Updated Quadplex with Garage
For Sale
$729,999
438 West Kings Highway, San Antonio, TX 78212
Four-unit property with refreshed interiors and rear garage parking.
Property Size3,912 SF
Price / SF$186.61
Days on Market306
Property Features for 438 West Kings Highway
General Information
Standard status
Active
Size
3,912 SF
Property subtype
Multi-Family / Two Story
Additional Details
Highway Access
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$15,422
Amenities
Wood
Metal
Slab
Pre-Owned
Conventional, Cash
Patio Slab
Building Details
Year Built
1930
Listing Agency:
Real Broker, LLC
(210) 264-4637
Listed By:
Blanca Garcia-Garza
(210) 264-4637
Source:
Compass
Added: Oct 31, 2025
Changed: Aug 30
Last Checked: Aug 30 at 5:20PM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This 3,912-square-foot quadplex contains four residential units and was built in 1930. Recent work includes new interior paint, updated bathroom tile, and granite countertops. Wood interior elements, metal exterior materials, slab construction, and patio slabs are also identified. Each unit has access to garage parking at the rear of the property.
The property is positioned between I-10 and 281 in San Antonio, with proximity to UIW, Trinity University, Alamo Heights, The Pearl, Quarry Market, and Witte Museum. Its established construction and refreshed interior finishes provide a clear physical profile for multifamily ownership.
The property is positioned between I-10 and 281 in San Antonio, with proximity to UIW, Trinity University, Alamo Heights, The Pearl, Quarry Market, and Witte Museum. Its established construction and refreshed interior finishes provide a clear physical profile for multifamily ownership.
Key Highlights
- 3,912‑square‑foot quadplex with four residential units
- Built in 1930 with recent interior updates
- New paint, modern bathroom tile, and granite countertops
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
$45,028
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
6.17%
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%
$900,560
$900.6K
Cap Rate 7%
$643,257
$643.3K
Cap Rate 9%
$500,311
$500.3K
Market Conditions
NOI Build-Up for 3,912 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
$68.1K $17.40/SF
− Vacancy
−$3.7K −$0.96/SF
EGI
$64.3K $16.44/SF
− OpEx
−$19.3K −$4.93/SF
NOI
$45.0K $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%
$900,560
Cap Rate 7%
$643,257
Cap Rate 9%
$500,311
Alternative Uses
Best Use
Multifamily LT 5
$643.3K
$562.9K – $750.5K
NOI $45,028 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$570.9K
$499.5K – $666.0K
NOI $39,960 @ 7.0% cap · market cap 5.47%
Theoretical Best
Office A
$997.9K
$873.2K – $1.16M
NOI $69,852 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,073
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
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?
Quadplex - Four-unit property with refreshed interiors and rear garage parking.
Where is this quadplex located?
The property is located at 438 West Kings Highway San Antonio, TX.
What is the asking price?
The asking price for this property is $729,999.
What are key features of this property?
This property features: 3,912‑square‑foot quadplex with four residential units; Built in 1930 with recent interior updates; New paint, modern bathroom tile, and granite countertops
