New Construction
For Sale
$589,000
1834 Montana Street, San Antonio, TX 78203
Two-unit property with open-plan interiors, quartz kitchen counters, and an oversized backyard near central San Antonio.
Property Size2,792 SF
Price / SF$210.96
Days on Market239
Property Features for 1834 Montana Street
General Information
Standard status
Active
Size
2,792 SF
Property subtype
Multi-Family / Two Story
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,119
Amenities
oversized backyard
smart garage opener
Laminate
Metal
Slab
Conventional, FHA, VA, TX Vet, Cash, Investors OK
Building Details
Year Built
2025
Buildings
1
Listing Agency:
eXp Realty
Listed By:
Linda Stewart · License #475209073
(210) 529-4073
Source:
Compass
Added: Jan 9
Changed: Aug 30
Last Checked: Aug 30 at 8:12PM
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 eXp Realty
Investment Insights
Based on property information with market context.
Completed in 2025, this 2,792-square-foot duplex at 1834 Montana Street contains two units with open-concept interiors, laminate flooring, and contemporary finishes. Each kitchen includes two-tone European-style cabinetry and quartz countertops. The property also features a metal roof, smart garage opener, slab foundation, and energy-efficient construction.
The duplex is located in the Denver Heights area with access to I-35 and I-10, Downtown San Antonio, Fort Sam Houston, downtown employers, dining, entertainment, and cultural attractions. An oversized backyard adds outdoor space for gatherings, pets, or personal use. Potential long-term or short-term rental use is subject to buyer verification.
The duplex is located in the Denver Heights area with access to I-35 and I-10, Downtown San Antonio, Fort Sam Houston, downtown employers, dining, entertainment, and cultural attractions. An oversized backyard adds outdoor space for gatherings, pets, or personal use. Potential long-term or short-term rental use is subject to buyer verification.
Key Highlights
- Newly built two‑unit duplex completed in 2025
- 2,792 SF property at 1834 Montana Street
- Open‑concept layouts with laminate flooring and contemporary finishes
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
$32,136
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
5.46%
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%
$642,720
$642.7K
Cap Rate 7%
$459,086
$459.1K
Cap Rate 9%
$357,067
$357.1K
Market Conditions
NOI Build-Up for 2,792 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
$48.6K $17.40/SF
− Vacancy
−$2.7K −$0.96/SF
EGI
$45.9K $16.44/SF
− OpEx
−$13.8K −$4.93/SF
NOI
$32.1K $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%
$642,720
Cap Rate 7%
$459,086
Cap Rate 9%
$357,067
Alternative Uses
Best Use
Multifamily LT 5
$459.1K
$401.7K – $535.6K
NOI $32,136 @ 7.0% cap · market cap 5.46%
Second Best
Apartment 5plus
$407.4K
$356.5K – $475.3K
NOI $28,520 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$712.2K
$623.2K – $830.9K
NOI $49,853 @ 7.0% cap · market cap 8.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
573
Businesses Nearby
Explore this area
Business Placement
Demographics for 78203, TX
5,872
Population
2,380
Households
2.5
Avg Household Size
35
Median Age
14%
College-Educated
75%
High-School Grad
1.4 sq mi
ZIP Area
4,194
Density / Sq Mi
$34,815
Median Household Income
$28,146
Median Earnings
$989
Median Rent
$139,900
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?
Duplex - Two-unit property with open-plan interiors, quartz kitchen counters, and an oversized backyard near central San Antonio.
Where is this duplex located?
The property is located at 1834 Montana Street San Antonio, TX.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: Newly built two‑unit duplex completed in 2025; 2,792 SF property at 1834 Montana Street; Open‑concept layouts with laminate flooring and contemporary finishes
