Historic Three-Unit
For Sale
$599,000
538 W Elsmere, San Antonio, TX 78212
Three residences include a two-story home, an upstairs flat, and a private one-bedroom unit.
Property Size3,747 SF
Price / SF$159.86
Days on Market11
Property Features for 538 W Elsmere
General Information
Standard status
Active
Size
3,747 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/3BA, 1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1930
Listing Agency:
Engel & Volkers Alamo Heights
(210) 845-1008
Listed By:
Susan Sheffield
Source:
Shebaramos
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 31 at 7:32PM
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 Engel & Volkers Alamo Heights
Investment Insights
Based on property information with market context.
Built in 1930, this triplex at 538 W. Elsmere combines three separately configured residences within a 3,747-square-foot property. The primary home spans two stories with four bedrooms, three bathrooms, a main-level sunroom, an upstairs loft, and a fenced yard. A second residence is an upstairs flat with three bedrooms and two bathrooms, while the third is a private one-bedroom, one-bathroom unit.
The property is located in San Antonio’s historic Beacon Hill district, with The Pearl, San Antonio College, and Downtown only minutes away. The varied layouts provide distinct residential configurations within one multifamily asset.
The property is located in San Antonio’s historic Beacon Hill district, with The Pearl, San Antonio College, and Downtown only minutes away. The varied layouts provide distinct residential configurations within one multifamily asset.
Key Highlights
- 3,747‑square‑foot triplex built in 1930
- Three‑unit layout with 4‑bedroom, 3‑bedroom, and 1‑bedroom residences
- Two‑story primary residence includes 4 bedrooms and 3 bathrooms
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
$43,128
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
7.20%
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%
$862,560
$862.6K
Cap Rate 7%
$616,114
$616.1K
Cap Rate 9%
$479,200
$479.2K
Market Conditions
NOI Build-Up for 3,747 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
$65.2K $17.40/SF
− Vacancy
−$3.6K −$0.96/SF
EGI
$61.6K $16.44/SF
− OpEx
−$18.5K −$4.93/SF
NOI
$43.1K $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%
$862,560
Cap Rate 7%
$616,114
Cap Rate 9%
$479,200
Alternative Uses
Best Use
Multifamily LT 5
$616.1K
$539.1K – $718.8K
NOI $43,128 @ 7.0% cap · market cap 7.20%
Second Best
Apartment 5plus
$546.8K
$478.4K – $637.9K
NOI $38,275 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$955.8K
$836.3K – $1.12M
NOI $66,906 @ 7.0% cap · market cap 11.17%
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
1,037
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 - Three residences include a two-story home, an upstairs flat, and a private one-bedroom unit.
Where is this triplex located?
The property is located at 538 W Elsmere San Antonio, TX.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 3,747‑square‑foot triplex built in 1930; Three‑unit layout with 4‑bedroom, 3‑bedroom, and 1‑bedroom residences; Two‑story primary residence includes 4 bedrooms and 3 bathrooms
