Multifamily Property with Private
For Sale
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6423 Melissa Ann St, San Antonio, TX 78249
Residences include individual outdoor areas and an on-site dog park.
Property Size24,000 SF
Price / SF$177.08
Days on Market257
Property Features for 6423 Melissa Ann St
General Information
Standard status
Active
Size
24,000 SF
Property subtype
RETAIL
Amenities
dog park
Listing Agency:
JB Goodwin, REALTORS
(210) 581-9050
Listed By:
Linda Hinshaw
(512) 502-7551
Source:
Moodyscre
Added: Dec 23, 2025
Changed: Sep 4
Last Checked: Aug 30 at 6:10AM
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 JB Goodwin, REALTORS
Investment Insights
Based on property information with market context.
The Villas at Melissa Ann is a 24,000-square-foot multifamily property in San Antonio with units offering private exterior spaces. Depending on the residence, outdoor areas include terraces or covered patios. An on-site dog park adds a dedicated amenity for residents with pets.
The property is located at 6423 Melissa Ann St, with UTSA, La Cantera Shopping Center, and Six Flags identified as nearby destinations. Its residential setting and access to private outdoor space provide a straightforward multifamily configuration with resident-oriented amenities.
The property is located at 6423 Melissa Ann St, with UTSA, La Cantera Shopping Center, and Six Flags identified as nearby destinations. Its residential setting and access to private outdoor space provide a straightforward multifamily configuration with resident-oriented amenities.
Key Highlights
- 24,000‑square‑foot multifamily property
- Units feature terraces or covered patios
- On‑site dog park
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
$245,156
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
5.77%
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%
$4,903,120
$4.9M
Cap Rate 7%
$3,502,229
$3.5M
Cap Rate 9%
$2,723,956
$2.7M
Market Conditions
NOI Build-Up for 24,000 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
$475.2K $19.80/SF
− Vacancy
−$29.5K −$1.23/SF
EGI
$445.7K $18.57/SF
− OpEx
−$200.6K −$8.36/SF
NOI
$245.2K $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%
$4,903,120
Cap Rate 7%
$3,502,229
Cap Rate 9%
$2,723,956
Alternative Uses
Best Use
Apartment 5plus
$3.50M
$3.06M – $4.09M
NOI $245,156 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.12M
$5.36M – $7.14M
NOI $428,539 @ 7.0% cap · market cap 10.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
360
Businesses Nearby
Explore this area
Business Placement
Demographics for 78249, TX
56,996
Population
24,058
Households
2.4
Avg Household Size
30
Median Age
52%
College-Educated
96%
High-School Grad
14.5 sq mi
ZIP Area
3,931
Density / Sq Mi
$80,851
Median Household Income
$39,017
Median Earnings
$1,475
Median Rent
$284,200
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?
Multifamily property - Residences include individual outdoor areas and an on-site dog park.
Where is this multifamily property located?
The property is located at 6423 Melissa Ann St San Antonio, TX.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: 24,000‑square‑foot multifamily property; Units feature terraces or covered patios; On‑site dog park
