Remodeled 10-Unit Apartment
For Sale
$1,550,000
312 Natalen, San Antonio, TX 78209
Fully remodeled multifamily property supporting both short-term and long-term rental operations.
Property Size6,906 SF
Lot Size0.40 Acres
Price / SF$224.44
Days on Market489
Property Features for 312 Natalen
General Information
Standard status
Active
Size
6,906 SF
Lot size
0.40 Acres
Property subtype
Multi-family
Additional Details
Multifamily Units
10
Building Details
Year Built
1943
Listing Agency:
America Realty
Listed By:
Lourdes Jacques
(210) 824-7878
Source:
Phyllisbrowning
Added: Apr 22, 2025
Changed: Aug 23
Last Checked: Aug 23 at 7:56AM
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 America Realty
Investment Insights
Based on property information with market context.
This 10-unit apartment property occupies 0.4 acres and was originally built in 1943. All units have been remodeled, with two currently operated as short-term rentals and six rear units occupied under long-term leases. The layout includes two separate buildings, four units oriented toward Natalen St, and a small storage area for property supplies.
A concrete pad is in place for additional square footage, and the site retains room for further unit development. The property is located near the Botanical Garden, San Antonio’s cultural area, the Pearl, and Broadway, with a blend of rental formats already established across the asset.
A concrete pad is in place for additional square footage, and the site retains room for further unit development. The property is located near the Botanical Garden, San Antonio’s cultural area, the Pearl, and Broadway, with a blend of rental formats already established across the asset.
Key Highlights
- 10 remodeled apartment units on 0.4 acres
- MF33 zoning
- Two units currently operate as short‑term rentals
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
$70,544
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
4.55%
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%
$1,410,880
$1.4M
Cap Rate 7%
$1,007,771
$1.0M
Cap Rate 9%
$783,822
$783.8K
Market Conditions
NOI Build-Up for 6,906 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
$136.7K $19.80/SF
− Vacancy
−$8.5K −$1.23/SF
EGI
$128.3K $18.57/SF
− OpEx
−$57.7K −$8.36/SF
NOI
$70.5K $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%
$1,410,880
Cap Rate 7%
$1,007,771
Cap Rate 9%
$783,822
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$881.8K – $1.18M
NOI $70,544 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.76M
$1.54M – $2.06M
NOI $123,312 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
775
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?
Apartment building - Fully remodeled multifamily property supporting both short-term and long-term rental operations.
Where is this apartment building located?
The property is located at 312 Natalen San Antonio, TX.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 10 remodeled apartment units on 0.4 acres; MF33 zoning; Two units currently operate as short‑term rentals
