Tenant-Occupied
For Sale
$220,000
123 Kathy, San Antonio, TX 78223
Concrete-frame improvements include separate kitchens, HVAC, and a one-bedroom rear residence.
Property Size865 SF
Price / SF$254.34
Days on Market50
Property Features for 123 Kathy
General Information
Standard status
Active
Size
865 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1949
Buildings
2
Tenancy
Multi
Listing Agency:
Exclusive Broker & Realty, LLC
Listed By:
Mario Zaragoza
(956) 282-9675
Source:
Kingdomtxrealty
Added: Jul 18
Changed: Aug 28
Last Checked: Sep 4 at 9:21AM
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 Exclusive Broker & Realty, LLC
Investment Insights
Based on property information with market context.
This duplex includes two separate residential units. The front residence provides two bedrooms, a living room, a combined kitchen and dining area, and one full bathroom. Its concrete-frame construction is paired with three large mini-split HVAC systems, 865 square feet of living area, and 1,381 square feet of gross building area. The rear unit offers one bedroom, one air-conditioned bathroom, a kitchenette, and a large mini-split HVAC system. It contains an estimated 466 square feet, with an additional 350-square-foot living-area improvement project described by the seller, for an estimated total of 816 square feet.
Both units are tenant-occupied. The property is undergoing legal partition, and the corner-lot portion measuring an estimated 40 sq ft X100 sq ft will be excluded. Showings require at least one week of advance notice to accommodate tenant notification.
Both units are tenant-occupied. The property is undergoing legal partition, and the corner-lot portion measuring an estimated 40 sq ft X100 sq ft will be excluded. Showings require at least one week of advance notice to accommodate tenant notification.
Key Highlights
- Two‑unit duplex with both residences currently tenant‑occupied
- Front unit includes 2 bedrooms, 865 sq ft of living area, and 1,381 sq ft gross building area
- Rear unit has 1 bedroom and an estimated 816 sq ft including a 350 sq ft improvement project
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
$8,877
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
4.04%
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%
$177,540
$177.5K
Cap Rate 7%
$126,814
$126.8K
Cap Rate 9%
$98,633
$98.6K
Market Conditions
NOI Build-Up for 865 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
$14.0K $16.20/SF
− Vacancy
−$1.3K −$1.54/SF
EGI
$12.7K $14.66/SF
− OpEx
−$3.8K −$4.40/SF
NOI
$8.9K $10.26/SF
Area
ZIP 78223
Vacancy
9.50%
Lease Rate
$16.20 /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%
$177,540
Cap Rate 7%
$126,814
Cap Rate 9%
$98,633
Alternative Uses
Best Use
Multifamily LT 5
$126.8K
$111.0K – $148.0K
NOI $8,877 @ 7.0% cap · market cap 4.04%
Second Best
Apartment 5plus
$110.1K
$96.3K – $128.5K
NOI $7,707 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$208.0K
$182.0K – $242.7K
NOI $14,561 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
Explore this area
Business Placement
Demographics for 78223, TX
55,705
Population
22,278
Households
2.5
Avg Household Size
35
Median Age
12%
College-Educated
78%
High-School Grad
40.9 sq mi
ZIP Area
1,362
Density / Sq Mi
$50,352
Median Household Income
$33,762
Median Earnings
$1,054
Median Rent
$156,700
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?
Duplex - Concrete-frame improvements include separate kitchens, HVAC, and a one-bedroom rear residence.
Where is this duplex located?
The property is located at 123 Kathy San Antonio, TX.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Two‑unit duplex with both residences currently tenant‑occupied; Front unit includes 2 bedrooms, 865 sq ft of living area, and 1,381 sq ft gross building area; Rear unit has 1 bedroom and an estimated 816 sq ft including a 350 sq ft improvement project
