San Antonio Retail Investment
For Sale
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2310 SW Military Dr, San Antonio, TX 78224
NN leased Dick's Sporting Goods in San Antonio, Texas.
Property Size50,230 SF
Price / SF$168.74
Days on Market196
Property Features for 2310 SW Military Dr
General Information
Standard status
Active
Size
50,230 SF
Property subtype
Retail
Zoning
C-3: General Commercial
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$678,105
Building Details
Year Built
1974
Tenancy
Single
Listing Agency:
SRS Real Estate Partners Newport Beach
(480) 221-4221
Listed By:
Winston Guest, CCIM · License #CA 02046877
Source:
Crexi
Added: Jan 28
Changed: Aug 8
Last Checked: Aug 11 at 4:40PM
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 SRS Real Estate Partners Newport Beach
Investment Insights
Based on property information with market context.
This is an opportunity to acquire a fee simple interest in a net-net (NN) leased Dick's Sporting Goods investment property in San Antonio, Texas. The tenant, Dick’s Sporting Goods, Inc., recently signed a 5-year lease extension with 3 (5-year) options to extend. The lease includes rental increases of $0.50/SF/YR at the beginning of each option period. The lease is NN with limited landlord responsibilities. The Dick’s Sporting Goods is located near the intersection of Interstate 35 and SW Military Dr, with a combined average of over 122,300 vehicles passing by daily. SW Military Dr is a major retail thoroughfare serving the city of San Antonio. The Dick’s is part of South Park Mall, a shopping mall with over 783,000 square feet, that also features national/credit tenants including Macy’s, JCPenney, Floor & Decor, Ulta Beauty, Starbucks, and Verizon. The asset is located in close proximity to a Home Depot anchored center that includes other national/credit tenants such as Ross, Five Below, Chick-fil-A, and IHOP. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Lowe’s, Academy, Sam’s Club, Target, H-E-B, Chipotle, and Dutch Bros. The asset is located in close proximity to South San Antonio High School, which has a student population of over 1,600. The 5-mile trade area is supported by a population of over 226,000 residents and 77,600 employees with an average household income of $64,107. The property size is 50,230 square feet.
Key Highlights
- NN lease with limited landlord responsibilities: ideal for passive investors.
- Dick's Sporting Goods commitment: recently signed a 5‑year lease extension with 3 (5‑year) options to extend.
- Rental increases: lease features $0.50/SF/YR rental increases at the beginning of each option period.
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
$672,391
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
7.93%
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%
$13,447,820
$13.4M
Cap Rate 7%
$9,605,586
$9.6M
Cap Rate 9%
$7,471,011
$7.5M
Market Conditions
NOI Build-Up for 50,230 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
$1.00M $19.92/SF
− Vacancy
−$40.0K −$0.80/SF
EGI
$960.6K $19.12/SF
− OpEx
−$288.2K −$5.74/SF
NOI
$672.4K $13.39/SF
Area
San Antonio, TX
Vacancy
4.00%
Lease Rate
$19.92 /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%
$13,447,820
Cap Rate 7%
$9,605,586
Cap Rate 9%
$7,471,011
Alternative Uses
Best Use
Retail
$9.61M
$8.40M – $11.21M
NOI $672,391 @ 7.0% cap · market cap 7.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.81M
$11.21M – $14.95M
NOI $896,897 @ 7.0% cap · market cap 10.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,002
Businesses Nearby
Explore this area
Business Placement
Demographics for 78224, TX
21,759
Population
7,034
Households
3.1
Avg Household Size
31
Median Age
12%
College-Educated
76%
High-School Grad
15.3 sq mi
ZIP Area
1,422
Density / Sq Mi
$57,965
Median Household Income
$33,535
Median Earnings
$1,132
Median Rent
$138,800
Median Home Value
Market
Vacancy Rate% for Retail in San Antonio, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - NN leased Dick's Sporting Goods in San Antonio, Texas.
Where is this retail space located?
The property is located at 2310 SW Military Dr San Antonio, TX.
What is the asking price?
The asking price for this property is $8,476,000.
What are key features of this property?
This property features: NN lease with limited landlord responsibilities: ideal for passive investors.; Dick's Sporting Goods commitment: recently signed a 5‑year lease extension with 3 (5‑year) options to extend.; Rental increases: lease features $0.50/SF/YR rental increases at the beginning of each option period.
