Furnished Four-Unit
New
For Sale
$725,000
423 E ASHBY PL, San Antonio, TX 78212
Multi-Family (2-8 Units), San Antonio, TX
Property Size2,850 SF
Lot Size0.12 Acres
Price / SF$254.39
Days on Market5
Property Features for 423 E ASHBY PL
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MF
Elementary school
Margil
Middle school
Tafolla
High school
Edison
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
0900
Standard status
Active
Size
2,850 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
13170
Amenities
washer/dryer
off-street parking
mini golf hole
outdoor dry bar shed
shuffleboard table
poker table
adirondack seating area
cornhole
Building Details
Year built
1928
Listing Agency:
Rigel Realty LLC
(210) 979-7653
Listed By:
Jennifer Thompson
(210) 979-7657
Added: Sep 22
Last Checked: Sep 26 at 7:06PM
MLS# 2018182
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 1928 quadplex at 423 E Ashby Pl in San Antonio contains four one-bedroom, one-bath units within approximately 2,850 square feet on a 0.12-acre lot. The property is zoned MF and is furnished for continued short-term rental operation. Unit interiors include high ceilings, natural light, kitchens with gas cooking, full-size refrigerators and microwaves, plus tub-and-shower bathrooms. King-size beds fit comfortably in the bedrooms. Shared improvements include a utility area with washer and dryer, additional storage, and off-street parking.
Outdoor and guest-oriented features include a dry bar shed, mini golf hole, shuffleboard table, poker table, Adirondack seating, and cornhole. The property is in Tobin Hill with access to The Pearl, the River Walk, North St. Mary's entertainment district, downtown San Antonio, and area dining and shopping. Nearby road connections provide access to Fort Sam Houston, Brooke Army Medical Center, Trinity University, University of the Incarnate Word, San Antonio College, and medical facilities.
Outdoor and guest-oriented features include a dry bar shed, mini golf hole, shuffleboard table, poker table, Adirondack seating, and cornhole. The property is in Tobin Hill with access to The Pearl, the River Walk, North St. Mary's entertainment district, downtown San Antonio, and area dining and shopping. Nearby road connections provide access to Fort Sam Houston, Brooke Army Medical Center, Trinity University, University of the Incarnate Word, San Antonio College, and medical facilities.
Key Highlights
- Four 1‑bedroom, 1‑bath units in a quadplex configuration
- Approximately 2,850 square feet on a 0.12‑acre lot
- Furnished for continued short‑term rental operation
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
$32,804
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
4.52%
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%
$656,080
$656.1K
Cap Rate 7%
$468,629
$468.6K
Cap Rate 9%
$364,489
$364.5K
Market Conditions
NOI Build-Up for 2,850 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
$49.6K $17.40/SF
− Vacancy
−$2.7K −$0.96/SF
EGI
$46.9K $16.44/SF
− OpEx
−$14.1K −$4.93/SF
NOI
$32.8K $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%
$656,080
Cap Rate 7%
$468,629
Cap Rate 9%
$364,489
Alternative Uses
Best Use
Multifamily LT 5
$468.6K
$410.1K – $546.7K
NOI $32,804 @ 7.0% cap · market cap 4.52%
Second Best
Apartment 5plus
$415.9K
$363.9K – $485.2K
NOI $29,112 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$727.0K
$636.1K – $848.2K
NOI $50,889 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,894
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Established short-term rental setup with shared laundry, storage, and off-street parking.
Where is this quadplex located?
The property is located at 423 E ASHBY PL San Antonio, TX.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bath units in a quadplex configuration; Approximately 2,850 square feet on a 0.12‑acre lot; Furnished for continued short‑term rental operation
