Stabilized 8-Unit Apartment
For Sale
Contact for pricing
926 Drury Ln, San Antonio, TX 78221
Stabilized 8-unit community with two 2006-built buildings, all individually metered 2BR/1BA units with central HVAC.
Property Size6,528 SF
Lot Size0.32 Acres
Price / SF$183.82
Days on Market100
Property Features for 926 Drury Ln
General Information
Standard status
Active
Size
6,528 SF
Class
B
Lot size
0.32 Acres
Property subtype
Multifamily
Zoning
MF-33
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$77,999
Additional Details
Cap Rate
6.5%
Multifamily Units
8
Building Details
Year Built
2006
Year Renovated
2025
Buildings
2
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Uriah Real Estate Oganization LLC
Listed By:
Uri Uriah · License #9002555
(210) 315-8885
Source:
Crexi
Added: May 29
Changed: Sep 2
Last Checked: Sep 4 at 11:30PM
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 Uriah Real Estate Oganization LLC
Investment Insights
Based on property information with market context.
926/930 Drury Lane is a stabilized 8-unit apartment community featuring two well-maintained buildings built in 2006. The property offers all 2-bedroom, 1-bathroom units, each with individual central HVAC and separate electric and water metering. Total rentable area is listed as approximately 6,528 square feet.
Recent and ongoing exterior and systems updates include a brand-new Owens Corning algae-resistant laminate architectural composite shingle roof installed September 2025, freshly painted exterior work completed September 2025, and new water heaters in select units. The grounds are professionally xeriscaped, described as requiring virtually no lawn maintenance.
The property is positioned minutes from Lackland AFB, Port San Antonio, Palo Alto College, and Texas A&M San Antonio, supporting steady rental demand in an active employment corridor.
Recent and ongoing exterior and systems updates include a brand-new Owens Corning algae-resistant laminate architectural composite shingle roof installed September 2025, freshly painted exterior work completed September 2025, and new water heaters in select units. The grounds are professionally xeriscaped, described as requiring virtually no lawn maintenance.
The property is positioned minutes from Lackland AFB, Port San Antonio, Palo Alto College, and Texas A&M San Antonio, supporting steady rental demand in an active employment corridor.
Key Highlights
- Stabilized 8‑unit apartment community on approx. 0.32± acres in San Antonio, TX 78221
- Two apartment buildings built in 2006 with all 2BR/1BA units, approx. 816 SF per unit
- All units individually metered for electric and water; each unit has its own central HVAC system
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
$66,682
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
5.56%
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%
$1,333,640
$1.3M
Cap Rate 7%
$952,600
$952.6K
Cap Rate 9%
$740,911
$740.9K
Market Conditions
NOI Build-Up for 6,528 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
$129.3K $19.80/SF
− Vacancy
−$8.0K −$1.23/SF
EGI
$121.2K $18.57/SF
− OpEx
−$54.6K −$8.36/SF
NOI
$66.7K $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%
$1,333,640
Cap Rate 7%
$952,600
Cap Rate 9%
$740,911
Alternative Uses
Best Use
Apartment 5plus
$952.6K
$833.5K – $1.11M
NOI $66,682 @ 7.0% cap · market cap 5.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.67M
$1.46M – $1.94M
NOI $116,563 @ 7.0% cap · market cap 9.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
305
Businesses Nearby
Explore this area
Business Placement
Demographics for 78221, TX
39,779
Population
14,939
Households
2.7
Avg Household Size
35
Median Age
12%
College-Educated
74%
High-School Grad
36.3 sq mi
ZIP Area
1,096
Density / Sq Mi
$63,114
Median Household Income
$33,439
Median Earnings
$1,147
Median Rent
$157,500
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?
Apartment building - Stabilized 8-unit community with two 2006-built buildings, all individually metered 2BR/1BA units with central HVAC.
Where is this apartment building located?
The property is located at 926 Drury Ln San Antonio, TX.
What is the asking price?
The asking price for this property is $1,199,989.
What are key features of this property?
This property features: Stabilized 8‑unit apartment community on approx. 0.32± acres in San Antonio, TX 78221; Two apartment buildings built in 2006 with all 2BR/1BA units, approx. 816 SF per unit; All units individually metered for electric and water; each unit has its own central HVAC system
