Updated Tenant-Occupied
For Sale
$310,000
1703 W Mulberry Ave, San Antonio, TX 78201
Two separately metered residences offer established occupancy, private outdoor space, and recent major system upgrades.
Property Size1,532 SF
Price / SF$202.35
Days on Market19
Property Features for 1703 W Mulberry Ave
General Information
Standard status
Active
Size
1,532 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
covered patio
storage shed
washer/dryer hookups
covered carports
Building Details
Year Built
1952
Buildings
1
Tenancy
Multi
Listing Agency:
PMI Birdy Properties, CRMC
(210) 524-9400
Listed By:
Matthew Ridings
Source:
Sarahildebrandaguilera
Added: Aug 12
Changed: Aug 28
Last Checked: Aug 29 at 11:56AM
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 PMI Birdy Properties, CRMC
Investment Insights
Based on property information with market context.
Built in 1952, this duplex contains 1,532 square feet across two separately addressed residences. Each unit includes two bedrooms, one bath, an open living and dining area, an eat-in kitchen, durable vinyl flooring, central HVAC, energy-efficient windows, and a covered one-car carport. Both residences are tenant-occupied under leases extending into 2026.
Recent improvements include a roof, HVAC systems, water heaters, and several appliances, all approximately two years old. Separate CPS Energy and SAWS meters allow each household to handle its own utilities. The units also provide programmable thermostats, carbon monoxide detectors, covered patios, fenced backyards, storage sheds, and washer and dryer hookups. The property occupies a corner lot near shopping, dining, schools, and major highways.
Recent improvements include a roof, HVAC systems, water heaters, and several appliances, all approximately two years old. Separate CPS Energy and SAWS meters allow each household to handle its own utilities. The units also provide programmable thermostats, carbon monoxide detectors, covered patios, fenced backyards, storage sheds, and washer and dryer hookups. The property occupies a corner lot near shopping, dining, schools, and major highways.
Key Highlights
- Two 2‑bedroom, 1‑bath units with separate addresses
- 1,532 SF duplex built in 1952
- Both units tenant‑occupied with leases extending through 2026
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
$17,633
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
5.69%
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%
$352,660
$352.7K
Cap Rate 7%
$251,900
$251.9K
Cap Rate 9%
$195,922
$195.9K
Market Conditions
NOI Build-Up for 1,532 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
$26.7K $17.40/SF
− Vacancy
−$1.5K −$0.96/SF
EGI
$25.2K $16.44/SF
− OpEx
−$7.6K −$4.93/SF
NOI
$17.6K $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%
$352,660
Cap Rate 7%
$251,900
Cap Rate 9%
$195,922
Alternative Uses
Best Use
Multifamily LT 5
$251.9K
$220.4K – $293.9K
NOI $17,633 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$223.6K
$195.6K – $260.8K
NOI $15,649 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$390.8K
$341.9K – $455.9K
NOI $27,355 @ 7.0% cap · market cap 8.82%
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
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
937
Businesses Nearby
Explore this area
Business Placement
Demographics for 78201, TX
42,005
Population
18,661
Households
2.3
Avg Household Size
39
Median Age
17%
College-Educated
73%
High-School Grad
7.1 sq mi
ZIP Area
5,916
Density / Sq Mi
$46,129
Median Household Income
$30,517
Median Earnings
$1,033
Median Rent
$187,400
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 separately metered residences offer established occupancy, private outdoor space, and recent major system upgrades.
Where is this duplex located?
The property is located at 1703 W Mulberry Ave San Antonio, TX.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units with separate addresses; 1,532 SF duplex built in 1952; Both units tenant‑occupied with leases extending through 2026
