Gated Multifamily Apartment
For Sale
$4,100,000
451 Natalen Avenue, San Antonio, TX 78209
Gated apartment community with 10 covered parking spaces, resident laundry, and on-site storage areas.
Property Size14,160 SF
Price / SF$289.55
Days on Market80
Property Features for 451 Natalen Avenue
General Information
Standard status
Active
Size
14,160 SF
Total Parking Spaces
30
Property subtype
Commercial
Building Details
Year Built
1959
Tenancy
Multi
Listing Agency:
3D Realty & Property Management
Listed By:
Mary Jane Evans
(210) 865-8207
Source:
Phyllisbrowning
Added: Jun 19
Changed: Sep 5
Last Checked: Sep 5 at 8:11AM
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 3D Realty & Property Management
Investment Insights
Based on property information with market context.
This multifamily apartment building is configured with one-bedroom floorplans measuring approximately 400 to 600 square feet, supported by on-site resident laundry facilities. The property includes a gated entry and features parking with 10 covered spaces plus 20 outdoor spaces. Two large storage areas are also included, with room to convert into multiple individual storage units.
Located in the Mahncke Park subdivision, the property is described as minutes from downtown San Antonio and within walking distance of local cultural and natural attractions, including the San Antonio Botanical Garden, San Antonio Zoo, Witte Museum, and The Pearl.
All unit and building measurements are approximate. The asset is presented as a value-add opportunity, including the potential for cosmetic upgrades and additional revenue through storage-unit conversion.
Located in the Mahncke Park subdivision, the property is described as minutes from downtown San Antonio and within walking distance of local cultural and natural attractions, including the San Antonio Botanical Garden, San Antonio Zoo, Witte Museum, and The Pearl.
All unit and building measurements are approximate. The asset is presented as a value-add opportunity, including the potential for cosmetic upgrades and additional revenue through storage-unit conversion.
Key Highlights
- Gated multi‑family community in the Mahncke Park subdivision, minutes from downtown San Antonio
- 10 covered parking spaces plus 20 outdoor spaces for residents
- Resident laundry facilities on‑site
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
$144,642
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
3.53%
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%
$2,892,840
$2.9M
Cap Rate 7%
$2,066,314
$2.1M
Cap Rate 9%
$1,607,133
$1.6M
Market Conditions
NOI Build-Up for 14,160 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
$280.4K $19.80/SF
− Vacancy
−$17.4K −$1.23/SF
EGI
$263.0K $18.57/SF
− OpEx
−$118.3K −$8.36/SF
NOI
$144.6K $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%
$2,892,840
Cap Rate 7%
$2,066,314
Cap Rate 9%
$1,607,133
Alternative Uses
Best Use
Apartment 5plus
$2.07M
$1.81M – $2.41M
NOI $144,642 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.61M
$3.16M – $4.21M
NOI $252,838 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
700
Businesses Nearby
Explore this area
Business Placement
Demographics for 78209, TX
42,456
Population
22,771
Households
1.9
Avg Household Size
40
Median Age
62%
College-Educated
96%
High-School Grad
10.2 sq mi
ZIP Area
4,162
Density / Sq Mi
$84,180
Median Household Income
$57,921
Median Earnings
$1,371
Median Rent
$497,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Gated apartment community with 10 covered parking spaces, resident laundry, and on-site storage areas.
Where is this apartment building located?
The property is located at 451 Natalen Avenue San Antonio, TX.
What is the asking price?
The asking price for this property is $4,100,000.
What are key features of this property?
This property features: Gated multi‑family community in the Mahncke Park subdivision, minutes from downtown San Antonio; 10 covered parking spaces plus 20 outdoor spaces for residents; Resident laundry facilities on‑site
