Spanish Revival
For Sale
$430,000
421 Eleanor Ave, San Antonio, TX 78209
1936 property with two private one-bedroom, one-bath units and a private entry court.
Property Size1,324 SF
Price / SF$324.77
Days on Market21
Property Features for 421 Eleanor Ave
General Information
Standard status
Active
Size
1,324 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,518
Amenities
high ceilings
arched cutouts
custom wrought-iron accents
private entry court
Building Details
Year Built
1936
Construction
Spanish Revival
Listing Agency:
JB Goodwin, REALTORS
(210) 581-9050
Listed By:
David Boullosa
(210) 901-3365
Source:
Exprealty
Added: Aug 13
Changed: Aug 28
Last Checked: Sep 2 at 1:03AM
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 JB Goodwin, REALTORS
Investment Insights
Based on property information with market context.
Built in 1936, this Spanish Revival duplex contains two separate one-bedroom, one-bath residences. The property retains period character through high ceilings, arched openings, and custom wrought-iron details, while also including a private entry court. Each unit has its own private entrance, supporting separate residential use within the building.
The property occupies nearly a quarter of an acre at 421 Eleanor Ave in San Antonio’s Mahncke Park neighborhood, described as historic and tree-lined. Zoning supports additional unit construction at the rear, including an Accessory Dwelling Unit, additional rental units, or expansion of the existing footprint. The property is also positioned for potential conversion to a single-family residence.
The property occupies nearly a quarter of an acre at 421 Eleanor Ave in San Antonio’s Mahncke Park neighborhood, described as historic and tree-lined. Zoning supports additional unit construction at the rear, including an Accessory Dwelling Unit, additional rental units, or expansion of the existing footprint. The property is also positioned for potential conversion to a single-family residence.
Key Highlights
- 1936 Spanish Revival duplex at 421 Eleanor Ave, San Antonio, TX
- Two private 1 bed / 1 bath units
- Nearly a quarter‑acre lot in Mahncke Park
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
$15,239
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
3.54%
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%
$304,780
$304.8K
Cap Rate 7%
$217,700
$217.7K
Cap Rate 9%
$169,322
$169.3K
Market Conditions
NOI Build-Up for 1,324 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
$23.0K $17.40/SF
− Vacancy
−$1.3K −$0.96/SF
EGI
$21.8K $16.44/SF
− OpEx
−$6.5K −$4.93/SF
NOI
$15.2K $11.51/SF
Area
San Antonio, TX
Vacancy
5.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$304,780
Cap Rate 7%
$217,700
Cap Rate 9%
$169,322
Alternative Uses
Best Use
Multifamily LT 5
$217.7K
$190.5K – $254.0K
NOI $15,239 @ 7.0% cap · market cap 3.54%
Second Best
Apartment 5plus
$193.2K
$169.1K – $225.4K
NOI $13,524 @ 7.0% cap · market cap 3.15%
Theoretical Best
Office A
$337.7K
$295.5K – $394.0K
NOI $23,641 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
775
Businesses Nearby
Explore this area
Business Placement
Demographics for 78209, TX
42,456
Population
22,771
Households
1.9
Avg Household Size
40
Median Age
62%
College-Educated
96%
High-School Grad
10.2 sq mi
ZIP Area
4,162
Density / Sq Mi
$84,180
Median Household Income
$57,921
Median Earnings
$1,371
Median Rent
$497,500
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?
Duplex - 1936 property with two private one-bedroom, one-bath units and a private entry court.
Where is this duplex located?
The property is located at 421 Eleanor Ave San Antonio, TX.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: 1936 Spanish Revival duplex at 421 Eleanor Ave, San Antonio, TX; Two private 1 bed / 1 bath units; Nearly a quarter‑acre lot in Mahncke Park
