Fronting Self Storage
For Sale
Contact for pricing
421 N General McMullen Dr, San Antonio, TX 78237
Self storage property fronting N General McMullen Dr with rebuilding completed in June 2025 after a fire.
Property Size98,615 SF
Price / SF$133.35
Days on Market162
Property Features for 421 N General McMullen Dr
General Information
Standard status
Active
Size
98,615 SF
Class
B
Property subtype
Self Storage
Site & Location
Traffic Count
26,151 vehicles/day
Road Access
Yes
Additional Details
Business Included
Yes
Building Details
Year Renovated
2025
Buildings
9
Units
1017
Listing Agency:
Colliers - Nashville, Tennessee
Listed By:
Ashley Compton · License #TN 77340
(615) 850-2774
Source:
Crexi
Added: Mar 27
Changed: Aug 31
Last Checked: Sep 4 at 5:25AM
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 Colliers - Nashville, Tennessee
Investment Insights
Based on property information with market context.
This self storage facility fronts N General McMullen Dr and is positioned for convenient, high-visibility access. A building destroyed by fire was rebuilt, with the expansion completed in June 2025. The fire-related repairs and maintenance drive abnormally high operating expense, and current physical occupancy is below normal.
The property fronts N General McMullen Dr, which carries approximately 26,151 AADT, and it is located about 6 miles west of downtown San Antonio. The surrounding area is described as having 324,879 residents and 139,753 housing units within a five-mile radius, with 50% of housing units renter-occupied. Yardi data cited in the remarks indicates 3-mile saturation of 2.22 SF per capita, including 1.57 SF non-climate-controlled and 0.65 SF climate-controlled.
The property fronts N General McMullen Dr, which carries approximately 26,151 AADT, and it is located about 6 miles west of downtown San Antonio. The surrounding area is described as having 324,879 residents and 139,753 housing units within a five-mile radius, with 50% of housing units renter-occupied. Yardi data cited in the remarks indicates 3-mile saturation of 2.22 SF per capita, including 1.57 SF non-climate-controlled and 0.65 SF climate-controlled.
Key Highlights
- Self‑storage property fronting N General McMullen Dr (26,151 AADT) with 6 miles west of downtown San Antonio.
- Rebuilding completed in June 2025 after a fire destroyed the prior building.
- Fire‑related Repairs and Maintenance operating expense has been abnormally high with below normal physical occupancy currently reported.
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
$996,110
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
7.57%
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%
$19,922,200
$19.9M
Cap Rate 7%
$14,230,143
$14.2M
Cap Rate 9%
$11,067,889
$11.1M
Market Conditions
NOI Build-Up for 98,615 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
$1.54M $15.60/SF
− Vacancy
−$115.4K −$1.17/SF
EGI
$1.42M $14.43/SF
− OpEx
−$426.9K −$4.33/SF
NOI
$996.1K $10.10/SF
Area
San Antonio, TX
Vacancy
7.50%
Lease Rate
$15.60 /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%
$19,922,200
Cap Rate 7%
$14,230,143
Cap Rate 9%
$11,067,889
Alternative Uses
Best Use
Self Storage
$14.23M
$12.45M – $16.60M
NOI $996,110 @ 7.0% cap · market cap 7.57%
Second Best
Warehouse
$9.79M
$8.56M – $11.42M
NOI $685,000 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$25.16M
$22.01M – $29.35M
NOI $1,760,851 @ 7.0% cap · market cap 13.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
26,151 VPD
Traffic count
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
732
Businesses Nearby
Explore this area
Business Placement
Demographics for 78237, TX
36,019
Population
12,998
Households
2.8
Avg Household Size
35
Median Age
6%
College-Educated
64%
High-School Grad
7.1 sq mi
ZIP Area
5,073
Density / Sq Mi
$40,233
Median Household Income
$27,038
Median Earnings
$987
Median Rent
$103,000
Median Home Value
Market
Vacancy Rate% for Industrial in San Antonio, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Self storage property fronting N General McMullen Dr with rebuilding completed in June 2025 after a fire.
Where is this self storage facility located?
The property is located at 421 N General McMullen Dr San Antonio, TX.
What is the asking price?
The asking price for this property is $13,150,000.
What are key features of this property?
This property features: Self‑storage property fronting N General McMullen Dr (26,151 AADT) with 6 miles west of downtown San Antonio.; Rebuilding completed in June 2025 after a fire destroyed the prior building.; Fire‑related Repairs and Maintenance operating expense has been abnormally high with below normal physical occupancy currently reported.
