Renovated 8-Unit Apartment
For Sale
$850,000
2807 Observation, San Antonio, TX 78227
Two-bedroom layouts and comprehensive 2024 improvements define this workforce-housing apartment property.
Property Size5,800 SF
Price / SF$146.55
Days on Market74
Property Features for 2807 Observation
General Information
Standard status
Active
Size
5,800 SF
Property subtype
Multi-Family
Occupancy
88%
Units
Unit Mix
8 x 2 bedroom
Multifamily Units
8
Building Details
Year Built
1973
Year Renovated
2024
Buildings
1
Listing Agency:
Keller Williams Heritage
Listed By:
Scott Malouff · License #658231
(210) 365-6192
Source:
Theswinneygroup
Added: Aug 5
Changed: Oct 16
Last Checked: Oct 7 at 4:43PM
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 Keller Williams Heritage
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Investment Insights
Based on property information with market context.
This 8-unit apartment building contains 5,800 square feet and was built in 1973. Each apartment features a two-bedroom floor plan, with 7 of 8 units leased. The property underwent a comprehensive renovation in 2024, including a new roof, HVAC systems, windows, LVP flooring, bathrooms, kitchens, appliances, cabinetry, granite-style countertops, drywall, interior and exterior paint, doors, hardware, plumbing, and lighting.
The property is located in San Antonio’s Lackland AFB corridor, identified in the source information as a workforce-housing submarket. The renovation addressed the building’s major interior and exterior components, including building systems, finishes, and fixtures.
The property is located in San Antonio’s Lackland AFB corridor, identified in the source information as a workforce-housing submarket. The renovation addressed the building’s major interior and exterior components, including building systems, finishes, and fixtures.
Key Highlights
- 8‑unit apartment building with 5,800 square feet
- All units offer two‑bedroom floor plans
- 7 of 8 units leased
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,246
Cap Rate
6.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,184,920
$1.2M
Cap Rate 7%
$846,371
$846.4K
Cap Rate 9%
$658,289
$658.3K
Market Conditions
NOI Build-Up for 5,800 SF
Gross rent
$114.8K $19.80/SF
− Vacancy
−$7.1K −$1.23/SF
EGI
$107.7K $18.57/SF
− OpEx
−$48.5K −$8.36/SF
NOI
$59.2K $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 Rate 5%
$1,184,920
Cap Rate 7%
$846,371
Cap Rate 9%
$658,289
Alternative Uses
Best Use
Apartment 5plus
$846.4K
$740.6K – $987.4K
NOI $59,246 @ 7.0% cap · market cap 6.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.48M
$1.29M – $1.73M
NOI $103,564 @ 7.0% cap · market cap 12.18%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
8
Residential units
87.5%
Occupancy
Location Intelligence
Trade Area within ½ mile
365
Businesses Nearby
Explore this area
Business Placement
Demographics for 78227, TX
46,594
Population
16,008
Households
2.9
Avg Household Size
33
Median Age
10%
College-Educated
77%
High-School Grad
19.1 sq mi
ZIP Area
2,439
Density / Sq Mi
$48,049
Median Household Income
$28,857
Median Earnings
$1,112
Median Rent
$151,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Two-bedroom layouts and comprehensive 2024 improvements define this workforce-housing apartment property.
Where is this apartment building located?
The property is located at 2807 Observation San Antonio, TX.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 8‑unit apartment building with 5,800 square feet; All units offer two‑bedroom floor plans; 7 of 8 units leased
