9-Unit Apartment
For Sale
$549,995
146 Fairview, San Antonio, TX 78223
Updated systems, detached dwelling units, parking, and separate electric meters support practical multifamily operations.
Property Size3,260 SF
Lot Size0.30 Acres
Price / SF$168.71
Days on Market36
Property Features for 146 Fairview
General Information
Standard status
Active
Size
3,260 SF
Lot size
0.30 Acres
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
polish up exterior cosmetics
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
9
Amenities
carport
laundry room
Building Details
Year Built
1907
Buildings
2
Listing Agency:
The Agency San Antonio
(210) 849-2805
Listed By:
Michelle Shipman · License #0745178
Source:
Thebranchinc
Added: Jul 28
Changed: Aug 28
Last Checked: Aug 31 at 7:36PM
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 The Agency San Antonio
Investment Insights
Based on property information with market context.
This 9-unit apartment property includes a primary building with seven units—four upstairs and three downstairs—plus a detached dwelling containing two additional units. The improvements include a new roof installed in February 2025, foundation and plumbing replacement completed just over a year ago, new boilers, laundry room hookups, stoves, and refrigerators. Mini-split systems were installed throughout the units in the primary structure. The interior has been fully painted, while the exterior is partially painted. Unit 8 and remaining exterior cosmetic work are identified for completion.
The property occupies a 13,000 SF corner lot at 146 Fairview in San Antonio’s Riverside neighborhood, near Fair Ave and I37. On-site features include parking and a covered 2-car carport. Electricity is separately metered, while water and sewer are shared.
The property occupies a 13,000 SF corner lot at 146 Fairview in San Antonio’s Riverside neighborhood, near Fair Ave and I37. On-site features include parking and a covered 2-car carport. Electricity is separately metered, while water and sewer are shared.
Key Highlights
- 9‑unit property with 7 units in the primary building and 2 units in a detached dwelling
- 13,000 SF corner lot with parking and a covered 2‑car carport
- New roof installed in Feb 2025
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
$29,047
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
5.28%
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%
$580,940
$580.9K
Cap Rate 7%
$414,957
$415.0K
Cap Rate 9%
$322,744
$322.7K
Market Conditions
NOI Build-Up for 3,260 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
$58.7K $18.00/SF
− Vacancy
−$5.9K −$1.80/SF
EGI
$52.8K $16.20/SF
− OpEx
−$23.8K −$7.29/SF
NOI
$29.0K $8.91/SF
Area
ZIP 78223
Vacancy
10.00%
Lease Rate
$18.00 /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%
$580,940
Cap Rate 7%
$414,957
Cap Rate 9%
$322,744
Alternative Uses
Best Use
Apartment 5plus
$415.0K
$363.1K – $484.1K
NOI $29,047 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$784.0K
$686.0K – $914.6K
NOI $54,878 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
90
Businesses Nearby
Explore this area
Business Placement
Demographics for 78223, TX
55,705
Population
22,278
Households
2.5
Avg Household Size
35
Median Age
12%
College-Educated
78%
High-School Grad
40.9 sq mi
ZIP Area
1,362
Density / Sq Mi
$50,352
Median Household Income
$33,762
Median Earnings
$1,054
Median Rent
$156,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Updated systems, detached dwelling units, parking, and separate electric meters support practical multifamily operations.
Where is this apartment building located?
The property is located at 146 Fairview San Antonio, TX.
What is the asking price?
The asking price for this property is $549,995.
What are key features of this property?
This property features: 9‑unit property with 7 units in the primary building and 2 units in a detached dwelling; 13,000 SF corner lot with parking and a covered 2‑car carport; New roof installed in Feb 2025
