Multifamily Property with Conversion
For Sale
$315,000
221 Leigh, San Antonio, TX 78210
Multi-Family (2-8 Units), San Antonio, TX
Property Size1,596 SF
Lot Size0.12 Acres
Price / SF$197.37
Days on Market84
Property Features for 221 Leigh
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school
Call District
Middle school
Call District
High school
Call District
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
1,596 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
7935
Building Details
Year built
1907
Listing Agency:
Mission Real Estate Group
(210) 690-0050
Listed By:
Cynthia Vasquez
(210) 833-8137
Added: Jun 25
Changed: Aug 26
Last Checked: Sep 16 at 12:06PM
MLS# 1957796
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.
This 1,596-square-foot multifamily property was built in 1907 and is offered in its current as-is condition. The 0.115-acre parcel presents a renovation opportunity with potential to reconfigure the property as a single-family residence or an income-producing duplex.
Located in San Antonio’s Lavaca neighborhood, the property is near downtown, the River Walk, and major area attractions. The surrounding context combines an established residential setting with access to central San Antonio destinations, while the existing structure and lot provide a defined starting point for a residential repositioning project.
Located in San Antonio’s Lavaca neighborhood, the property is near downtown, the River Walk, and major area attractions. The surrounding context combines an established residential setting with access to central San Antonio destinations, while the existing structure and lot provide a defined starting point for a residential repositioning project.
Key Highlights
- 1,596‑square‑foot multifamily property on a 0.115‑acre lot
- Built in 1907
- Potential to renovate into a single‑family residence or income‑producing duplex
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
$16,303
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
5.18%
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%
$326,060
$326.1K
Cap Rate 7%
$232,900
$232.9K
Cap Rate 9%
$181,144
$181.1K
Market Conditions
NOI Build-Up for 1,596 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
$31.6K $19.80/SF
− Vacancy
−$2.0K −$1.23/SF
EGI
$29.6K $18.57/SF
− OpEx
−$13.3K −$8.36/SF
NOI
$16.3K $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%
$326,060
Cap Rate 7%
$232,900
Cap Rate 9%
$181,144
Alternative Uses
Best Use
Apartment 5plus
$232.9K
$203.8K – $271.7K
NOI $16,303 @ 7.0% cap · market cap 5.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$407.1K
$356.2K – $475.0K
NOI $28,498 @ 7.0% cap · market cap 9.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,712
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - San Antonio property offering a renovation path toward either a single-family residence or duplex configuration.
Where is this multifamily property located?
The property is located at 221 Leigh San Antonio, TX.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 1,596‑square‑foot multifamily property on a 0.115‑acre lot; Built in 1907; Potential to renovate into a single‑family residence or income‑producing duplex
