Renovated 4-Unit Apartment
New
For Sale
$399,000
419 Harding Pl, San Antonio, TX 78203
Multi-Family (2-8 Units), San Antonio, TX
Property Size2,458 SF
Lot Size0.17 Acres
Price / SF$162.33
Days on Market5
Property Features for 419 Harding Pl
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM-4
Accessibility
Accessible Approach with Ramp
Elementary school
Smith
Middle school
Poe
High school
Highlands
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
1200
Standard status
Active
Size
2,458 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
4881
Building Details
Year built
1927
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Jesse Perez
(214) 202-7615
Added: Sep 18
Changed: Sep 21
Last Checked: Sep 22 at 1:06AM
MLS# 2017558
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.
This multifamily property includes four residential units plus a casita, with approximately 2,458 square feet of combined area on a 0.172-acre parcel. Renovation work was completed in 2024, and the property is currently fully occupied. An accessible approach with ramp is also provided.
The property is located near St. Philip's College, Downtown, nearby highways, and major employers. RM-4 zoning applies to the site. The improvements date to 1927, combining an established building history with updated interiors and a multi-unit layout.
The property is located near St. Philip's College, Downtown, nearby highways, and major employers. RM-4 zoning applies to the site. The improvements date to 1927, combining an established building history with updated interiors and a multi-unit layout.
Key Highlights
- Four units plus a casita
- Approximately 2,458 square feet of combined area
- Renovated in 2024
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
$25,108
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
6.29%
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%
$502,160
$502.2K
Cap Rate 7%
$358,686
$358.7K
Cap Rate 9%
$278,978
$279.0K
Market Conditions
NOI Build-Up for 2,458 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
$48.7K $19.80/SF
− Vacancy
−$3.0K −$1.23/SF
EGI
$45.7K $18.57/SF
− OpEx
−$20.5K −$8.36/SF
NOI
$25.1K $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%
$502,160
Cap Rate 7%
$358,686
Cap Rate 9%
$278,978
Alternative Uses
Best Use
Apartment 5plus
$358.7K
$313.9K – $418.5K
NOI $25,108 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$627.0K
$548.6K – $731.5K
NOI $43,890 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
483
Businesses Nearby
Explore this area
Business Placement
Demographics for 78203, TX
5,872
Population
2,380
Households
2.5
Avg Household Size
35
Median Age
14%
College-Educated
75%
High-School Grad
1.4 sq mi
ZIP Area
4,194
Density / Sq Mi
$34,815
Median Household Income
$28,146
Median Earnings
$989
Median Rent
$139,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Apartment building - Four residential units and a casita create a flexible multifamily configuration near major local destinations.
Where is this apartment building located?
The property is located at 419 Harding Pl San Antonio, TX.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Four units plus a casita; Approximately 2,458 square feet of combined area; Renovated in 2024
