Multifamily Property with
For Sale
$114,500
523 Topeka Boulevard, San Antonio, TX 78210
Duplex efficiencies accompany a separate multi-unit property with updated finishes, mature trees, and convenient access to downtown amenities.
Property Size880 SF
Price / SF$130.11
Days on Market634
Property Features for 523 Topeka Boulevard
General Information
Standard status
Active
Size
880 SF
Property subtype
Multi-Family / One Story
Net Operating Income
$4,564
Financials
Asking Price
$338,500
Gross Income
$46,380
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA, 1 x studio, 2 x efficiency
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$2,717
Amenities
Wood
Composition
Conventional, FHA, Cash, Investors OK
Mature Trees, Level
Building Details
Year Built
1950
Buildings
2
Listing Agency:
David Foster, Broker
(512) 751-1100
Listed By:
David Foster · License #0519039
(512) 751-1100
Source:
Compass
Added: Dec 6, 2024
Changed: Aug 29
Last Checked: Aug 29 at 8:51PM
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 David Foster, Broker
Investment Insights
Based on property information with market context.
This multifamily offering includes 523 Topeka Boulevard, a duplex arranged as two efficiency apartments, together with the related property at 519 Topeka Boulevard. The combined offering includes five units. At 519 Topeka, the unit mix consists of a two-bedroom, one-bath unit, a three-bedroom, one-bath unit, and a studio. The larger units feature hardwood flooring, substantial window and door moldings, spacious rooms, and central air conditioning. The studio was remodeled recently and includes a cooktop, window air conditioning, and private street-access parking.
The buildings share a water meter and are offered together. The 519 Topeka improvements received a new roof in 2025, and all units were painted on the exterior that year. The properties sit on large, level lots with mature trees and are within walking distance of restaurants and shopping, with downtown access nearby.
The buildings share a water meter and are offered together. The 519 Topeka improvements received a new roof in 2025, and all units were painted on the exterior that year. The properties sit on large, level lots with mature trees and are within walking distance of restaurants and shopping, with downtown access nearby.
Key Highlights
- Five total units across 519 and 523 Topeka Boulevard
- 523 Topeka includes a fully rented duplex of two efficiency apartments
- 519 Topeka unit mix: 2/1, 3/1, and studio
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
$10,129
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
8.85%
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%
$202,580
$202.6K
Cap Rate 7%
$144,700
$144.7K
Cap Rate 9%
$112,544
$112.5K
Market Conditions
NOI Build-Up for 880 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
$15.3K $17.40/SF
− Vacancy
−$842 −$0.96/SF
EGI
$14.5K $16.44/SF
− OpEx
−$4.3K −$4.93/SF
NOI
$10.1K $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%
$202,580
Cap Rate 7%
$144,700
Cap Rate 9%
$112,544
Alternative Uses
Best Use
Multifamily LT 5
$144.7K
$126.6K – $168.8K
NOI $10,129 @ 7.0% cap · market cap 8.85%
Second Best
Apartment 5plus
$128.4K
$112.4K – $149.8K
NOI $8,989 @ 7.0% cap · market cap 7.85%
Theoretical Best
Office A
$224.5K
$196.4K – $261.9K
NOI $15,713 @ 7.0% cap · market cap 13.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
450
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Duplex efficiencies accompany a separate multi-unit property with updated finishes, mature trees, and convenient access to downtown amenities.
Where is this multifamily property located?
The property is located at 523 Topeka Boulevard San Antonio, TX.
What is the asking price?
The asking price for this property is $114,500.
What are key features of this property?
This property features: Five total units across 519 and 523 Topeka Boulevard; 523 Topeka includes a fully rented duplex of two efficiency apartments; 519 Topeka unit mix: 2/1, 3/1, and studio
