5-Unit Historic Apartment
New
For Sale
$800,000
204 Florida, San Antonio, TX 78210
Multi-Family (2-8 Units), San Antonio, TX
Property Size6,159 SF
Lot Size0.34 Acres
Price / SF$129.89
Days on Market3
Property Features for 204 Florida
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school
Bonham
Middle school
Burnet
High school
Brackenridge
Elementary school district
San Antonio I.S.D.
Middle school district
San Antonio I.S.D.
High school district
San Antonio I.S.D.
Subdivision
1100
Standard status
Active
Size
6,159 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Annual Amount
1639657
Building Details
Year built
1929
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Eric Salinas
(214) 202-7615
Added: Sep 26
Changed: Sep 27
Last Checked: Sep 28 at 12:06AM
MLS# 2019597
Copyright © 2026 LERA MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The principal building contains five apartments and dates to 1929, with historic architectural detailing. All units are vacant and refreshed. The property is being replatted, and the building may be re-leased or converted in whole or in part to owner occupancy.
At 204 Florida Street and 910 Labor Street, the property sits in the Lavaca Historic District near the Southtown corridor. It is west of the Florida and Carolina interchange at I-37 and just off South Presa Street. Restaurants in Southtown and downtown, along with the Mission Reach of the San Antonio River Hike & Bike Trail, are within walking distance.
At 204 Florida Street and 910 Labor Street, the property sits in the Lavaca Historic District near the Southtown corridor. It is west of the Florida and Carolina interchange at I-37 and just off South Presa Street. Restaurants in Southtown and downtown, along with the Mission Reach of the San Antonio River Hike & Bike Trail, are within walking distance.
Key Highlights
- Five apartments in the main building; all units are vacant and refreshed
- Built in 1929 with historic architectural details
- Located at 204 Florida Street and 910 Labor Street in the Lavaca Historic District
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
$62,913
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
7.86%
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%
$1,258,260
$1.3M
Cap Rate 7%
$898,757
$898.8K
Cap Rate 9%
$699,033
$699.0K
Market Conditions
NOI Build-Up for 6,159 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
$121.9K $19.80/SF
− Vacancy
−$7.6K −$1.23/SF
EGI
$114.4K $18.57/SF
− OpEx
−$51.5K −$8.36/SF
NOI
$62.9K $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%
$1,258,260
Cap Rate 7%
$898,757
Cap Rate 9%
$699,033
Alternative Uses
Best Use
Apartment 5plus
$898.8K
$786.4K – $1.05M
NOI $62,913 @ 7.0% cap · market cap 7.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,974 @ 7.0% cap · market cap 13.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,072
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Vacant apartments have been refreshed, with options for re-leasing or owner occupancy.
Where is this apartment building located?
The property is located at 204 Florida San Antonio, TX.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Five apartments in the main building; all units are vacant and refreshed; Built in 1929 with historic architectural details; Located at 204 Florida Street and 910 Labor Street in the Lavaca Historic District
