7-Unit Apartment
For Sale
$480,000
403 Terrell Ave, San Antonio, TX 78214
Mixed studio, one-bedroom, and two-bedroom layouts with select unit improvements and on-site parking.
Property Size2,599 SF
Price / SF$184.69
Days on Market19
Property Features for 403 Terrell Ave
General Information
Standard status
Active
Size
2,599 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
7
Building Details
Year Built
2003
Listing Agency:
Keller Williams Heritage
Listed By:
Scott Malouff · License #658231
(210) 365-6192
Source:
Kingdomtxrealty
Added: Aug 15
Changed: Aug 27
Last Checked: Sep 1 at 9:11PM
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 Keller Williams Heritage
Investment Insights
Based on property information with market context.
This apartment property contains seven rental units with a mix of studio, one-bedroom, and two-bedroom floor plans. Improvements in several units include updated paint, flooring, and modern finishes. The property was built in 2003 and includes on-site parking.
Located at 403 Terrell Ave in San Antonio, the property offers access to IH-35, Highway 90, and Loop 410. Downtown San Antonio, Mission Concepcion, and the Southtown Arts District are minutes away, while Toyota Manufacturing, Brooks City Base, and Lackland AFB are identified as nearby major employment destinations.
Located at 403 Terrell Ave in San Antonio, the property offers access to IH-35, Highway 90, and Loop 410. Downtown San Antonio, Mission Concepcion, and the Southtown Arts District are minutes away, while Toyota Manufacturing, Brooks City Base, and Lackland AFB are identified as nearby major employment destinations.
Key Highlights
- Seven‑unit multifamily property at 403 Terrell Ave, San Antonio, TX 78214
- Unit mix includes studio, one‑bedroom, and two‑bedroom layouts
- Several units feature updated paint, flooring, and modern finishes
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
$26,548
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
5.53%
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%
$530,960
$531.0K
Cap Rate 7%
$379,257
$379.3K
Cap Rate 9%
$294,978
$295.0K
Market Conditions
NOI Build-Up for 2,599 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
$51.5K $19.80/SF
− Vacancy
−$3.2K −$1.23/SF
EGI
$48.3K $18.57/SF
− OpEx
−$21.7K −$8.36/SF
NOI
$26.5K $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%
$530,960
Cap Rate 7%
$379,257
Cap Rate 9%
$294,978
Alternative Uses
Best Use
Apartment 5plus
$379.3K
$331.9K – $442.5K
NOI $26,548 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$663.0K
$580.1K – $773.5K
NOI $46,407 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Explore this area
Business Placement
Demographics for 78214, TX
22,664
Population
8,447
Households
2.7
Avg Household Size
37
Median Age
9%
College-Educated
69%
High-School Grad
8.3 sq mi
ZIP Area
2,731
Density / Sq Mi
$41,334
Median Household Income
$31,397
Median Earnings
$934
Median Rent
$121,600
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?
Apartment building - Mixed studio, one-bedroom, and two-bedroom layouts with select unit improvements and on-site parking.
Where is this apartment building located?
The property is located at 403 Terrell Ave San Antonio, TX.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Seven‑unit multifamily property at 403 Terrell Ave, San Antonio, TX 78214; Unit mix includes studio, one‑bedroom, and two‑bedroom layouts; Several units feature updated paint, flooring, and modern finishes
