Building Details

Year built 1937

Listing Agency: Suburban Spaces, LLC

Listed By: Chad Nall · License #550904 Show Phone

Added: Oct 30 Changed: Nov 1 Last Checked: Nov 4 at 3:06AM

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MLS# 2022766

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 3,072-square-foot quadplex contains four residences and was built in 1937. Thorman construction and a hand-cut limestone exterior distinguish the building, while interior features include hardwood flooring and ample closet storage. One residence has an updated kitchen with marble counters, a farmhouse sink, and new appliances, along with a mini-split system.

Work completed in 2025 added a concrete driveway, covered carport, and covered rear patio. Each unit has one covered parking space, and electricity is separately metered; tenants pay for their own electric service. The property occupies a 0.203-acre site in Olmos Park, within Alamo Heights ISD, with access to Downtown, The Pearl, Fort Sam Houston, Trinity University, and The Quarry.

Key Highlights

• Four occupied units in a 3,072‑square‑foot building
• Built in 1937 on a 0.203‑acre site
• Hand‑cut limestone exterior and Thorman construction

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$32,356

Cap Rate

5.06%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$647,120 $647.1K

Cap Rate 7%

$462,229 $462.2K

Cap Rate 9%

$359,511 $359.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,072 SF

Gross rent

$49.8K $16.20/SF

− Vacancy

−$3.5K −$1.15/SF

EGI

$46.2K $15.05/SF

− OpEx

−$13.9K −$4.51/SF

NOI

$32.4K $10.53/SF

Area

Bexar County, TX

Vacancy

7.12%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$647,120

Cap Rate 7%

$462,229

Cap Rate 9%

$359,511

Alternative Uses

Best Use

Multifamily LT 5

$462.2K

$404.5K – $539.3K (±1% cap)

NOI $32,356 @ 7.0% cap · market cap 5.06%

Second Best

Apartment 5plus

$401.9K

$351.7K – $468.9K (±1% cap)

NOI $28,132 @ 7.0% cap · market cap 4.40%

Theoretical Best

Office A

$831.5K

$727.5K – $970.0K (±1% cap)

NOI $58,202 @ 7.0% cap · market cap 9.09%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Location Intelligence

Trade Area within ½ mile

845

Businesses Nearby

Explore this area Business Placement

Demographics for 78212, TX

26,738

Population

13,399

Households

2

Avg Household Size

39

Median Age

39%

College-Educated

85%

High-School Grad

6.9 sq mi

ZIP Area

3,875

Density / Sq Mi

$60,222

Median Household Income

$40,037

Median Earnings

$1,084

Median Rent

$299,400

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Frequently Asked Questions

What type of property is this?

Quadplex - All four residences are occupied, with electricity separately metered and one covered parking space assigned to each unit.

Where is this quadplex located?

The property is located at 321 E MELROSE DR Olmos Park, TX.

What is the asking price?

The asking price for this property is $640,000.

What are key features of this property?

This property features: Four occupied units in a 3,072‑square‑foot building; Built in 1937 on a 0.203‑acre site; Hand‑cut limestone exterior and Thorman construction