Remodeled 5-Unit Apartment
For Sale
$479,900
1529 N Walters, San Antonio, TX 78202
Fully occupied with leases in place, across from a new city park.
Property Size2,688 SF
Price / SF$178.53
Days on Market44
Property Features for 1529 N Walters
General Information
Standard status
Active
Size
2,688 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Opportunity Zone
Yes
Multifamily Units
5
Building Details
Year Built
1965
Listing Agency:
Home Sweet San Antonio LLC
Listed By:
Hillary Romero
(210) 647-6557
Source:
Shebaramos
Added: Jul 26
Changed: Sep 4
Last Checked: Sep 6 at 11:25AM
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 Home Sweet San Antonio LLC
Investment Insights
Based on property information with market context.
This five-unit apartment property in San Antonio was built in 1965 and cosmetically remodeled 3 years ago. The building is fully occupied, with leases in place and rents reported at market levels. A foundation warranty is included with the property.
Located at 1529 N Walters, the property sits across from a new city park, providing a directly adjacent public amenity. The asset is also identified as being within an Opportunity Zone. The property is part of a small multifamily offering from owners selling several properties around San Antonio.
Located at 1529 N Walters, the property sits across from a new city park, providing a directly adjacent public amenity. The asset is also identified as being within an Opportunity Zone. The property is part of a small multifamily offering from owners selling several properties around San Antonio.
Key Highlights
- Five‑unit apartment property built in 1965
- Fully occupied with leases in place
- Cosmetically remodeled 3 years ago
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
$27,457
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
5.72%
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%
$549,140
$549.1K
Cap Rate 7%
$392,243
$392.2K
Cap Rate 9%
$305,078
$305.1K
Market Conditions
NOI Build-Up for 2,688 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
$53.2K $19.80/SF
− Vacancy
−$3.3K −$1.23/SF
EGI
$49.9K $18.57/SF
− OpEx
−$22.5K −$8.36/SF
NOI
$27.5K $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%
$549,140
Cap Rate 7%
$392,243
Cap Rate 9%
$305,078
Alternative Uses
Best Use
Apartment 5plus
$392.2K
$343.2K – $457.6K
NOI $27,457 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$685.7K
$600.0K – $799.9K
NOI $47,996 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
600
Businesses Nearby
Explore this area
Business Placement
Demographics for 78202, TX
11,422
Population
5,288
Households
2.2
Avg Household Size
34
Median Age
26%
College-Educated
77%
High-School Grad
2.3 sq mi
ZIP Area
4,966
Density / Sq Mi
$43,708
Median Household Income
$36,390
Median Earnings
$1,218
Median Rent
$223,900
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 - Fully occupied with leases in place, across from a new city park.
Where is this apartment building located?
The property is located at 1529 N Walters San Antonio, TX.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Five‑unit apartment property built in 1965; Fully occupied with leases in place; Cosmetically remodeled 3 years ago
