8-Unit Renovated Apartment
2807 Observation, San Antonio, TX 78227
For Sale
$750,000
Multi-Family (2-8 Units), San Antonio, TX
Property Size5,800 SF
Lot Size0.22 Acres
Price / SF$129.31
Days on Market208
Property Features for 2807 Observation
General Information
Property type
Property subtype
Zoning
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Subdivision
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Individually Metered Utilities
Taxes and HOA fees
Tax Annual Amount
Building Details
Year built
Listing Agency:
Keller Williams Heritage · Keller Williams Realty
Listed By:
Scott Malouff · License #658231
(210) 493-3030
Added: Apr 14
Changed: Nov 3
Last Checked: Nov 7 at 9:06AM
MLS# 1949529
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.
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Investment Insights
Based on property information with market context.
This San Antonio apartment property contains eight units across 5,800 square feet on a 0.223-acre parcel. Each apartment is configured with two bedrooms and one bathroom, and the units have separate electric meters. The building was constructed in 1980 and underwent renovation work in 2023–2024, including updates to the roof, HVAC, windows, plumbing, electrical systems, kitchens, bathrooms, appliances, flooring, and interior and exterior finishes. The property is zoned R-6.
The building is in the Lackland AFB corridor. As of the October 16, 2026 rent roll, seven of the eight apartments were leased and one was vacant.
The building is in the Lackland AFB corridor. As of the October 16, 2026 rent roll, seven of the eight apartments were leased and one was vacant.
Key Highlights
- Eight apartments, each with two bedrooms and one bathroom
- 5,800 square feet on a 0.223‑acre parcel
- Renovation work completed in 2023‑2024, including roof, HVAC, windows, plumbing, electrical, kitchens and bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,246
Cap Rate
7.90%
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 7.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.48M
$1.29M – $1.73M
NOI $103,564 @ 7.0% cap · market cap 13.81%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
8
Residential units
87.5%
Occupancy
Location Intelligence
Trade Area within ½ mile
365
Businesses Nearby
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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
$151,300
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in San Antonio, TX
Properties on Market for Apartment buildings in San Antonio
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Each residence has a two-bedroom, one-bathroom layout and a separate electric meter.
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 $750,000.
What are key features of this property?
This property features: Eight apartments, each with two bedrooms and one bathroom; 5,800 square feet on a 0.223‑acre parcel; Renovation work completed in 2023‑2024, including roof, HVAC, windows, plumbing, electrical, kitchens and bathrooms
