Updated Triplex with Separate
For Sale
$415,000
Pending
531 W Gramercy Pl, San Antonio, TX 78212
Two units are leased, with a third available for occupancy or new tenancy.
Property Size2,658 SF
Days on Market31
Property Features for 531 W Gramercy Pl
General Information
Standard status
Pending
Size
2,658 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Building Details
Year Built
1925
Buildings
1
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Carmela Hampton
Source:
Mlsluxurygroup
Added: Aug 2
Changed: Aug 31
Last Checked: Aug 30 at 8:10PM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This triplex contains three separately metered residences within 2,658 square feet. The lower level includes two 1-bedroom, 1-bath units, while the upper level has one 2-bedroom, 1-bath unit. Two units are currently rented, and the remaining unit is vacant for an owner-occupant or incoming tenant.
Cosmetic improvements completed in 2025 provide refreshed interiors while leaving flexibility for further personalization. The property was built in 1925 and is located in Alta Vista, minutes from Downtown San Antonio, the Pearl, Trinity University, and major employers.
Cosmetic improvements completed in 2025 provide refreshed interiors while leaving flexibility for further personalization. The property was built in 1925 and is located in Alta Vista, minutes from Downtown San Antonio, the Pearl, Trinity University, and major employers.
Key Highlights
- Three separately metered units
- Two 1‑bedroom, 1‑bath units downstairs and one 2‑bedroom, 1‑bath unit upstairs
- 2,658 square feet
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
$30,594
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
7.37%
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%
$611,880
$611.9K
Cap Rate 7%
$437,057
$437.1K
Cap Rate 9%
$339,933
$339.9K
Market Conditions
NOI Build-Up for 2,658 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
$46.2K $17.40/SF
− Vacancy
−$2.5K −$0.96/SF
EGI
$43.7K $16.44/SF
− OpEx
−$13.1K −$4.93/SF
NOI
$30.6K $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%
$611,880
Cap Rate 7%
$437,057
Cap Rate 9%
$339,933
Alternative Uses
Best Use
Multifamily LT 5
$437.1K
$382.4K – $509.9K
NOI $30,594 @ 7.0% cap · market cap 7.37%
Second Best
Apartment 5plus
$387.9K
$339.4K – $452.5K
NOI $27,151 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$678.0K
$593.3K – $791.0K
NOI $47,461 @ 7.0% cap · market cap 11.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,073
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?
Triplex - Two units are leased, with a third available for occupancy or new tenancy.
Where is this triplex located?
The property is located at 531 W Gramercy Pl San Antonio, TX.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Three separately metered units; Two 1‑bedroom, 1‑bath units downstairs and one 2‑bedroom, 1‑bath unit upstairs; 2,658 square feet
