San Antonio Multifamily Investment
For Sale
$749,000
602 Chauncey Drive, San Antonio, TX 78216
Six-unit multifamily property with value-add potential in San Antonio.
Property Size6,432 SF
Price / SF$116.45
Days on Market117
Property Features for 602 Chauncey Drive
General Information
Standard status
Active
Size
6,432 SF
Property subtype
MF
Building Details
Year Built
1982
Listing Agency:
Keller Williams Heritage
(210) 264-2087
Listed By:
Patricia Chavez · License #498385
(210) 264-2087
Source:
Realnex
Added: May 8
Changed: Jul 10
Last Checked: Jul 10 at 1:35PM
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 Keller Williams Heritage
Investment Insights
Based on property information with market context.
Located in North Central San Antonio, 602 Chauncey Drive presents a multifamily investment opportunity featuring six units. Constructed in 1982 and zoned MF-33, the property includes two buildings. Building 1 encompasses approximately 4,200 square feet, while Building 2 offers approximately 2,232 square feet, totaling approximately 6,432 square feet. The unit mix consists of five 2-bedroom/2-bath units and one 1-bedroom/1-bath unit. The property benefits from long-term tenants and separate electric meters. A large shared tenant storage room is available, along with an on-site utility/laundry room equipped with several coin-operated washers and dryers. The landlord currently covers water expenses, presenting a potential opportunity for future upside through RUBS implementation at lease renewal. The reported 2025 Net Operating Income (NOI) is $40,271.85, with additional upside potential achievable through rent growth, utility reimbursement, laundry income, and operational improvements. This asset offers investors a stabilized multifamily property with value-add potential in an established San Antonio rental submarket.
Key Highlights
- Stabilized 6‑unit multifamily property in North Central San Antonio.
- Value‑add potential through rent growth, utility reimbursement (RUBS), laundry income, and operational improvements.
- Reported 2025 NOI of $40,271.85.
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
$65,702
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
8.77%
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%
$1,314,040
$1.3M
Cap Rate 7%
$938,600
$938.6K
Cap Rate 9%
$730,022
$730.0K
Market Conditions
NOI Build-Up for 6,432 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
$127.4K $19.80/SF
− Vacancy
−$7.9K −$1.23/SF
EGI
$119.5K $18.57/SF
− OpEx
−$53.8K −$8.36/SF
NOI
$65.7K $10.21/SF
Area
San Antonio, TX
Vacancy
6.20%
Lease Rate
$19.80 /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%
$1,314,040
Cap Rate 7%
$938,600
Cap Rate 9%
$730,022
Alternative Uses
Best Use
Apartment 5plus
$938.6K
$821.3K – $1.10M
NOI $65,702 @ 7.0% cap · market cap 8.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.64M
$1.44M – $1.91M
NOI $114,849 @ 7.0% cap · market cap 15.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,626
Businesses Nearby
Explore this area
Business Placement
Demographics for 78216, TX
40,172
Population
22,138
Households
1.8
Avg Household Size
37
Median Age
34%
College-Educated
90%
High-School Grad
14.1 sq mi
ZIP Area
2,849
Density / Sq Mi
$55,488
Median Household Income
$38,591
Median Earnings
$1,211
Median Rent
$281,700
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?
Apartment building - Six-unit multifamily property with value-add potential in San Antonio.
Where is this apartment building located?
The property is located at 602 Chauncey Drive San Antonio, TX.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Stabilized 6‑unit multifamily property in North Central San Antonio.; Value‑add potential through rent growth, utility reimbursement (RUBS), laundry income, and operational improvements.; Reported 2025 NOI of $40,271.85.
