Flex Space with Dock
For Sale
Contact for pricing
302 Casa Blanca, San Antonio, TX 78215
Air-conditioned warehouse space combines office amenities with drive-in and dock access for flexible commercial operations.
Property Size17,620 SF
Price / SF$221.34
Days on Market17
Property Features for 302 Casa Blanca
General Information
Standard status
Active
Size
17,620 SF
Class
B
Property subtype
Office, Industrial
Zoning
I1
Investment Type
Owner/User
Warehouse & Industrial
Warehouse Space
12,800 SF
Office Build-Out
3,900 SF
Drive-In Doors
1
Conditioned Warehouse
Yes
Amenities
break rooms
coffee bar areas
water softener
conference room
natural lighting
rooftop solar panels
security key pad locks
separate wash sink and bathroom for warehouse employees
Building Details
Buildings
1
Stories
2
Building Size
17,620 SF
Listing Agency:
Park Properties
Listed By:
John Park · License #335384
Source:
Crexi
Added: Aug 17
Changed: Aug 30
Last Checked: Sep 1 at 5:27AM
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 Park Properties
Investment Insights
Based on property information with market context.
This I1-zoned flex property contains 17,620 square feet, including finished office areas on two levels and approximately 12,800 square feet of air-conditioned warehouse space. The first-floor office area measures +1900 sq. ft. and includes four bathrooms, while the second floor measures + 2000 sq. ft. with three bathrooms. Interior features include break rooms, coffee bar areas, a conference room, natural lighting, and a water softener. Rooftop solar panels are also installed.
The warehouse is configured with a drive-in bay door on one side and dock loading on the opposite side. Multiple pedestrian entrances have security keypad locks, and warehouse personnel have access to a separate wash sink and bathroom service.
The warehouse is configured with a drive-in bay door on one side and dock loading on the opposite side. Multiple pedestrian entrances have security keypad locks, and warehouse personnel have access to a separate wash sink and bathroom service.
Key Highlights
- 17,620 sq. ft. property with finished two‑level office areas
- Approximately 12,800 sq. ft. of air‑conditioned warehouse space
- Drive‑in bay door on one side and dock loading on the other
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
$240,141
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
6.16%
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%
$4,802,820
$4.8M
Cap Rate 7%
$3,430,586
$3.4M
Cap Rate 9%
$2,668,233
$2.7M
Market Conditions
NOI Build-Up for 17,620 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
$389.0K $22.08/SF
− Vacancy
−$68.9K −$3.91/SF
EGI
$320.2K $18.17/SF
− OpEx
−$80.0K −$4.54/SF
NOI
$240.1K $13.63/SF
Area
San Antonio, TX
Vacancy
17.70%
Lease Rate
$22.08 /SF/Yr
Expense Ratio
25.00%
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%
$4,802,820
Cap Rate 7%
$3,430,586
Cap Rate 9%
$2,668,233
Alternative Uses
Best Use
Office B
$3.43M
$3.00M – $4.00M
NOI $240,141 @ 7.0% cap · market cap 6.16%
Second Best
Warehouse
$1.75M
$1.53M – $2.04M
NOI $122,392 @ 7.0% cap · market cap 3.14%
Theoretical Best
Office A
$4.49M
$3.93M – $5.24M
NOI $314,619 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,380
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 78215, TX
3,644
Population
3,029
Households
1.2
Avg Household Size
34
Median Age
78%
College-Educated
98%
High-School Grad
1.1 sq mi
ZIP Area
3,313
Density / Sq Mi
$82,128
Median Household Income
$75,532
Median Earnings
$1,754
Median Rent
$486,100
Median Home Value
Market
Vacancy Rate% for Office in San Antonio, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Air-conditioned warehouse space combines office amenities with drive-in and dock access for flexible commercial operations.
Where is this flex space located?
The property is located at 302 Casa Blanca San Antonio, TX.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 17,620 sq. ft. property with finished two‑level office areas; Approximately 12,800 sq. ft. of air‑conditioned warehouse space; Drive‑in bay door on one side and dock loading on the other
