1 / 27-Unit Multifamily in San Antonio, TX
TX · listed Jul 29, 2026 (91 days)
▼ Reduced 8.3% on Aug 31, 2026, was $1,500,000
- $/unit
- $196,429
- ▲ 113% vs TX · 86th pct
- Cap rate
- —
- NOI
- $48K
- $6,868/unit/yr
- Units
- 7
- 3 bldg · 1925
Financials
- Asking price
- $1,375,000
- Price per unit
- $196,429
- Price per sq ft
- $221
- Gross rent / year
- $74,340
- Net operating income
- $48,073
- NOI per unit
- $6,868
- Cap rate
- Not stated
- Gross yield
- 5.4%gross rent ÷ price
- Occupancy
- 71%
As stated by the seller. Verify during due diligence.
Building
- Units
- 7
- Unit mix
- Not stated
- Buildings
- 3
- Year built
- 1925
- Building size
- 6,228 sq ft
- Avg unit size
- 890 sq ft
- Lot size
- 0.49 acres
- Condition
- Value-add
Deal terms
- Owner financing
- Not stated
Listing
- Listed
- Jul 29, 2026
- Days on market
- 91 days
- On MultifamilyRadar
- Oct 28, 2026
- Last price change
- Aug 31, 2026: $1.5M → $1.38M
- Location
- Approximate (~0.5 mi)
- Listing #
- 1532
About this property
"
631, 635 & (address on request) present a rare 0.493-acre assemblage in San Antonio's Tobin Hill North neighborhood — offered at $1,375,000 for three contiguous parcels. The portfolio delivers in-place rental income of up to seven units today while positioning the site for future multi-family redevelopment along the growth corridor toward the Pearl District.
Priced at the site's underlying land value, the offering provides in-place income while pursuing entitlement and redevelopment planning, where current rent effectively carries the asset at little to no premium over the land itself.
The seller will not sell the parcels individually. Assembled together, the site offers a rezoning-ready path to significantly higher density than what exists today.
The property sits in Tobin Hill North, along E Ashby Place near N. St. Mary's Street — one of San Antonio's most active urban-infill corridors. The site sits on the same block as Tin Top Flats at The Creamery, directly adjacent to St. Mary's Strip, and walking distance to Museum Reach and Historic Pearl, San Antonio's premier mixed-use, high-rent destination.
(address on request) is zoned MF-33, permitting up to 33 multi-family units per acre. The 635 and 641/643 parcels are currently zoned R-6, but the duplex use at 641/643 has been established for decades, supporting a reasonable path to rezoning the full assemblage to MF-33 under single ownership.
At full build-out under MF-33 zoning across all three parcels, the site is estimated to support approximately 14-15 multi-family units - nearly double the current unit count. Prospective purchasers should independently verify zoning, height, and entitlement requirements with the City of San Antonio, including height limitations arising from adjacent R-6 zoning.
"
(address on request), San Antonio, TX 78212
Highlights
- Offered at $1,375,000 for the full three-parcel assemblage
- Covered land play — 71% occupied generating $6195/Mo. gross rent with potential to $8,615/month or more
- 0.493 total acres (21,490 SF) across three contiguous parcels on E Ashby Place
- (address on request) is already zoned MF-33 (up to 33 multi-family units per acre)
- 635 E. Ashby single family home Zoned R-6
- 641/(address on request) is zoned R-6, but the duplex on site pre-dates the current zoning designation.
- Supports a straightforward rezoning path to MF-33 across the full assemblage
- Estimated redevelopment potential of approximately 14–15 multi-family units at full build-out under MF-33 zoning
- Located in Tobin Hill North, East of N. St. Mary's Street on the same block as Tin Top Flats at The Creamery, on the growth path toward the Pearl District — one of San Antonio's strongest-performing submarkets
- New apartment rents average $2.40 - $2.60/SF in the walkable footprint of Historic Pearl with higher premiums immediately adjacent.
Location
Approximate area. The exact address is shared on request.
Similar buildings nearby
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