Four-Unit Multifamily
New
For Sale
$450,000
429 WHARTON ST, San Antonio, TX 78210
Multi-Family (2-8 Units), San Antonio, TX
Property Size3,689 SF
Lot Size0.19 Acres
Price / SF$121.98
Days on Market6
Property Features for 429 WHARTON ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
C-2
Elementary school
Green
Middle school
Poe
High school
Brackenridge
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
1900
Standard status
Active
Size
3,689 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
7907
Building Details
Year built
1922
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Jesse Perez · License #0811078
(214) 202-7615
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 27 at 1:06AM
MLS# 2018540
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.
Located at 429 Wharton St, this multifamily property contains four residential units and a separate office area within approximately 3,689 square feet. The property occupies about 0.193 acres and carries C-2 General Commercial zoning. Originally built in 1922, the layout combines residential accommodations with dedicated office space in one asset.
The property is positioned on San Antonio’s South Side, across from Riverside Golf Course and minutes from downtown. Roosevelt Avenue, the San Antonio River, Mission Reach hike trails, Mission Concepcion, Southtown dining, shopping, and entertainment are all identified in the surrounding area. Its location provides access to a range of recreational, cultural, dining, and retail destinations.
The property is positioned on San Antonio’s South Side, across from Riverside Golf Course and minutes from downtown. Roosevelt Avenue, the San Antonio River, Mission Reach hike trails, Mission Concepcion, Southtown dining, shopping, and entertainment are all identified in the surrounding area. Its location provides access to a range of recreational, cultural, dining, and retail destinations.
Key Highlights
- Four residential units plus a separate office space
- Approximately 3,689 square feet
- About 0.193 acres
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
$37,682
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
8.37%
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%
$753,640
$753.6K
Cap Rate 7%
$538,314
$538.3K
Cap Rate 9%
$418,689
$418.7K
Market Conditions
NOI Build-Up for 3,689 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
$73.0K $19.80/SF
− Vacancy
−$4.5K −$1.23/SF
EGI
$68.5K $18.57/SF
− OpEx
−$30.8K −$8.36/SF
NOI
$37.7K $10.21/SF
Area
San Antonio, TX
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$753,640
Cap Rate 7%
$538,314
Cap Rate 9%
$418,689
Alternative Uses
Best Use
Apartment 5plus
$538.3K
$471.0K – $628.0K
NOI $37,682 @ 7.0% cap · market cap 8.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$941.0K
$823.4K – $1.10M
NOI $65,870 @ 7.0% cap · market cap 14.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
Explore this area
Business Placement
Demographics for 78210, TX
33,010
Population
14,410
Households
2.3
Avg Household Size
38
Median Age
16%
College-Educated
76%
High-School Grad
7.3 sq mi
ZIP Area
4,522
Density / Sq Mi
$51,990
Median Household Income
$33,271
Median Earnings
$1,119
Median Rent
$172,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Four residential units with separate office space in a C-2 General Commercial setting.
Where is this multifamily property located?
The property is located at 429 WHARTON ST San Antonio, TX.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Four residential units plus a separate office space; Approximately 3,689 square feet; About 0.193 acres
