Two-Duplex Residential Income
For Sale
$1,100,000
903/907 Dawson, San Antonio, TX 78202
MULTI_FAMILY - San Antonio, TX
Property Size4,160 SF
Lot Size0.41 Acres
Price / SF$264.42
Days on Market47
Property Features for 903/907 Dawson
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM-6
Elementary school
Call District
Middle school
Call District
High school
Call District
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
1200
Standard status
Active
Size
4,160 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Annual Amount
20200
Building Details
Year built
2006
Listing Agency:
Keller Williams Heritage · Keller Williams Realty
(210) 493-3030
Listed By:
Scott Malouff · License #658231
(210) 493-3030
Added: Jun 22
Last Checked: Aug 7 at 5:06AM
MLS# 1944667
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 consists of two duplexes providing four total units, positioned on a lot with RM-6 zoning. The improvements currently include the four income-producing units, with additional buildable area at the rear of the property described as suitable for adding two more duplexes.
The lots provide access from Gorman, Pine, and Dawson, offering flexibility for how future improvements could be approached. The offering is located in San Antonio’s Dignowity Hill neighborhood, described as just minutes from Downtown.
For investors or owner-operators seeking a small residential income asset, this configuration provides four existing units with the opportunity to expand by adding additional duplex homes at the rear. The multi-access lot layout may support flexible site planning for future development while keeping the current duplex housing in place.
The lots provide access from Gorman, Pine, and Dawson, offering flexibility for how future improvements could be approached. The offering is located in San Antonio’s Dignowity Hill neighborhood, described as just minutes from Downtown.
For investors or owner-operators seeking a small residential income asset, this configuration provides four existing units with the opportunity to expand by adding additional duplex homes at the rear. The multi-access lot layout may support flexible site planning for future development while keeping the current duplex housing in place.
Key Highlights
- Four income‑producing units in the desirable Dignowity Hill neighborhood.
- Development potential to build two additional duplexes, allowing for up to 8 total units.
- Located minutes from Downtown San Antonio.
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
$47,882
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
4.35%
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%
$957,640
$957.6K
Cap Rate 7%
$684,029
$684.0K
Cap Rate 9%
$532,022
$532.0K
Market Conditions
NOI Build-Up for 4,160 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
$72.4K $17.40/SF
− Vacancy
−$4.0K −$0.96/SF
EGI
$68.4K $16.44/SF
− OpEx
−$20.5K −$4.93/SF
NOI
$47.9K $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%
$957,640
Cap Rate 7%
$684,029
Cap Rate 9%
$532,022
Alternative Uses
Best Use
Multifamily LT 5
$684.0K
$598.5K – $798.0K
NOI $47,882 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$607.1K
$531.2K – $708.2K
NOI $42,494 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$1.06M
$928.5K – $1.24M
NOI $74,280 @ 7.0% cap · market cap 6.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
491
Businesses Nearby
Explore this area
Business Placement
Demographics for 78202, TX
11,422
Population
5,288
Households
2.2
Avg Household Size
34
Median Age
26%
College-Educated
77%
High-School Grad
2.3 sq mi
ZIP Area
4,966
Density / Sq Mi
$43,708
Median Household Income
$36,390
Median Earnings
$1,218
Median Rent
$223,900
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?
Duplex - A four-unit duplex property with RM-6 zoning and rear development room for additional duplexes.
Where is this duplex located?
The property is located at 903/907 Dawson San Antonio, TX.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Four income‑producing units in the desirable Dignowity Hill neighborhood.; Development potential to build two additional duplexes, allowing for up to 8 total units.; Located minutes from Downtown San Antonio.
