Building Details

Year built 1934

Listing Agency: Keller Williams City-View · Keller Williams Realty Show Phone

Listed By: Charles Gafford Show Phone

Added: Jul 2 Changed: Sep 22 Last Checked: Oct 7 at 12:06PM

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MLS# 1996246

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.

Built in 1934, this 2,010-square-foot multifamily property includes three separate living spaces on a 0.202-acre corner peninsula lot. The primary residence contains two one-bedroom, one-bath units, while a detached studio casita adds a full kitchen and bath. One main-house unit has an updated kitchen and bath, a breakfast room, and a gas-burning fireplace; the other offers larger rooms and abundant natural light. The two units in the main residence can also be combined into a larger single-family layout, providing an alternate configuration.

The property is in Alamo Heights ISD and is positioned near shopping, dining, downtown San Antonio, and major employers. Zoning is OCL. The combination of separate accommodations and flexible main-house configuration supports a range of occupancy arrangements, including owner use, guest space, home office use, or income-producing use.

Key Highlights

• Three separate living spaces within a 2,010‑square‑foot property
• Two 1‑bedroom, 1‑bath residences in the main building
• Detached studio casita with full kitchen and bath

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$21,171

Cap Rate

4.23%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$423,420 $423.4K

Cap Rate 7%

$302,443 $302.4K

Cap Rate 9%

$235,233 $235.2K

Market Conditions

NOI Build-Up for 2,010 SF

Gross rent

$32.6K $16.20/SF

− Vacancy

−$2.3K −$1.15/SF

EGI

$30.2K $15.05/SF

− OpEx

−$9.1K −$4.51/SF

NOI

$21.2K $10.53/SF

Area

Bexar County, TX

Vacancy

7.12%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$423,420

Cap Rate 7%

$302,443

Cap Rate 9%

$235,233

Alternative Uses

Best Use

Multifamily LT 5

$302.4K

$264.6K – $352.9K (±1% cap)

NOI $21,171 @ 7.0% cap · market cap 4.23%

Second Best

Apartment 5plus

$263.0K

$230.1K – $306.8K (±1% cap)

NOI $18,407 @ 7.0% cap · market cap 3.68%

Theoretical Best

Office A

$544.0K

$476.0K – $634.7K (±1% cap)

NOI $38,081 @ 7.0% cap · market cap 7.62%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Electrical Service Auto Parts Store (Bike/Boat/Book/etc) Store Garden Center Furniture & Home Goods Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

1,070

Businesses Nearby

Explore this area Business Placement

Demographics for 78209, TX

42,456

Population

22,771

Households

1.9

Avg Household Size

40

Median Age

62%

College-Educated

96%

High-School Grad

10.2 sq mi

ZIP Area

4,162

Density / Sq Mi

$84,180

Median Household Income

$57,921

Median Earnings

$1,371

Median Rent

$497,500

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this multifamily properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Multifamily property - Three distinct living areas include two one-bedroom residences and a detached studio with a full kitchen and bath.

Where is this multifamily property located?

The property is located at 222 REDWOOD ST Alamo Heights, TX.

What is the asking price?

The asking price for this property is $500,000.

What are key features of this property?

This property features: Three separate living spaces within a 2,010‑square‑foot property; Two 1‑bedroom, 1‑bath residences in the main building; Detached studio casita with full kitchen and bath