Historic Colonial 8-Unit
For Sale
$2,000,000
527 W San Antonio St, San Marcos, TX 78666
Unique investment opportunity: historic 8-unit mansion in San Marcos.
Property Size7,396 SF
Price / SF$270.42
Days on Market183
Property Features for 527 W San Antonio St
General Information
Standard status
Active
Size
7,396 SF
Building Details
Year Built
1940
Listing Agency:
Vance J. Elliott
Listed By:
Cari Patterson · License #0416464
(512) 423-0698
Source:
Texasrealtygroup
Added: Mar 10
Changed: Sep 8
Last Checked: Sep 7 at 8:31AM
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 Vance J. Elliott
Investment Insights
Based on property information with market context.
This historic, multi-family property is an 8-unit mansion located in the city’s historic district. Each unit features its own kitchen, bedroom, and bathroom. The property showcases architectural charm with wrap-around porches. Tenant parking is available in a private lot located at the rear of the property, along with an on-site laundry room. Situated within walking distance to the downtown square, the property provides access to dining, shopping, and entertainment options. The property is 100% leased through Summer 2026 and benefits from a rental history, making it an income-producing investment. The actual date of construction is unknown but is believed to be prior to 1940.
Key Highlights
- 100% Leased through Summer 2026, providing immediate and stable income
- Historic 8‑Unit Colonial Mansion - a unique and rare investment opportunity
- Multi‑Family Zoned allows for continued rental income potential
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
$113,374
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
5.67%
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%
$2,267,480
$2.3M
Cap Rate 7%
$1,619,629
$1.6M
Cap Rate 9%
$1,259,711
$1.3M
Market Conditions
NOI Build-Up for 7,396 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
$217.4K $29.40/SF
− Vacancy
−$11.3K −$1.53/SF
EGI
$206.1K $27.87/SF
− OpEx
−$92.8K −$12.54/SF
NOI
$113.4K $15.33/SF
Area
Hays County, TX
Vacancy
5.20%
Lease Rate
$29.40 /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%
$2,267,480
Cap Rate 7%
$1,619,629
Cap Rate 9%
$1,259,711
Alternative Uses
Best Use
Apartment 5plus
$1.62M
$1.42M – $1.89M
NOI $113,374 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.09M
$2.71M – $3.61M
NOI $216,420 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,582
Businesses Nearby
Explore this area
Business Placement
Demographics for 78666, TX
86,584
Population
36,354
Households
2.4
Avg Household Size
27
Median Age
35%
College-Educated
89%
High-School Grad
192.4 sq mi
ZIP Area
450
Density / Sq Mi
$55,478
Median Household Income
$25,890
Median Earnings
$1,294
Median Rent
$271,900
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 - Unique investment opportunity: historic 8-unit mansion in San Marcos.
Where is this apartment building located?
The property is located at 527 W San Antonio St San Marcos, TX.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 100% Leased through Summer 2026, providing immediate and stable income; Historic 8‑Unit Colonial Mansion - a unique and rare investment opportunity; Multi‑Family Zoned allows for continued rental income potential
