Fenced Flex Space with
For Sale
Contact for pricing
5038 Callaghan Rd, San Antonio, TX 78228
Flex property combining shop, office, and retail functions with secured gated access and a drive-in bay.
Property Size2,500 SF
Price / SF$159.60
Days on Market171
Property Features for 5038 Callaghan Rd
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Industrial, Mixed Use, Office, Retail
Zoning
C-3
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$38,400
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Office Build-Out
1,000 SF
Drive-In Doors
1
Additional Details
Service Bays
1
Amenities
vehicle lift
bathrooms
secure storage
Building Details
Tenancy
Single
Listing Agency:
Our Texas Real Estate, LLC
Listed By:
Tyler Bradford · License #818448
Source:
Crexi
Added: Mar 16
Changed: Sep 1
Last Checked: Aug 31 at 11:29PM
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 Our Texas Real Estate, LLC
Investment Insights
Based on property information with market context.
This C-3-zoned flex property combines approximately 1,600 SF of shop area with roughly 1,000 SF of dedicated office space. The shop includes an existing vehicle lift, while the office area can accommodate reception and administrative functions. A drive-in bay supports vehicle access between the property and shop area.
Bathroom plumbing is installed in both the shop and office portions. The entire perimeter is fenced and gated, providing controlled access for vehicles, equipment, and stored materials. Located at 5038 Callaghan Rd in San Antonio, the property offers a blended configuration for automotive, service, office, or retail-oriented operations.
Bathroom plumbing is installed in both the shop and office portions. The entire perimeter is fenced and gated, providing controlled access for vehicles, equipment, and stored materials. Located at 5038 Callaghan Rd in San Antonio, the property offers a blended configuration for automotive, service, office, or retail-oriented operations.
Key Highlights
- Approximately 1,600 SF shop area with an existing vehicle lift
- Roughly 1,000 SF of dedicated office space
- Drive‑in bay supports vehicle access
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
$34,072
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
8.54%
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%
$681,440
$681.4K
Cap Rate 7%
$486,743
$486.7K
Cap Rate 9%
$378,578
$378.6K
Market Conditions
NOI Build-Up for 2,500 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
$55.2K $22.08/SF
− Vacancy
−$9.8K −$3.91/SF
EGI
$45.4K $18.17/SF
− OpEx
−$11.4K −$4.54/SF
NOI
$34.1K $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%
$681,440
Cap Rate 7%
$486,743
Cap Rate 9%
$378,578
Alternative Uses
Best Use
Office B
$486.7K
$425.9K – $567.9K
NOI $34,072 @ 7.0% cap · market cap 8.54%
Second Best
Retail
$478.1K
$418.3K – $557.8K
NOI $33,466 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$637.7K
$558.0K – $744.0K
NOI $44,640 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
1
Service bays
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
787
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
Market
Vacancy Rate% for Office in San Antonio, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex property combining shop, office, and retail functions with secured gated access and a drive-in bay.
Where is this flex space located?
The property is located at 5038 Callaghan Rd San Antonio, TX.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Approximately 1,600 SF shop area with an existing vehicle lift; Roughly 1,000 SF of dedicated office space; Drive‑in bay supports vehicle access
