Remodeled Quadplex with Rear
For Sale
$390,000
120 West Highland Boulevard, San Antonio, TX 78210
Front duplex and separate two-story rear apartment building offer a four-unit residential income property.
Property Size2,644 SF
Price / SF$147.50
Days on Market528
Property Features for 120 West Highland Boulevard
General Information
Standard status
Active
Size
2,644 SF
Property subtype
Multi-Family / Two Story
Zoning
R-4 IDZ CD
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$7,294
Amenities
Saltillo Tile, Ceramic Tile, Wood, Laminate
Composition
Pre-Owned
Conventional, FHA, VA, Cash
Covered Patio, Mature Trees
Building Details
Year Built
1910
Listing Agency:
Keller Williams Heritage
(210) 392-0391
Listed By:
Donald Fetzer
(210) 392-0391
Source:
Compass
Added: Mar 23, 2025
Changed: Aug 29
Last Checked: Aug 29 at 8:54PM
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 Keller Williams Heritage
Investment Insights
Based on property information with market context.
This four-unit property includes a remodeled duplex at the front and a separate two-story apartment building positioned behind it. Three units are leased, while the fourth remains unfinished for completion by the next owner. The improvements include Saltillo tile, ceramic tile, wood, and laminate flooring, along with a covered patio and mature trees.
Built in 1910, the property is located at 120 West Highland Boulevard in San Antonio, just south of downtown. R-4 IDZ CD zoning supports the current residential configuration. The property is being sold as-is.
Built in 1910, the property is located at 120 West Highland Boulevard in San Antonio, just south of downtown. R-4 IDZ CD zoning supports the current residential configuration. The property is being sold as-is.
Key Highlights
- Four‑unit property with a front duplex and separate two‑story rear apartment building
- Three units are currently leased; one unit remains unfinished
- R‑4 IDZ CD zoning
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
$30,433
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
7.80%
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%
$608,660
$608.7K
Cap Rate 7%
$434,757
$434.8K
Cap Rate 9%
$338,144
$338.1K
Market Conditions
NOI Build-Up for 2,644 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
$46.0K $17.40/SF
− Vacancy
−$2.5K −$0.96/SF
EGI
$43.5K $16.44/SF
− OpEx
−$13.0K −$4.93/SF
NOI
$30.4K $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%
$608,660
Cap Rate 7%
$434,757
Cap Rate 9%
$338,144
Alternative Uses
Best Use
Multifamily LT 5
$434.8K
$380.4K – $507.2K
NOI $30,433 @ 7.0% cap · market cap 7.80%
Second Best
Apartment 5plus
$385.8K
$337.6K – $450.1K
NOI $27,008 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$674.4K
$590.1K – $786.9K
NOI $47,211 @ 7.0% cap · market cap 12.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
600
Businesses Nearby
Explore this area
Business Placement
Demographics for 78210, TX
33,010
Population
14,410
Households
2.3
Avg Household Size
38
Median Age
16%
College-Educated
76%
High-School Grad
7.3 sq mi
ZIP Area
4,522
Density / Sq Mi
$51,990
Median Household Income
$33,271
Median Earnings
$1,119
Median Rent
$172,700
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?
Quadplex - Front duplex and separate two-story rear apartment building offer a four-unit residential income property.
Where is this quadplex located?
The property is located at 120 West Highland Boulevard San Antonio, TX.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Four‑unit property with a front duplex and separate two‑story rear apartment building; Three units are currently leased; one unit remains unfinished; R‑4 IDZ CD zoning
