7th-Floor Shell Office
For Sale
Contact for pricing
425 Soledad St, San Antonio, TX 78205
Shell office condo on the 7th floor with elevator access in Falcon Bank Condominium.
Property Size8,609 SF
Price / SF$232.32
Days on Market270
Property Features for 425 Soledad St
General Information
Standard status
Active
Size
8,609 SF
Elevators
Yes
Property subtype
OFFICE
Additional Details
Floor
7
Listing Agency:
JB Goodwin, REALTORS
(210) 581-9050
Listed By:
Linda Hinshaw
(512) 502-7551
Source:
Moodyscre
Added: Dec 23, 2025
Changed: Sep 10
Last Checked: Sep 18 at 11:07AM
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.
An 8,609 SF shell office condo on the 7th floor, offered as a blank-canvas space for a custom build-out for professional office or business use. The unit is located within Falcon Bank Condominium and includes elevator access.
The property is positioned in downtown San Antonio, with proximity to law firms, tech companies, and downtown amenities. The seller has condominium documents available, including the Fifth Amendment to the Declaration, Falcon Condominium rules, and easement agreements. There is no survey or floor plan.
Buyer should verify the square footage, legal description, HOA dues, parking options, and suitability for the intended use. HOA fees entered in MLS reflect prior records and may not be current, and no deeded parking conveys.
The property is positioned in downtown San Antonio, with proximity to law firms, tech companies, and downtown amenities. The seller has condominium documents available, including the Fifth Amendment to the Declaration, Falcon Condominium rules, and easement agreements. There is no survey or floor plan.
Buyer should verify the square footage, legal description, HOA dues, parking options, and suitability for the intended use. HOA fees entered in MLS reflect prior records and may not be current, and no deeded parking conveys.
Key Highlights
- 8,609 SF 7th‑floor shell office condo for custom build‑out
- Blank‑canvas space suited for professional office or business use
- Elevator access within Falcon Bank Condominium
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
$117,331
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
5.87%
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%
$2,346,620
$2.3M
Cap Rate 7%
$1,676,157
$1.7M
Cap Rate 9%
$1,303,678
$1.3M
Market Conditions
NOI Build-Up for 8,609 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
$190.1K $22.08/SF
− Vacancy
−$33.6K −$3.91/SF
EGI
$156.4K $18.17/SF
− OpEx
−$39.1K −$4.54/SF
NOI
$117.3K $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%
$2,346,620
Cap Rate 7%
$1,676,157
Cap Rate 9%
$1,303,678
Alternative Uses
Best Use
Office B
$1.68M
$1.47M – $1.96M
NOI $117,331 @ 7.0% cap · market cap 5.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.20M
$1.92M – $2.56M
NOI $153,721 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7,288
Businesses Nearby
Explore this area
Business Placement
Demographics for 78205, TX
2,339
Population
1,755
Households
1.3
Avg Household Size
43
Median Age
44%
College-Educated
84%
High-School Grad
1.2 sq mi
ZIP Area
1,949
Density / Sq Mi
$34,631
Median Household Income
$43,382
Median Earnings
$1,265
Median Rent
$470,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in San Antonio, TX
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Frequently Asked Questions
What type of property is this?
Office units - Shell office condo on the 7th floor with elevator access in Falcon Bank Condominium.
Where is this office units located?
The property is located at 425 Soledad St San Antonio, TX.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 8,609 SF 7th‑floor shell office condo for custom build‑out; Blank‑canvas space suited for professional office or business use; Elevator access within Falcon Bank Condominium
