Medical Office
For Sale
Contact for pricing
818 Lexington Ave, San Antonio, TX 78212
Fully leased healthcare property with two occupants under NNN lease structures near downtown San Antonio.
Property Size7,421 SF
Lot Size0.94 Acres
Price / SF$291.07
Days on Market52
Property Features for 818 Lexington Ave
General Information
Standard status
Active
Size
7,421 SF
Class
B
Lot size
0.94 Acres
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$151,168
Financials
Asking Price
$2,300,000
Cap Rate
6.57%
Building Details
Year Built
1960
Buildings
1
Tenancy
Multi
Building Size
7,421 SF
Listing Agency:
Partners
Listed By:
Connor Watson · License #TX
(512) 580-6025
Source:
Crexi
Added: Jul 30
Changed: Sep 15
Last Checked: Sep 19 at 9:58AM
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 Partners
Investment Insights
Based on property information with market context.
Built in 1960, this 7,421-square-foot medical office building occupies 0.94 acres at 818 Lexington Ave. The property is fully leased to two healthcare tenants under NNN leases, providing an established medical-office configuration for an investment buyer.
American Health Imaging has occupied the building since 2019 and uses 67% of the space. The property is positioned just north of downtown San Antonio, offering a healthcare-focused asset in an established central location. The reported cap rate is 6.57%.
American Health Imaging has occupied the building since 2019 and uses 67% of the space. The property is positioned just north of downtown San Antonio, offering a healthcare-focused asset in an established central location. The reported cap rate is 6.57%.
Key Highlights
- 7,421 SF medical office building on 0.94 acres
- 100% leased to two healthcare tenants
- NNN lease structure
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
$101,140
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
4.68%
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%
$2,022,800
$2.0M
Cap Rate 7%
$1,444,857
$1.4M
Cap Rate 9%
$1,123,778
$1.1M
Market Conditions
NOI Build-Up for 7,421 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
$163.9K $22.08/SF
− Vacancy
−$29.0K −$3.91/SF
EGI
$134.9K $18.17/SF
− OpEx
−$33.7K −$4.54/SF
NOI
$101.1K $13.63/SF
Area
San Antonio, TX
Vacancy
17.70%
Lease Rate
$22.08 /SF/Yr
Expense Ratio
25.00%
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%
$2,022,800
Cap Rate 7%
$1,444,857
Cap Rate 9%
$1,123,778
Alternative Uses
Best Use
Office B
$1.44M
$1.26M – $1.69M
NOI $101,140 @ 7.0% cap · market cap 4.68%
Second Best
Healthcare Medical
$1.22M
$1.07M – $1.43M
NOI $85,597 @ 7.0% cap · market cap 3.96%
Theoretical Best
Office A
$1.89M
$1.66M – $2.21M
NOI $132,508 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,590
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in San Antonio, TX
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Frequently Asked Questions
What type of property is this?
Office building - Fully leased healthcare property with two occupants under NNN lease structures near downtown San Antonio.
Where is this office building located?
The property is located at 818 Lexington Ave San Antonio, TX.
What is the asking price?
The asking price for this property is $2,160,000.
What are key features of this property?
This property features: 7,421 SF medical office building on 0.94 acres; 100% leased to two healthcare tenants; NNN lease structure
