Five-Unit Apartment
For Sale
$675,000
230 Mulberry, San Antonio, TX 78212
Well-maintained multifamily property with shared outdoor amenities and an in-unit laundry setup.
Property Size3,264 SF
Price / SF$206.80
Days on Market41
Property Features for 230 Mulberry
General Information
Standard status
Active
Size
3,264 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
5
Amenities
oversized deck
private balcony/terrace
Building Details
Year Built
1958
Listing Agency:
Parman Group
Listed By:
Thomas Nyman · License #TEXAS541964
(972) 387-0300
Source:
Sarahildebrandaguilera
Added: Jul 29
Changed: Aug 29
Last Checked: Sep 7 at 11:00AM
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 Parman Group
Investment Insights
Based on property information with market context.
This five-unit apartment property contains 3,264 square feet and was built in 1958. The asset has been maintained by the same owner for 27 years and includes a washer and dryer in Unit 1, with the option to convert that equipment for shared tenant use. Residents also have access to an oversized deck, mature trees, and one private balcony or terrace.
The property is located at 230 Mulberry in San Antonio, Texas, within the 78212 ZIP code. Tenant renewals and a mix of occupants are noted, providing operating history within the existing apartment configuration.
The property is located at 230 Mulberry in San Antonio, Texas, within the 78212 ZIP code. Tenant renewals and a mix of occupants are noted, providing operating history within the existing apartment configuration.
Key Highlights
- Five‑unit apartment property with 3,264 square feet
- Built in 1958 and maintained by the same owner for 27 years
- Washer and dryer currently located in Unit 1
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
$33,341
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
4.94%
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%
$666,820
$666.8K
Cap Rate 7%
$476,300
$476.3K
Cap Rate 9%
$370,456
$370.5K
Market Conditions
NOI Build-Up for 3,264 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
$64.6K $19.80/SF
− Vacancy
−$4.0K −$1.23/SF
EGI
$60.6K $18.57/SF
− OpEx
−$27.3K −$8.36/SF
NOI
$33.3K $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%
$666,820
Cap Rate 7%
$476,300
Cap Rate 9%
$370,456
Alternative Uses
Best Use
Apartment 5plus
$476.3K
$416.8K – $555.7K
NOI $33,341 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$832.6K
$728.5K – $971.4K
NOI $58,281 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,136
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?
Apartment building - Well-maintained multifamily property with shared outdoor amenities and an in-unit laundry setup.
Where is this apartment building located?
The property is located at 230 Mulberry San Antonio, TX.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Five‑unit apartment property with 3,264 square feet; Built in 1958 and maintained by the same owner for 27 years; Washer and dryer currently located in Unit 1
