Newer Income Duplex For
For Sale
$400,000
6650 Mia Way, San Antonio, TX 78233
Two-story duplex with both sides currently occupied, featuring upstairs bedrooms and laundry rooms on each side.
Property Size2,614 SF
Price / SF$153.02
Days on Market341
Property Features for 6650 Mia Way
General Information
Standard status
Active
Size
2,614 SF
Property subtype
Multi-Family / Two Story
Occupancy
100%
Net Operating Income
$32,926
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,652
Amenities
Carpeting, Ceramic Tile
Composition
Slab
Conventional, FHA, VA, Cash
Covered Patio
Building Details
Year Built
2018
Tenancy
Multi
Listing Agency:
San Antonio Elite Realty
Listed By:
Jeff Smith · License #0430382
(210) 710-5326
Source:
Compass
Added: Oct 1, 2025
Changed: Aug 8
Last Checked: Jul 21 at 5:23AM
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 San Antonio Elite Realty
Investment Insights
Based on property information with market context.
This newer income-producing duplex offers two attached residential units, with large living, dining, and kitchen areas on each side. Each unit has bedrooms and a laundry room located upstairs, and the sale includes all appliances listed in the remarks, including refrigerators.
Both sides are occupied at this time, and the owners report they have never had issues renting them. The property is described as having no mandatory HOA and no property management requirement.
Whether you plan to rent both sides or live in one and rent the other, the layout supports separate unit living with dedicated indoor space throughout each side.
Both sides are occupied at this time, and the owners report they have never had issues renting them. The property is described as having no mandatory HOA and no property management requirement.
Whether you plan to rent both sides or live in one and rent the other, the layout supports separate unit living with dedicated indoor space throughout each side.
Key Highlights
- Two‑story duplex built in 2018 with both sides currently occupied
- Covered patio and composition roofing; slab foundation
- Each side features large living, dining, and kitchen areas
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
$30,087
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
7.52%
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%
$601,740
$601.7K
Cap Rate 7%
$429,814
$429.8K
Cap Rate 9%
$334,300
$334.3K
Market Conditions
NOI Build-Up for 2,614 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
$45.5K $17.40/SF
− Vacancy
−$2.5K −$0.96/SF
EGI
$43.0K $16.44/SF
− OpEx
−$12.9K −$4.93/SF
NOI
$30.1K $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%
$601,740
Cap Rate 7%
$429,814
Cap Rate 9%
$334,300
Alternative Uses
Best Use
Multifamily LT 5
$429.8K
$376.1K – $501.5K
NOI $30,087 @ 7.0% cap · market cap 7.52%
Second Best
Apartment 5plus
$381.5K
$333.8K – $445.0K
NOI $26,702 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$666.8K
$583.4K – $777.9K
NOI $46,675 @ 7.0% cap · market cap 11.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
550
Businesses Nearby
Explore this area
Business Placement
Demographics for 78233, TX
49,442
Population
19,396
Households
2.5
Avg Household Size
36
Median Age
27%
College-Educated
91%
High-School Grad
13.7 sq mi
ZIP Area
3,609
Density / Sq Mi
$73,729
Median Household Income
$41,817
Median Earnings
$1,456
Median Rent
$203,300
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?
Duplex - Two-story duplex with both sides currently occupied, featuring upstairs bedrooms and laundry rooms on each side.
Where is this duplex located?
The property is located at 6650 Mia Way San Antonio, TX.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Two‑story duplex built in 2018 with both sides currently occupied; Covered patio and composition roofing; slab foundation; Each side features large living, dining, and kitchen areas
