Alta Vista Multifamily Value-Add
For Sale
$950,000
3221 N Flores, San Antonio, TX 78212
MULTI_FAMILY - San Antonio, TX
Property Size4,039 SF
Lot Size0.29 Acres
Price / SF$235.21
Days on Market128
Property Features for 3221 N Flores
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-6 CD NCD-2
Elementary school
Call District
Middle school
Call District
High school
Call District
Elementary school district
San Antonio I.S.D.
Middle school district
San Antonio I.S.D.
High school district
San Antonio I.S.D.
Subdivision
0900
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 · Keller Williams Realty
(210) 493-3030
Listed By:
Joel Leos
(210) 493-3030
Added: Mar 27
Changed: Jul 10
Last Checked: Aug 1 at 8:06PM
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.
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,574
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
Questions? Ask Rey
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Frequently Asked Questions
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.
