7-Unit Multifamily
For Sale
$1,375,000
631 E Ashby Pl, San Antonio, TX 78212
Three parcels combine existing residential improvements with multifamily redevelopment potential near Tobin Hill North.
Property Size6,228 SF
Lot Size0.49 Acres
Price / SF$220.78
Days on Market51
Property Features for 631 E Ashby Pl
General Information
Standard status
Active
Size
6,228 SF
Total Parking Spaces
7
Lot size
0.49 Acres
Property subtype
Commercial
Zoning
MF-33; R-6
Financials
Asking Price
$1,500,000
Gross Income
$74,340
Additional Details
Land Use
multi-family
Multifamily Units
7
Building Details
Year Built
1960
Stories
2
Listing Agency:
Phyllis Browning Company
Listed By:
David Abrahams (dabrahams@phyllisbrowning.com)
(210) 509-4911
Source:
Realtyvortex
Added: Aug 1
Changed: Sep 10
Last Checked: Sep 19 at 9:09AM
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.
This multifamily assemblage includes three parcels totaling 0.493 acres and seven existing units, with five units currently occupied. The improvements date to 1960. The seller will convey the parcels together, creating a consolidated property with existing residential income use and redevelopment considerations.
The property is situated in Tobin Hill North near N. St. Mary's St., along the growth path toward the Pearl. Parcel 631 is zoned MF-33, while 635 and 641/643 are zoned R-6 and have an established duplex use supporting rezoning. Estimated redevelopment capacity is 14–15 units at full build-out, subject to buyer verification with the City.
The property is situated in Tobin Hill North near N. St. Mary's St., along the growth path toward the Pearl. Parcel 631 is zoned MF-33, while 635 and 641/643 are zoned R-6 and have an established duplex use supporting rezoning. Estimated redevelopment capacity is 14–15 units at full build-out, subject to buyer verification with the City.
Key Highlights
- Three‑parcel multifamily assemblage totaling 0.493 acres
- Seven existing units with 5 of 7 currently occupied
- 631 E Ashby Pl dates to 1960
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
$63,618
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
4.63%
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%
$1,272,360
$1.3M
Cap Rate 7%
$908,829
$908.8K
Cap Rate 9%
$706,867
$706.9K
Market Conditions
NOI Build-Up for 6,228 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
$123.3K $19.80/SF
− Vacancy
−$7.6K −$1.23/SF
EGI
$115.7K $18.57/SF
− OpEx
−$52.1K −$8.36/SF
NOI
$63.6K $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%
$1,272,360
Cap Rate 7%
$908,829
Cap Rate 9%
$706,867
Alternative Uses
Best Use
Apartment 5plus
$908.8K
$795.2K – $1.06M
NOI $63,618 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $111,206 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
2,357
Businesses Nearby
Explore this area
Business Placement
Demographics for 78212, TX
26,738
Population
13,399
Households
2
Avg Household Size
39
Median Age
39%
College-Educated
85%
High-School Grad
6.9 sq mi
ZIP Area
3,875
Density / Sq Mi
$60,222
Median Household Income
$40,037
Median Earnings
$1,084
Median Rent
$299,400
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?
Multifamily property - Three parcels combine existing residential improvements with multifamily redevelopment potential near Tobin Hill North.
Where is this multifamily property located?
The property is located at 631 E Ashby Pl San Antonio, TX.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Three‑parcel multifamily assemblage totaling 0.493 acres; Seven existing units with 5 of 7 currently occupied; 631 E Ashby Pl dates to 1960
