Four-Unit
For Sale
$345,000
765 Fulton, San Antonio, TX 78212
Multi-Family (2-8 Units), San Antonio, TX
Property Size3,080 SF
Lot Size0.14 Acres
Price / SF$112.01
Days on Market70
Property Features for 765 Fulton
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM-4 NCD-5
Elementary school
Cotton
High school
Edison
Elementary school district
San Antonio I.S.D.
Middle school district
San Antonio I.S.D.
High school district
San Antonio I.S.D.
Subdivision
0900
Standard status
Active
Size
3,080 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
8146
Building Details
Year built
1916
Listing Agency:
Keller Williams Heritage · Keller Williams Realty
(210) 493-3030
Listed By:
Wayne Ramirez
(210) 867-9921
Added: Jul 9
Changed: Aug 19
Last Checked: Sep 16 at 8:06AM
MLS# 1865738
Copyright © 2026 LERA MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property at 765 Fulton in San Antonio is a quadplex containing four residential units within 3,080 square feet. Built in 1916, the building occupies a 0.141-acre lot and is classified under RM-4 NCD-5 zoning.
The property is located in the Beacon Hill neighborhood, near downtown San Antonio and public transportation options. Its residential setting and four-unit configuration provide a defined multifamily format within the 78212 postal area.
The property is located in the Beacon Hill neighborhood, near downtown San Antonio and public transportation options. Its residential setting and four-unit configuration provide a defined multifamily format within the 78212 postal area.
Key Highlights
- Four‑unit quadplex at 765 Fulton, San Antonio, TX 78212
- 3,080‑square‑foot residential building
- 0.141‑acre lot
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
$31,462
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
9.12%
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%
$629,240
$629.2K
Cap Rate 7%
$449,457
$449.5K
Cap Rate 9%
$349,578
$349.6K
Market Conditions
NOI Build-Up for 3,080 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
$61.0K $19.80/SF
− Vacancy
−$3.8K −$1.23/SF
EGI
$57.2K $18.57/SF
− OpEx
−$25.7K −$8.36/SF
NOI
$31.5K $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%
$629,240
Cap Rate 7%
$449,457
Cap Rate 9%
$349,578
Alternative Uses
Best Use
Multifamily LT 5
$506.4K
$443.1K – $590.9K
NOI $35,451 @ 7.0% cap · market cap 10.28%
Second Best
Apartment 5plus
$449.5K
$393.3K – $524.4K
NOI $31,462 @ 7.0% cap · market cap 9.12%
Theoretical Best
Office A
$785.7K
$687.5K – $916.6K
NOI $54,996 @ 7.0% cap · market cap 15.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,107
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Residential income property with four units in San Antonio’s Beacon Hill neighborhood.
Where is this quadplex located?
The property is located at 765 Fulton San Antonio, TX.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Four‑unit quadplex at 765 Fulton, San Antonio, TX 78212; 3,080‑square‑foot residential building; 0.141‑acre lot
