10-Unit Apartment
For Sale
$659,999
402 Mulberry, San Antonio, TX 78212
Ten one-bedroom, one-bath residences offer a renovation-focused multifamily project near central San Antonio amenities.
Property Size4,320 SF
Price / SF$152.78
Days on Market18
Property Features for 402 Mulberry
General Information
Standard status
Active
Size
4,320 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
needs a little TLC
Units
Unit Mix
10 x 1BR/1BA
Multifamily Units
10
Building Details
Year Built
1931
Listing Agency:
Keller Williams Heritage
(210) 365-6192
Listed By:
Scott Malouff · License #658231
Source:
Theswinneygroup
Added: Aug 16
Changed: Aug 31
Last Checked: Aug 31 at 7:44PM
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 Heritage
Investment Insights
Based on property information with market context.
Built in 1931, this apartment property contains 10 one-bedroom, one-bath units within approximately 4,320 square feet. The existing configuration provides a defined multifamily layout, while the property’s current condition calls for renovation and hands-on improvement work.
The property is located at 402 Mulberry in San Antonio, near Downtown San Antonio and San Antonio College. Dining, entertainment, and major employers are also described as minutes away, placing the asset within an established urban setting with nearby institutional and employment destinations.
The property is located at 402 Mulberry in San Antonio, near Downtown San Antonio and San Antonio College. Dining, entertainment, and major employers are also described as minutes away, placing the asset within an established urban setting with nearby institutional and employment destinations.
Key Highlights
- 10 apartment units with a one‑bedroom, one‑bath configuration
- Approximately 4,320 square feet of multifamily space
- Built in 1931
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
$44,128
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
6.69%
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%
$882,560
$882.6K
Cap Rate 7%
$630,400
$630.4K
Cap Rate 9%
$490,311
$490.3K
Market Conditions
NOI Build-Up for 4,320 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
$85.5K $19.80/SF
− Vacancy
−$5.3K −$1.23/SF
EGI
$80.2K $18.57/SF
− OpEx
−$36.1K −$8.36/SF
NOI
$44.1K $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%
$882,560
Cap Rate 7%
$630,400
Cap Rate 9%
$490,311
Alternative Uses
Best Use
Apartment 5plus
$630.4K
$551.6K – $735.5K
NOI $44,128 @ 7.0% cap · market cap 6.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.10M
$964.2K – $1.29M
NOI $77,137 @ 7.0% cap · market cap 11.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
1,005
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 - Ten one-bedroom, one-bath residences offer a renovation-focused multifamily project near central San Antonio amenities.
Where is this apartment building located?
The property is located at 402 Mulberry San Antonio, TX.
What is the asking price?
The asking price for this property is $659,999.
What are key features of this property?
This property features: 10 apartment units with a one‑bedroom, one‑bath configuration; Approximately 4,320 square feet of multifamily space; Built in 1931
