Tobin Hill Four-Unit
For Sale
$599,900
508 E DEWEY PL San, San Antonio, TX 78212
Four-unit property in Tobin Hill with expansion potential.
Property Size2,442 SF
Lot Size0.26 Acres
Days on Market396
Property Features for 508 E DEWEY PL San
General Information
Standard status
Active
Size
2,442 SF
Lot size
0.26 Acres
Property subtype
Multi-Family
Amenities
Three+ Central
Composition
Building Details
Building Size
2,442 SF
Year Built
1930
Listing Agency:
KELLER WILLIS SAN ANTONIO INC
(210) 887-7080
Listed By:
Danny Charbel · License #582344
(210) 887-7080
Source:
Kw
Added: Jul 31, 2025
Changed: Aug 27
Last Checked: Aug 29 at 5:06PM
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 KELLER WILLIS SAN ANTONIO INC
Investment Insights
Based on property information with market context.
This four-unit property is located in Tobin Hill, offering access to the St. Mary's strip. The 0.26-acre lot is zoned for up to 8 units, providing expansion possibilities. The building includes three 1-bedroom, 1-bathroom units and one 2-bedroom, 1-bathroom unit. The property caters to a diverse tenant base, including students, tourists, locals, and service & medical industry professionals. Modern upgrades include central HVAC units, separately metered utilities, plumbing updates, gas water heaters, pier & beam foundation corrections, and spray foam insulation. Rear access is available via a through-street/alley. An on-site laundry room adds practicality. This property is a solid investment.
Key Highlights
- Zoned for up to 8 units, allowing for significant expansion and increased income potential.
- Prime location in Tobin Hill with immediate access to the St. Mary's Strip.
- Four‑unit property with a mix of unit sizes (three 1‑bedroom, one 2‑bedroom) catering to a diverse tenant base.
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
$28,108
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
4.69%
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%
$562,160
$562.2K
Cap Rate 7%
$401,543
$401.5K
Cap Rate 9%
$312,311
$312.3K
Market Conditions
NOI Build-Up for 2,442 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
$42.5K $17.40/SF
− Vacancy
−$2.3K −$0.96/SF
EGI
$40.2K $16.44/SF
− OpEx
−$12.0K −$4.93/SF
NOI
$28.1K $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%
$562,160
Cap Rate 7%
$401,543
Cap Rate 9%
$312,311
Alternative Uses
Best Use
Multifamily LT 5
$401.5K
$351.4K – $468.5K
NOI $28,108 @ 7.0% cap · market cap 4.69%
Second Best
Apartment 5plus
$356.4K
$311.8K – $415.8K
NOI $24,945 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$622.9K
$545.1K – $726.7K
NOI $43,604 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,357
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit property in Tobin Hill with expansion potential.
Where is this quadplex located?
The property is located at 508 E DEWEY PL San San Antonio, TX.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Zoned for up to 8 units, allowing for significant expansion and increased income potential.; Prime location in Tobin Hill with immediate access to the St. Mary's Strip.; Four‑unit property with a mix of unit sizes (three 1‑bedroom, one 2‑bedroom) catering to a diverse tenant base.
