Modern Multifamily
For Sale
$1,068,996
3214 N Elmendorf and 1735 Gramercy #201/301/302 San, San Antonio, TX 78201
2024 residences offer private suites, contemporary kitchens, and access to gated community amenities.
Property Size5,484 SF
Days on Market203
Property Features for 3214 N Elmendorf and 1735 Gramercy #201/301/302 San
General Information
Standard status
Active
Size
5,484 SF
Property subtype
Multi-Family
Amenities
gated community
guest parking
fenced dog park
Zoned
Composition
Building Details
Building Size
5,484 SF
Year Built
2024
Construction
Miami Deco-inspired
Listing Agency:
Keller Williams City View
(210) 365-6192
Listed By:
Scott Malouff · License #658231
(210) 365-6192
Source:
Kw
Added: Feb 10
Changed: Aug 30
Last Checked: Sep 1 at 12:30AM
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 City View
Investment Insights
Based on property information with market context.
Completed in 2024, this multifamily property features residences arranged with open-concept interiors, 10-foot ceilings, and wood-look tile flooring. Contemporary kitchens include stainless steel appliances and streamlined finishes, while the bedroom layouts incorporate private suites across the units.
The gated community provides guest parking and a fenced dog park. Short-term rentals are permitted, adding flexibility for both investment and owner-occupancy strategies. The property is located near Woodlawn Theatre, El Paraiso Ice Cream, and Woodlawn Lake Park in San Antonio.
The gated community provides guest parking and a fenced dog park. Short-term rentals are permitted, adding flexibility for both investment and owner-occupancy strategies. The property is located near Woodlawn Theatre, El Paraiso Ice Cream, and Woodlawn Lake Park in San Antonio.
Key Highlights
- 2024 multifamily development with open floor plans and 10‑foot ceilings
- Contemporary kitchens equipped with stainless steel appliances
- Private suites incorporated into bedroom layouts across the units
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
$56,018
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
5.24%
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%
$1,120,360
$1.1M
Cap Rate 7%
$800,257
$800.3K
Cap Rate 9%
$622,422
$622.4K
Market Conditions
NOI Build-Up for 5,484 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
$108.6K $19.80/SF
− Vacancy
−$6.7K −$1.23/SF
EGI
$101.9K $18.57/SF
− OpEx
−$45.8K −$8.36/SF
NOI
$56.0K $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 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%
$1,120,360
Cap Rate 7%
$800,257
Cap Rate 9%
$622,422
Alternative Uses
Best Use
Apartment 5plus
$800.3K
$700.2K – $933.6K
NOI $56,018 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.22M – $1.63M
NOI $97,921 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
868
Businesses Nearby
Explore this area
Business Placement
Demographics for 78201, TX
42,005
Population
18,661
Households
2.3
Avg Household Size
39
Median Age
17%
College-Educated
73%
High-School Grad
7.1 sq mi
ZIP Area
5,916
Density / Sq Mi
$46,129
Median Household Income
$30,517
Median Earnings
$1,033
Median Rent
$187,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - 2024 residences offer private suites, contemporary kitchens, and access to gated community amenities.
Where is this multifamily property located?
The property is located at 3214 N Elmendorf and 1735 Gramercy #201/301/302 San San Antonio, TX.
What is the asking price?
The asking price for this property is $1,068,996.
What are key features of this property?
This property features: 2024 multifamily development with open floor plans and 10‑foot ceilings; Contemporary kitchens equipped with stainless steel appliances; Private suites incorporated into bedroom layouts across the units
