Alternative Uses
Best Use
Multifamily LT 5
$364.9K
$319.3K – $425.7K
NOI $25,541 @ 7.0% cap · market cap 7.51%
Second Best
Apartment 5plus
$323.8K
$283.3K – $377.8K
NOI $22,667 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$566.0K
$495.3K – $660.4K
NOI $39,622 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
518
Businesses Nearby
Explore this area
Business Placement
Demographics for 78225, TX
12,576
Population
5,410
Households
2.3
Avg Household Size
39
Median Age
13%
College-Educated
77%
High-School Grad
1.9 sq mi
ZIP Area
6,619
Density / Sq Mi
$46,829
Median Household Income
$33,185
Median Earnings
$1,082
Median Rent
$110,600
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?
Triplex - Fully occupied triplex offering three tenant-occupied units and immediate rental income potential.
Where is this triplex located?
The property is located at 1302 West Winnipeg Avenue 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: Triplex at 1302 W Winnipeg Ave in Palm Heights with three tenant‑occupied units; Fully occupied and stabilized, offering consistent rental income; Approx. 5 miles from Downtown San Antonio with access to major employers, shopping, restaurants, and entertainment
