Two-Story Residential Income
For Sale
$849,950
406 E Mulberry, San Antonio, TX 78212
Historic two-story property with central air and electric central heating.
Property Size3,180 SF
Price / SF$267.28
Days on Market33
Property Features for 406 E Mulberry
General Information
Standard status
Active
Size
3,180 SF
Property subtype
Residential Income
Net Operating Income
$39,980
Taxes and HOA fees
Annual Taxes
$13,300
Amenities
Central Air
Electric, Central
Two Story, Historic/Older
Building Details
Building Size
3,180 SF
Year Built
1925
Stories
2
Listing Agency:
(210) 885-7569
Listed By:
Andy Perez
(210) 885-7569
Source:
Evrealestate
Added: Jul 11
Changed: Aug 2
Last Checked: Aug 12 at 6:29AM
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 Andy Perez
Investment Insights
Based on property information with market context.
This residential income property at 406 E Mulberry in San Antonio offers 3,180 square feet across a two-story configuration. Built in 1925, the property carries an older, historic character while providing central air and electric central heating.
The property is in Bexar County. From the intersection of Hwy 281 and Mulberry, the site is reached by heading west on Mulberry; it is positioned on the left at the end of the second block.
The property is in Bexar County. From the intersection of Hwy 281 and Mulberry, the site is reached by heading west on Mulberry; it is positioned on the left at the end of the second block.
Key Highlights
- 3,180‑square‑foot residential income property
- Two‑story configuration with historic/older character
- Built in 1925
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
$32,483
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
3.82%
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%
$649,660
$649.7K
Cap Rate 7%
$464,043
$464.0K
Cap Rate 9%
$360,922
$360.9K
Market Conditions
NOI Build-Up for 3,180 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
$63.0K $19.80/SF
− Vacancy
−$3.9K −$1.23/SF
EGI
$59.1K $18.57/SF
− OpEx
−$26.6K −$8.36/SF
NOI
$32.5K $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%
$649,660
Cap Rate 7%
$464,043
Cap Rate 9%
$360,922
Alternative Uses
Best Use
Apartment 5plus
$464.0K
$406.0K – $541.4K
NOI $32,483 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$811.2K
$709.8K – $946.4K
NOI $56,781 @ 7.0% cap · market cap 6.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,136
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Historic two-story property with central air and electric central heating.
Where is this residential income property located?
The property is located at 406 E Mulberry San Antonio, TX.
What is the asking price?
The asking price for this property is $849,950.
What are key features of this property?
This property features: 3,180‑square‑foot residential income property; Two‑story configuration with historic/older character; Built in 1925
