Building Details

Year built 1934

Listing Agency: Keller Williams City-View · Keller Williams Realty k***@kw.com Show Phone

Listed By: Charles Gafford Show Phone

Added: Jul 2 Changed: Aug 21 Last Checked: Aug 23 at 6:06AM

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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 = 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

$21,171

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

4.23%

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%

$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 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

$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 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%

$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

Property Profile

Current Use

Triplexes

Suggested Use

Top Pick Electrical Service Auto Parts Store Garden Center (Bike/Boat/Book/etc) Store Furniture & Home Goods Big Box & Wholesale Store

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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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