6-Unit Apartment Building with
For Sale
$895,000
3221 N Flores, San Antonio, TX 78212
Multi-Family (2-8 Units), San Antonio, TX
Property Size4,039 SF
Lot Size0.29 Acres
Price / SF$221.59
Days on Market69
Property Features for 3221 N Flores
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-6 CD NCD-2
Elementary school
Call District
Middle school
Call District
High school
Call District
Elementary school district
San Antonio I.S.D.
Middle school district
San Antonio I.S.D.
High school district
San Antonio I.S.D.
Subdivision
0900
Standard status
Active
Size
4,039 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Annual Amount
15474
Amenities
central courtyard
on-site parking lot
in-ground swimming pool
Building Details
Year built
1926
Listing Agency:
Keller Williams Heritage · Keller Williams Realty
(210) 493-3030
Listed By:
Joel Leos
(224) 634-8877
Added: Jul 10
Changed: Aug 19
Last Checked: Sep 16 at 1:06AM
MLS# 1939828
Copyright © 2026 LERA MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6-unit apartment property contains 4,039 square feet on a 0.286-acre parcel. The improvements include a central courtyard, on-site parking lot, and in-ground swimming pool. One 2-bedroom / 1-bath unit is under construction, while the remaining unit provides additional space for completion or operational improvements.
Occupancy is flexible: three units are occupied under month-to-month arrangements, one unit is occupied by a family member without rent, and no long-term leases are in place. The property is located at 3221 N Flores in San Antonio, with proximity to downtown San Antonio, The Pearl, and major employment centers. Built in 1926, the property is zoned R-6 CD NCD-2.
Occupancy is flexible: three units are occupied under month-to-month arrangements, one unit is occupied by a family member without rent, and no long-term leases are in place. The property is located at 3221 N Flores in San Antonio, with proximity to downtown San Antonio, The Pearl, and major employment centers. Built in 1926, the property is zoned R-6 CD NCD-2.
Key Highlights
- 6‑unit apartment property totaling 4039 square feet
- 0.286‑acre parcel at 3221 N Flores, San Antonio, TX 78212
- Three units occupied on a month‑to‑month basis; no long‑term leases in place
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
$41,258
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
4.61%
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%
$825,160
$825.2K
Cap Rate 7%
$589,400
$589.4K
Cap Rate 9%
$458,422
$458.4K
Market Conditions
NOI Build-Up for 4,039 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
$80.0K $19.80/SF
− Vacancy
−$5.0K −$1.23/SF
EGI
$75.0K $18.57/SF
− OpEx
−$33.8K −$8.36/SF
NOI
$41.3K $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%
$825,160
Cap Rate 7%
$589,400
Cap Rate 9%
$458,422
Alternative Uses
Best Use
Apartment 5plus
$589.4K
$515.7K – $687.6K
NOI $41,258 @ 7.0% cap · market cap 4.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$901.5K – $1.20M
NOI $72,120 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Central courtyard, on-site parking, and an in-ground pool complement this six-unit residential income property.
Where is this apartment building located?
The property is located at 3221 N Flores San Antonio, TX.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 6‑unit apartment property totaling 4039 square feet; 0.286‑acre parcel at 3221 N Flores, San Antonio, TX 78212; Three units occupied on a month‑to‑month basis; no long‑term leases in place
