New Townhomes Near Pearl
For Sale
$514,900
719 E Locust St #2111 San, San Antonio, TX 78212
48 new townhomes near San Antonio's Historic Pearl District.
Property Size1,953 SF
Price / SF$263.65
Days on Market383
Property Features for 719 E Locust St #2111 San
General Information
Standard status
Active
Size
1,953 SF
Property subtype
Townhouse
Amenities
Central
One Central
Ceiling Fans
Washer Connection
Dryer Connection
Washer
Dryer
Self-Cleaning Oven
Microwave Oven
Stove/Range
Gas Cooking
Refrigerator
Dishwasher
Smoke Alarm
Electric Water Heater
Carbon Monoxide Detector
Private Garbage Service
Composition
Building Details
Building Size
1,953 SF
Year Built
2024
Listing Agency:
KW Commercial City View
Listed By:
Donnie Walker · License #697847
(210) 378-0878
Source:
Kw
Added: Aug 19, 2025
Changed: Aug 8
Last Checked: Aug 7 at 10:22AM
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 KW Commercial City View
Investment Insights
Based on property information with market context.
Grayson House features 48 new townhomes located blocks from San Antonio's Historic Pearl District and close to Downtown San Antonio and St. Mary's Strip. These three and four-story townhomes feature design, open layouts, modern finishes, and city views in select units. Elegant features include quartz countertops in the kitchen and bathrooms, a smart thermostat, keypad entries, and matte black hardware. Tile flooring is installed in all bathrooms. Attached one-car garages and walk-in closets with custom-built wood shelving add to the appeal. Kitchen islands are perfect for cooking and entertaining. Each unit includes a full-size front load laundry set. High ceilings enhance the sense of space. Kitchens are equipped with a french door fridge, a 52-bottle wine fridge, a gas cooktop, a canopy vent hood, and a wall oven. Wood-style flooring is installed throughout the living room, kitchen, and bedrooms. Select floor plans feature 36-inch soaking tubs, private yards, and balconies. New residential, commercial, and retail developments are within walking distance. 24 units are sold or under contract. The property size is 1953 square feet.
Key Highlights
- Prime Location: Blocks from the Historic Pearl District, close to Downtown San Antonio and St. Mary's Strip.
- New Construction: Built in 2024, featuring modern design and finishes.
- Gourmet Kitchen: Includes quartz countertops, kitchen island, french door fridge, 52‑bottle wine fridge, gas cooktop, canopy vent hood, and wall oven.
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
$19,950
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
3.87%
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%
$399,000
$399.0K
Cap Rate 7%
$285,000
$285.0K
Cap Rate 9%
$221,667
$221.7K
Market Conditions
NOI Build-Up for 1,953 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
$38.7K $19.80/SF
− Vacancy
−$2.4K −$1.23/SF
EGI
$36.3K $18.57/SF
− OpEx
−$16.3K −$8.36/SF
NOI
$19.9K $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%
$399,000
Cap Rate 7%
$285,000
Cap Rate 9%
$221,667
Alternative Uses
Best Use
Apartment 5plus
$285.0K
$249.4K – $332.5K
NOI $19,950 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$498.2K
$435.9K – $581.2K
NOI $34,872 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,181
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - 48 new townhomes near San Antonio's Historic Pearl District.
Where is this apartment building located?
The property is located at 719 E Locust St #2111 San San Antonio, TX.
What is the asking price?
The asking price for this property is $514,900.
What are key features of this property?
This property features: Prime Location: Blocks from the Historic Pearl District, close to Downtown San Antonio and St. Mary's Strip.; New Construction: Built in 2024, featuring modern design and finishes.; Gourmet Kitchen: Includes quartz countertops, kitchen island, french door fridge, 52‑bottle wine fridge, gas cooktop, canopy vent hood, and wall oven.
