Renovated Duplex with Oversized
For Sale
$385,000
2603 Hicks Ave, San Antonio, TX 78210
Two separately metered residences offer spacious layouts, central HVAC, private parking, and a fully enclosed yard.
Property Size2,852 SF
Lot Size0.35 Acres
Price / SF$134.99
Days on Market10
Property Features for 2603 Hicks Ave
General Information
Standard status
Active
Size
2,852 SF
Net Rentable
2,852 SF
Lot size
0.35 Acres
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,589
Amenities
washer and dryer connections
ceiling fans
central HVAC
off-street parking
fully fenced yard
separately metered electric
Building Details
Year Renovated
2021
Buildings
1
Listing Agency:
Uriah Real Estate Organization
(210) 378-6955
Listed By:
Michael Rayos
(210) 378-6955
Source:
Exprealty
Added: Jul 31
Changed: Aug 8
Last Checked: Aug 9 at 10:45AM
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 Uriah Real Estate Organization
Investment Insights
Based on property information with market context.
Located at 2603 Hicks Ave in San Antonio, this duplex contains two generously sized residences totaling 2,852 rentable square feet. Each unit includes three bedrooms, two bathrooms, a galley kitchen, ceramic tile flooring, ceiling fans, laundry connections, and its own central HVAC system. Electric service is separately metered for each residence.
A comprehensive interior renovation completed in 2021 addressed electrical, plumbing, HVAC, insulation, drywall, flooring, cabinetry, fixtures, and interior finishes. The property occupies approximately 0.35 acres and provides off-street parking along with a fully fenced yard. Downtown San Antonio, Brooks City Base, Fort Sam Houston, St. Philip's College, and the Frost Bank Center are all described as being minutes away, placing the duplex near employment, education, healthcare, and military destinations.
A comprehensive interior renovation completed in 2021 addressed electrical, plumbing, HVAC, insulation, drywall, flooring, cabinetry, fixtures, and interior finishes. The property occupies approximately 0.35 acres and provides off-street parking along with a fully fenced yard. Downtown San Antonio, Brooks City Base, Fort Sam Houston, St. Philip's College, and the Frost Bank Center are all described as being minutes away, placing the duplex near employment, education, healthcare, and military destinations.
Key Highlights
- Two 3‑bedroom, 2‑bathroom residences
- 2,852 rentable square feet across the duplex
- Approximately 0.35 acres
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
$32,827
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
8.53%
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%
$656,540
$656.5K
Cap Rate 7%
$468,957
$469.0K
Cap Rate 9%
$364,744
$364.7K
Market Conditions
NOI Build-Up for 2,852 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
$49.6K $17.40/SF
− Vacancy
−$2.7K −$0.96/SF
EGI
$46.9K $16.44/SF
− OpEx
−$14.1K −$4.93/SF
NOI
$32.8K $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%
$656,540
Cap Rate 7%
$468,957
Cap Rate 9%
$364,744
Alternative Uses
Best Use
Multifamily LT 5
$469.0K
$410.3K – $547.1K
NOI $32,827 @ 7.0% cap · market cap 8.53%
Second Best
Apartment 5plus
$416.2K
$364.2K – $485.6K
NOI $29,133 @ 7.0% cap · market cap 7.57%
Theoretical Best
Office A
$727.5K
$636.6K – $848.8K
NOI $50,925 @ 7.0% cap · market cap 13.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
240
Businesses Nearby
Explore this area
Business Placement
Demographics for 78210, TX
33,010
Population
14,410
Households
2.3
Avg Household Size
38
Median Age
16%
College-Educated
76%
High-School Grad
7.3 sq mi
ZIP Area
4,522
Density / Sq Mi
$51,990
Median Household Income
$33,271
Median Earnings
$1,119
Median Rent
$172,700
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?
Duplex - Two separately metered residences offer spacious layouts, central HVAC, private parking, and a fully enclosed yard.
Where is this duplex located?
The property is located at 2603 Hicks Ave San Antonio, TX.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bathroom residences; 2,852 rentable square feet across the duplex; Approximately 0.35 acres
