Four-Unit Quadplex with Renovation
For Sale
$425,000
252 Natalen, San Antonio, TX 78209
Multi-Family (2-8 Units), San Antonio, TX
Property Size3,040 SF
Lot Size0.16 Acres
Price / SF$139.80
Days on Market104
Property Features for 252 Natalen
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MF-33 NCD-6
Elementary school
Call District
Middle school
Call District
High school
Call District
Elementary school district
San Antonio I.S.D.
Middle school district
San Antonio I.S.D.
High school district
San Antonio I.S.D.
Subdivision
1300
Standard status
Active
Size
3,040 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
6721
Building Details
Year built
1950
Listing Agency:
Sophus Properties, LLC
(210) 850-2833
Listed By:
Donna Crabtree · License #512451
(210) 219-3045
Added: Jun 2
Changed: Aug 19
Last Checked: Sep 13 at 9:06PM
MLS# 1946870
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.
This four-unit residential income property contains 3,040 square feet on a 0.161-acre parcel in San Antonio’s Mahncke Park area. Built in 1950, the property includes lower-level units requiring significant remodeling, while the upper-level units are near rent-ready condition. The layout provides a clear separation between units with substantial renovation needs and those closer to occupancy.
The property is located at 252 Natalen, San Antonio, TX 78209, and is governed by MF-33 NCD-6 zoning. It is part of a larger Mahncke Park portfolio but may be acquired separately. Owner financing is available as an alternative transaction structure.
The property is located at 252 Natalen, San Antonio, TX 78209, and is governed by MF-33 NCD-6 zoning. It is part of a larger Mahncke Park portfolio but may be acquired separately. Owner financing is available as an alternative transaction structure.
Key Highlights
- Four‑unit quadplex with 3,040 square feet of property area
- 0.161‑acre parcel in Mahncke Park, San Antonio
- Lower‑level units require significant remodeling
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
$34,991
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
8.23%
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%
$699,820
$699.8K
Cap Rate 7%
$499,871
$499.9K
Cap Rate 9%
$388,789
$388.8K
Market Conditions
NOI Build-Up for 3,040 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
$52.9K $17.40/SF
− Vacancy
−$2.9K −$0.96/SF
EGI
$50.0K $16.44/SF
− OpEx
−$15.0K −$4.93/SF
NOI
$35.0K $11.51/SF
Area
San Antonio, TX
Vacancy
5.50%
Lease Rate
$17.40 /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%
$699,820
Cap Rate 7%
$499,871
Cap Rate 9%
$388,789
Alternative Uses
Best Use
Multifamily LT 5
$499.9K
$437.4K – $583.2K
NOI $34,991 @ 7.0% cap · market cap 8.23%
Second Best
Apartment 5plus
$443.6K
$388.2K – $517.6K
NOI $31,053 @ 7.0% cap · market cap 7.31%
Theoretical Best
Office A
$775.5K
$678.5K – $904.7K
NOI $54,282 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
775
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Two-level residential income property with units at different stages of renovation readiness.
Where is this quadplex located?
The property is located at 252 Natalen San Antonio, TX.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3,040 square feet of property area; 0.161‑acre parcel in Mahncke Park, San Antonio; Lower‑level units require significant remodeling
