Flex Space with Flexible
For Sale
$239,999
4230 Culebra Rd, San Antonio, TX 78228
Flexible flex space with customizable finishes and strong visibility on Culebra Rd.
Property Size931 SF
Price / SF$257.79
Days on Market58
Property Features for 4230 Culebra Rd
General Information
Standard status
Active
Size
931 SF
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,555
Listing Agency:
Legendary Realty
(210) 214-2685
Listed By:
Denisse Venegas
(210) 404-8361
Source:
Exprealty
Added: Jul 23
Changed: Sep 11
Last Checked: Sep 17 at 5:03AM
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 Legendary Realty
Investment Insights
Based on property information with market context.
This flex space offers a flexible layout suitable for a variety of uses. The space can function as offices, a retail store, or a flex building, with room to customize finishes based on the end user’s needs. At 4230 Culebra Rd, the property is sized at 931 SF.
The site is positioned for visibility along Culebra Rd, providing strong exposure for drive-by traffic. It is described as a highly accessible location, which can support customer and employee access depending on the intended use.
The site is positioned for visibility along Culebra Rd, providing strong exposure for drive-by traffic. It is described as a highly accessible location, which can support customer and employee access depending on the intended use.
Key Highlights
- Flexible layout for offices, retail store, or flex building with customizable finishes
- 931 SF flex space at 4230 Culebra Rd
- Excellent visibility along Culebra Rd
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
$12,688
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
5.29%
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%
$253,760
$253.8K
Cap Rate 7%
$181,257
$181.3K
Cap Rate 9%
$140,978
$141.0K
Market Conditions
NOI Build-Up for 931 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
$20.6K $22.08/SF
− Vacancy
−$3.6K −$3.91/SF
EGI
$16.9K $18.17/SF
− OpEx
−$4.2K −$4.54/SF
NOI
$12.7K $13.63/SF
Area
San Antonio, TX
Vacancy
17.70%
Lease Rate
$22.08 /SF/Yr
Expense Ratio
25.00%
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%
$253,760
Cap Rate 7%
$181,257
Cap Rate 9%
$140,978
Alternative Uses
Best Use
Office B
$181.3K
$158.6K – $211.5K
NOI $12,688 @ 7.0% cap · market cap 5.29%
Second Best
Industrial
$76.1K
$66.6K – $88.8K
NOI $5,326 @ 7.0% cap · market cap 2.22%
Theoretical Best
Office A
$237.5K
$207.8K – $277.1K
NOI $16,624 @ 7.0% cap · market cap 6.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
273
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 78228, TX
56,369
Population
21,397
Households
2.6
Avg Household Size
37
Median Age
14%
College-Educated
74%
High-School Grad
10.9 sq mi
ZIP Area
5,171
Density / Sq Mi
$50,865
Median Household Income
$30,811
Median Earnings
$1,004
Median Rent
$164,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in San Antonio, TX
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible flex space with customizable finishes and strong visibility on Culebra Rd.
Where is this flex space located?
The property is located at 4230 Culebra Rd San Antonio, TX.
What is the asking price?
The asking price for this property is $239,999.
What are key features of this property?
This property features: Flexible layout for offices, retail store, or flex building with customizable finishes; 931 SF flex space at 4230 Culebra Rd; Excellent visibility along Culebra Rd
