Alta Vista Multifamily Value-Add
3221 N Flores San Antonio, TX 78212
3221 N Flores, San Antonio, TX, 78212
$950,000
For Sale
$950,000
MULTI_FAMILY - San Antonio, TX
Property Size4,039 SF
Lot Size0.29 Acres
Price / SF$235.21
Days on Market117
Property Features for 3221 N Flores
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R-6 CD NCD-2
- Standard status
- Active
- Size
- 4,039 SF
- Lot size
- 0.29 Acres
Taxes and HOA fees
- Tax Annual Amount
- 15474
Building Details
- Year built
- 1926
Listing agency
Keller Williams Heritage
(210) 493-3030
Listed by
Joel Leos
(210) 493-3030
Added: Mar 27 Updated: Jul 10 at 2:02PM Checked: Jul 21 at 3:06PM
MLS# 1939828
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.
Investment Insights
Based on property information with market context.
Located in the Alta Vista neighborhood, this multifamily property features six units totaling over 4,000 square feet. The property is an estate sale, presenting an opportunity for investors seeking repositioning or redevelopment. The property is not operating at market efficiency, and there are no long-term leases. Three units are occupied on a month-to-month basis at below-market rents, offering rent-growth potential. One unit is occupied by a family member at no rent. Another unit is a 2-bedroom / 1-bath currently under construction, providing additional value upon completion. The remaining unit offers further opportunity for optimization. Notable features include a central courtyard, on-site parking lot, and an in-ground swimming pool. Located along N Flores, the asset benefits from proximity to downtown San Antonio, The Pearl, and major employment centers. The property is suited for rent optimization, light-to-moderate renovation, completion of existing improvements, and professional management.
Key Highlights
- Value‑add opportunity in desirable Alta Vista neighborhood.
- Six units with over 4,000 SF, offering repositioning or redevelopment potential.
- Immediate rent‑growth potential with three units at below‑market rents and one vacant unit.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $80.0k | $19.80 |
| − Vacancy | −$5.0k | −$1.23 |
| EGI | $75.0k | $18.57 |
| − OpEx | −$33.8k | −$8.36 |
| NOI | $41.3k | $10.21 |
4,039 SF · lease $19.80/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$589.4K
$515.7K – $687.6K
NOI $41,258 @ 7.0% cap · market cap 4.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$901.5K – $1.20M
NOI $72,120 @ 7.0% cap · market cap 7.59%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Six-unit multifamily property with value-add potential in Alta Vista.
Where is this apartment building located?
The property is located at 3221 N Flores San Antonio, TX.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Value‑add opportunity in desirable Alta Vista neighborhood.; Six units with over 4,000 SF, offering repositioning or redevelopment potential.; Immediate rent‑growth potential with three units at below‑market rents and one vacant unit.
