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 Market169
Property Features for 538 W Elsmere
General Information
Standard status
Active
Size
3,747 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 4BR/3BA, 1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,736
Amenities
Central Air
Electric, Central
Two Story
Building Details
Building Size
3,747 SF
Year Built
1930
Stories
2
Listing Agency:
Engel & Volkers Alamo Heights
Listed By:
Susan Sheffield
(210) 845-1008
Source:
Evrealestate
Added: May 1
Changed: Oct 14
Last Checked: Oct 16 at 7:07AM
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
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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 / Yr
$43,128
Cap Rate
7.20%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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
