One-Story Multifamily
For Sale
$489,999
202 FIR DL, Converse, TX 78109
Single-level multifamily property with central air and electric central heating.
Property Size3,600 SF
Price / SF$136.11
Days on Market22
Property Features for 202 FIR DL
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Residential Income
Zoning
OCL
Net Operating Income
$36,085
Taxes and HOA fees
Annual Taxes
$6,964
Amenities
Central Air
Electric, Central
One Story
Building Details
Building Size
3,600 SF
Year Built
1986
Stories
1
Listing Agency:
Virtus Realty Group
(210) 255-1118
Listed By:
Michael Vasquez · License #719713
(210) 255-1118
Source:
Evrealestate
Added: Jul 22
Changed: Aug 12
Last Checked: Aug 12 at 6:48AM
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 Virtus Realty Group
Investment Insights
Based on property information with market context.
This one-story multifamily property contains 3,600 square feet and was built in 1986. Interior systems include central air and electric central heating, providing established building infrastructure for the asset. The property carries OCL zoning.
The property is located at 202 Fir DL in Converse, Texas. Access from downtown San Antonio follows I-35 North to Judson Road, Toepperwein Road, Gibbs Sprawl Road (FM 3502), and South Seguin Road (FM 1516).
The property is located at 202 Fir DL in Converse, Texas. Access from downtown San Antonio follows I-35 North to Judson Road, Toepperwein Road, Gibbs Sprawl Road (FM 3502), and South Seguin Road (FM 1516).
Key Highlights
- 3,600‑square‑foot multifamily property
- One‑story configuration
- Built in 1986
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
$32,967
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
6.73%
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%
$659,340
$659.3K
Cap Rate 7%
$470,957
$471.0K
Cap Rate 9%
$366,300
$366.3K
Market Conditions
NOI Build-Up for 3,600 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
$64.8K $18.00/SF
− Vacancy
−$4.9K −$1.35/SF
EGI
$59.9K $16.65/SF
− OpEx
−$27.0K −$7.49/SF
NOI
$33.0K $9.16/SF
Area
Bexar County, TX
Vacancy
7.50%
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%
$659,340
Cap Rate 7%
$470,957
Cap Rate 9%
$366,300
Alternative Uses
Best Use
Apartment 5plus
$471.0K
$412.1K – $549.5K
NOI $32,967 @ 7.0% cap · market cap 6.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$974.4K
$852.6K – $1.14M
NOI $68,205 @ 7.0% cap · market cap 13.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
552
Businesses Nearby
Explore this area
Business Placement
Demographics for 78109, TX
52,093
Population
19,279
Households
2.7
Avg Household Size
33
Median Age
31%
College-Educated
92%
High-School Grad
27.8 sq mi
ZIP Area
1,874
Density / Sq Mi
$87,635
Median Household Income
$44,182
Median Earnings
$1,645
Median Rent
$241,100
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?
Multifamily property - Single-level multifamily property with central air and electric central heating.
Where is this multifamily property located?
The property is located at 202 FIR DL Converse, TX.
What is the asking price?
The asking price for this property is $489,999.
What are key features of this property?
This property features: 3,600‑square‑foot multifamily property; One‑story configuration; Built in 1986
