Remodeled Duplex with Carriage
For Sale
$599,900
614 E Mulberry, San Antonio, TX 78212
Two updated residences feature private primary suites, a shared backyard, and additional parking.
Property Size1,911 SF
Price / SF$313.92
Days on Market24
Property Features for 614 E Mulberry
General Information
Standard status
Active
Size
1,911 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Amenities
spacious backyard
mature pecan tree
carriage house
additional parking
Building Details
Year Built
1927
Construction
bungalow
Listing Agency:
Texas Premier Realty
Listed By:
Lyn Wolff
(210) 844-8683
Source:
Thebranchinc
Added: Aug 13
Changed: Aug 28
Last Checked: Sep 5 at 9:47AM
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 Texas Premier Realty
Investment Insights
Based on property information with market context.
Built in 1927, this 1,911-square-foot duplex contains two residences, each with 2 bedrooms, 2 bathrooms, and a private primary suite. Recent improvements include HVAC, electrical, plumbing, and appliance upgrades. The property also includes a carriage house, additional parking, and a backyard with a mature pecan tree. Plans are available for a potential additional-unit expansion, and furnishings are negotiable.
The property is in Monte Vista, minutes from Trinity University and downtown San Antonio. Its layout supports owner occupancy, short-term rental use, or an income-producing strategy, as stated in the property information.
The property is in Monte Vista, minutes from Trinity University and downtown San Antonio. Its layout supports owner occupancy, short-term rental use, or an income-producing strategy, as stated in the property information.
Key Highlights
- Two‑unit duplex with 1,911 square feet
- Each residence offers 2 bedrooms, 2 bathrooms, and a private primary suite
- 1927 construction with updated HVAC, electrical, plumbing, and appliances
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
$21,996
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
3.67%
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%
$439,920
$439.9K
Cap Rate 7%
$314,229
$314.2K
Cap Rate 9%
$244,400
$244.4K
Market Conditions
NOI Build-Up for 1,911 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
$33.3K $17.40/SF
− Vacancy
−$1.8K −$0.96/SF
EGI
$31.4K $16.44/SF
− OpEx
−$9.4K −$4.93/SF
NOI
$22.0K $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%
$439,920
Cap Rate 7%
$314,229
Cap Rate 9%
$244,400
Alternative Uses
Best Use
Multifamily LT 5
$314.2K
$275.0K – $366.6K
NOI $21,996 @ 7.0% cap · market cap 3.67%
Second Best
Apartment 5plus
$278.9K
$244.0K – $325.4K
NOI $19,521 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$487.5K
$426.5K – $568.7K
NOI $34,122 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,144
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
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 - Two updated residences feature private primary suites, a shared backyard, and additional parking.
Where is this duplex located?
The property is located at 614 E Mulberry San Antonio, TX.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,911 square feet; Each residence offers 2 bedrooms, 2 bathrooms, and a private primary suite; 1927 construction with updated HVAC, electrical, plumbing, and appliances
