Renovated Triplex with Private
For Sale
$555,000
940 W Mulberry Ave, San Antonio, TX 78201
Three-unit property with updated interiors, separate balconies, shared laundry, and a detached two-car garage.
Property Size2,977 SF
Price / SF$186.43
Days on Market92
Property Features for 940 W Mulberry Ave
General Information
Standard status
Active
Size
2,977 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$9,610
Listing Agency:
JB Goodwin, REALTORS
(210) 744-4600
Listed By:
Allison McCarroll
(210) 744-4600
Source:
Exprealty
Added: May 24
Changed: Aug 21
Last Checked: Aug 22 at 9:01AM
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 JB Goodwin, REALTORS
Investment Insights
Based on property information with market context.
This 2,977-square-foot triplex combines updated interiors with a three-unit layout. The lower-level residence includes two bedrooms, two bathrooms, a broad living space, a modern kitchen, wood flooring, and substantial closet storage. Two upstairs apartments each provide one bedroom, one bathroom, a refreshed kitchen, a comfortable living area, a contemporary bathroom, and a private balcony. A detached shared laundry room is positioned beside the two-car garage.
The property is located at 940 W Mulberry Ave in San Antonio, with access to I-10, I-35, and US-281. Downtown, The Pearl, the Medical Center, Woodlawn Lake, local parks, restaurants, and bars are identified as nearby destinations.
The property is located at 940 W Mulberry Ave in San Antonio, with access to I-10, I-35, and US-281. Downtown, The Pearl, the Medical Center, Woodlawn Lake, local parks, restaurants, and bars are identified as nearby destinations.
Key Highlights
- 2,977‑square‑foot triplex with one 2‑bedroom/2‑bath unit and two 1‑bedroom/1‑bath units
- Renovated interiors with wood flooring throughout
- Two upstairs units include private balconies
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
$34,266
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
6.17%
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%
$685,320
$685.3K
Cap Rate 7%
$489,514
$489.5K
Cap Rate 9%
$380,733
$380.7K
Market Conditions
NOI Build-Up for 2,977 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
$51.8K $17.40/SF
− Vacancy
−$2.8K −$0.96/SF
EGI
$49.0K $16.44/SF
− OpEx
−$14.7K −$4.93/SF
NOI
$34.3K $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%
$685,320
Cap Rate 7%
$489,514
Cap Rate 9%
$380,733
Alternative Uses
Best Use
Multifamily LT 5
$489.5K
$428.3K – $571.1K
NOI $34,266 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$434.4K
$380.1K – $506.8K
NOI $30,410 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$759.4K
$664.5K – $886.0K
NOI $53,157 @ 7.0% cap · market cap 9.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
941
Businesses Nearby
Explore this area
Business Placement
Demographics for 78201, TX
42,005
Population
18,661
Households
2.3
Avg Household Size
39
Median Age
17%
College-Educated
73%
High-School Grad
7.1 sq mi
ZIP Area
5,916
Density / Sq Mi
$46,129
Median Household Income
$30,517
Median Earnings
$1,033
Median Rent
$187,400
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?
Triplex - Three-unit property with updated interiors, separate balconies, shared laundry, and a detached two-car garage.
Where is this triplex located?
The property is located at 940 W Mulberry Ave San Antonio, TX.
What is the asking price?
The asking price for this property is $555,000.
What are key features of this property?
This property features: 2,977‑square‑foot triplex with one 2‑bedroom/2‑bath unit and two 1‑bedroom/1‑bath units; Renovated interiors with wood flooring throughout; Two upstairs units include private balconies
