Renovated Duplex with Oversized
For Sale
$385,000
2603 Hicks Ave, San Antonio, TX 78210
Two spacious residences offer updated interiors, private HVAC, separate electric meters, laundry connections, and fenced outdoor space.
Property Size2,852 SF
Lot Size0.35 Acres
Price / SF$134.99
Days on Market21
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
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
off-street parking
fully fenced yard
washer and dryer connections
ceiling fans
Building Details
Year Built
1950
Year Renovated
2021
Listing Agency:
Uriah Real Estate Organization
Listed By:
Michael Rayos
(210) 315-8885
Source:
Mlsluxurygroup
Added: Aug 17
Changed: Sep 4
Last Checked: Sep 5 at 11:15AM
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.
This duplex contains two three-bedroom, two-bath residences totaling 2,852 rentable square feet, with approximately 1,426 square feet allocated to each unit. The property was reconfigured from a fourplex and received a comprehensive interior renovation in 2021. Improvements include electrical and plumbing systems, HVAC, insulation, drywall, flooring, cabinetry, fixtures, and updated finishes. Both homes feature galley kitchens with tile backsplashes, ceramic tile flooring, large bedrooms with ceiling fans, washer and dryer connections, and individual central HVAC. Electric service is separately metered for each residence.
Set on approximately 0.35 acres at 2603 Hicks Ave, the property includes off-street parking and a fully fenced yard. Its San Antonio location provides access to Downtown San Antonio, Brooks City Base, Fort Sam Houston, St. Philip's College, and the Frost Bank Center. The property was built in 1950 and offers a renovated two-unit configuration in an established infill setting.
Set on approximately 0.35 acres at 2603 Hicks Ave, the property includes off-street parking and a fully fenced yard. Its San Antonio location provides access to Downtown San Antonio, Brooks City Base, Fort Sam Houston, St. Philip's College, and the Frost Bank Center. The property was built in 1950 and offers a renovated two-unit configuration in an established infill setting.
Key Highlights
- Two 3‑bedroom, 2‑bathroom residences with approximately 1,426 square feet per unit
- 2,852 total rentable square feet on approximately 0.35 acres
- Comprehensive interior renovation completed in 2021
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
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
215
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 spacious residences offer updated interiors, private HVAC, separate electric meters, laundry connections, and fenced outdoor space.
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 with approximately 1,426 square feet per unit; 2,852 total rentable square feet on approximately 0.35 acres; Comprehensive interior renovation completed in 2021
