Mixed-Use Building with
New
For Sale
$826,700
234 E Aviation Blvd, Universal City, TX 78148
Multi-unit commercial property with finished spaces, storage capacity, and an apartment component near Randolph Air Force Base.
Property Size5,355 SF
Price / SF$154.38
Days on Market2
Property Features for 234 E Aviation Blvd
General Information
Standard status
Active
Size
5,355 SF
Property Condition
Severity
Repairs Needed
Evidence
does need some finishing touches
Building Details
Year Built
1968
Listing Agency:
Vortex Realty
Listed By:
Erica Vogel
(210) 325-2071
Source:
Thebranchinc
Added: Sep 20
Last Checked: Sep 20 at 2:31PM
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 Vortex Realty
Investment Insights
Based on property information with market context.
Built in 1968, this 5,355-square-foot mixed-use property contains three finished units, a rear storage and warehouse area, and a small apartment within the warehouse section. The larger finished unit includes a full kitchen, multiple bathrooms, and multiple sinks. A second unit has a full kitchen, two bathrooms, and a private office adjoining the main room. The third unit has been used as an office.
The property backs up to FM 78 and sits just outside the front gate of Randolph Air Force Base in Universal City. The warehouse area includes a full kitchen and bathroom in the apartment, which requires additional finishing work, including a sewer connection. Existing occupants and owner operations are expected to vacate before closing, and stored business supplies will be removed.
The property backs up to FM 78 and sits just outside the front gate of Randolph Air Force Base in Universal City. The warehouse area includes a full kitchen and bathroom in the apartment, which requires additional finishing work, including a sewer connection. Existing occupants and owner operations are expected to vacate before closing, and stored business supplies will be removed.
Key Highlights
- 5,355 SF mixed‑use property built in 1968
- Three finished units plus rear storage and warehouse space
- Small apartment in the warehouse area with full kitchen and bathroom
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
$53,015
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
6.41%
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%
$1,060,300
$1.1M
Cap Rate 7%
$757,357
$757.4K
Cap Rate 9%
$589,056
$589.1K
Market Conditions
NOI Build-Up for 5,355 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
$96.4K $18.00/SF
− Vacancy
−$11.6K −$2.16/SF
EGI
$84.8K $15.84/SF
− OpEx
−$31.8K −$5.94/SF
NOI
$53.0K $9.90/SF
Area
Bexar County, TX
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,060,300
Cap Rate 7%
$757,357
Cap Rate 9%
$589,056
Alternative Uses
Best Use
Mixed Use
$757.4K
$662.7K – $883.6K
NOI $53,015 @ 7.0% cap · market cap 6.41%
Second Best
Warehouse
$531.1K
$464.7K – $619.6K
NOI $37,176 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,455 @ 7.0% cap · market cap 12.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
581
Businesses Nearby
Explore this area
Business Placement
Demographics for 78148, TX
21,569
Population
8,597
Households
2.5
Avg Household Size
37
Median Age
34%
College-Educated
96%
High-School Grad
9.6 sq mi
ZIP Area
2,247
Density / Sq Mi
$75,395
Median Household Income
$40,850
Median Earnings
$1,252
Median Rent
$249,400
Median Home Value
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Multi-unit commercial property with finished spaces, storage capacity, and an apartment component near Randolph Air Force Base.
Where is this mixed-use property located?
The property is located at 234 E Aviation Blvd Universal City, TX.
What is the asking price?
The asking price for this property is $826,700.
What are key features of this property?
This property features: 5,355 SF mixed‑use property built in 1968; Three finished units plus rear storage and warehouse space; Small apartment in the warehouse area with full kitchen and bathroom
