Dawson Street Multifamily Investment
For Sale
Contact for pricing
918 Dawson St, San Antonio, TX 78202
Three properties in historic district near Pearl and upcoming BESA district.
Property Size5,700 SF
Price / SF$171.93
Days on Market897
Property Features for 918 Dawson St
General Information
Standard status
Active
Size
5,700 SF
Class
A
Property subtype
Multifamily
Occupancy
100%
Investment Type
Net Lease
Net Operating Income
$62,580
Building Details
Buildings
3
Stories
2
Units
3
Listing Agency:
URBAN TEXAN REALTY GROUP
Listed By:
Patrick Vallejo · License #663331
(210) 618-6924
Source:
Crexi
Added: Mar 23, 2024
Changed: Aug 23
Last Checked: Sep 4 at 11:06AM
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 URBAN TEXAN REALTY GROUP
Investment Insights
Based on property information with market context.
This unique opportunity includes three properties located at 922 Dawson St, 918 Dawson, and 9182 Dawson in San Antonio, TX 78202. Situated in one of the city's most well-known historic districts, the properties offer a mix of houses on the same lot. 918 Dawson is a fully renovated historic property, while 9182 Dawson and 922 Dawson are new construction. The properties total 9 bedrooms and 7 full baths, along with 2 half baths. The location is 5 minutes from the Pearl, Samma museum, and the new BESA DISTRICT (BROADWAY NORTH), an ultra-lux corridor with commitments from Louis Vuitton, Gucci, and Rolex. Dignowity benefits from its proximity to this district. The property is fully occupied. The property size is 5700 square feet.
Key Highlights
- Three properties included: 922 Dawson, 918 Dawson, and 9182 Dawson.
- Prime location, just 5 minutes from The Pearl, Samma Museum, and the new BESA District.
- Proximity to the new BESA District, future home to luxury brands like Louis Vuitton, Gucci, and Rolex.
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
$58,224
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
5.94%
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%
$1,164,480
$1.2M
Cap Rate 7%
$831,771
$831.8K
Cap Rate 9%
$646,933
$646.9K
Market Conditions
NOI Build-Up for 5,700 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
$112.9K $19.80/SF
− Vacancy
−$7.0K −$1.23/SF
EGI
$105.9K $18.57/SF
− OpEx
−$47.6K −$8.36/SF
NOI
$58.2K $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%
$1,164,480
Cap Rate 7%
$831,771
Cap Rate 9%
$646,933
Alternative Uses
Best Use
Apartment 5plus
$831.8K
$727.8K – $970.4K
NOI $58,224 @ 7.0% cap · market cap 5.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.45M
$1.27M – $1.70M
NOI $101,778 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,002
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
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Frequently Asked Questions
What type of property is this?
Multifamily property - Three properties in historic district near Pearl and upcoming BESA district.
Where is this multifamily property located?
The property is located at 918 Dawson St San Antonio, TX.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: Three properties included: 922 Dawson, 918 Dawson, and 9182 Dawson.; Prime location, just 5 minutes from The Pearl, Samma Museum, and the new BESA District.; Proximity to the new BESA District, future home to luxury brands like Louis Vuitton, Gucci, and Rolex.
