Turnkey Multifamily Residence with
For Sale
$799,500
233 Esmeralda Drive, San Antonio, TX 78228
Turnkey furnished 9-suite multifamily property with private baths, a dedicated office, and an interior courtyard.
Property Size4,140 SF
Price / SF$193.12
Days on Market59
Property Features for 233 Esmeralda Drive
General Information
Standard status
Active
Size
4,140 SF
Property subtype
Multi-Use
Additional Details
Business Included
Yes
Multifamily Units
9
Building Details
Year Built
2019
Listing Agency:
Radiant Realty
Listed By:
Sharlette Scott · License #0497375
(210) 630-3034
Source:
Pioneerrealtypartners
Added: Jul 9
Changed: Sep 4
Last Checked: Sep 5 at 7:06AM
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 Radiant Realty
Investment Insights
Based on property information with market context.
This turnkey furnished multifamily residence includes nine private suites with full bathrooms and tiled walk-in showers, plus spacious closets and trey ceilings in multiple rooms. The building centers on an interior courtyard visible from four surrounding corridors, with common areas featuring high ceilings, LED recessed lighting, and ceramic tile flooring. A fully equipped kitchen includes stainless steel appliances, two refrigerators, a large island, and abundant cabinetry. A dedicated office space supports on-site administration, and the laundry room with a washer and dryer conveys.
Located at 233 Esmeralda Dr. in San Antonio, the property is described as approximately one light from St. Mary’s University and minutes from Our Lady of the Lake University, with convenient access to dining, shopping, parks, and public transit.
Constructed about 5.5 years ago, the exterior includes a wide half-moon driveway with extended pad parking, a dual 5-ton HVAC setup, a security system, and a spacious backyard with a covered patio. The property is also available for lease.
Located at 233 Esmeralda Dr. in San Antonio, the property is described as approximately one light from St. Mary’s University and minutes from Our Lady of the Lake University, with convenient access to dining, shopping, parks, and public transit.
Constructed about 5.5 years ago, the exterior includes a wide half-moon driveway with extended pad parking, a dual 5-ton HVAC setup, a security system, and a spacious backyard with a covered patio. The property is also available for lease.
Key Highlights
- 2019‑built, furnished 9‑suite multifamily property with 9 private suites plus 9.5 baths
- Each suite includes a full private bath with tiled walk‑in shower and spacious closets
- Interior courtyard at the center of the building with access from four surrounding corridors for natural light
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
$42,289
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
5.29%
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%
$845,780
$845.8K
Cap Rate 7%
$604,129
$604.1K
Cap Rate 9%
$469,878
$469.9K
Market Conditions
NOI Build-Up for 4,140 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
$82.0K $19.80/SF
− Vacancy
−$5.1K −$1.23/SF
EGI
$76.9K $18.57/SF
− OpEx
−$34.6K −$8.36/SF
NOI
$42.3K $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%
$845,780
Cap Rate 7%
$604,129
Cap Rate 9%
$469,878
Alternative Uses
Best Use
Apartment 5plus
$604.1K
$528.6K – $704.8K
NOI $42,289 @ 7.0% cap · market cap 5.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$924.0K – $1.23M
NOI $73,923 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
Explore this area
Business Placement
Demographics for 78228, TX
56,369
Population
21,397
Households
2.6
Avg Household Size
37
Median Age
14%
College-Educated
74%
High-School Grad
10.9 sq mi
ZIP Area
5,171
Density / Sq Mi
$50,865
Median Household Income
$30,811
Median Earnings
$1,004
Median Rent
$164,700
Median Home Value
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 - Turnkey furnished 9-suite multifamily property with private baths, a dedicated office, and an interior courtyard.
Where is this apartment building located?
The property is located at 233 Esmeralda Drive San Antonio, TX.
What is the asking price?
The asking price for this property is $799,500.
What are key features of this property?
This property features: 2019‑built, furnished 9‑suite multifamily property with 9 private suites plus 9.5 baths; Each suite includes a full private bath with tiled walk‑in shower and spacious closets; Interior courtyard at the center of the building with access from four surrounding corridors for natural light
