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$ 500,000
Est. payment | /mo
7 Beds
4 Baths
4,708 SqFt
$ 500,000
Est. payment | /mo
7 Beds
4 Baths
4,708 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi-Family (2-8 Units)
Listing Status Active
Purchase Type For Sale
Square Footage 4,708 sqft
Price per Sqft $106
Subdivision Commerce S To Guadalupe Sa
MLS Listing ID 1836174
Style One Story
Bedrooms 7
Full Baths 4
Year Built 1930
Annual Tax Amount $10,250
Lot Size 0.386 Acres
Property Description
Investors rejoice and welcome to 2004 Monterey St., a beautifully renovated four-unit multifamily home nestled in the heart of San Antonio! This property seamlessly blends modern upgrades with historic charm, making it an exceptional investment opportunity at unbelievable investment potential and growth! Property Features: Unit Configurations: Units 1, 3, and 4: Each offers 2 bedrooms and 1 bathroom, catering to small families or roommates. Unit 2: Features 1 bedroom and 1 bathroom, ideal for singles or couples. Boasting With Recent Upgrades: Electrical: Completely updated wiring with individual meters for each unit & an additional meter for common areas. All outlets and switches are new, with city permits approved by CPS. Plumbing: New connections to the drainage system, brand-new faucets in showers, kitchens, and sinks, plus washer and dryer hookups in all units. Two new water heaters service the entire property. Foundation: Concrete pillars installed with successful city inspection, ensuring structural integrity. Roof: Updated with durable asphalt shingles. Interior: New drywall throughout, including fire-rated drywall on shared walls per city regulations. Fresh paint with an orange peel texture enhances the interior. Kitchens: Equipped with new cabinets, butcher block countertops, sinks, faucets, and microwaves with built-in extractors. Flooring: Laminate flooring installed throughout, with waterproof flooring in bathrooms. Bathrooms: Each features a new toilet, sink, and tiled shower walls. Doors and Windows: All doors are new. Due to the property's historic status, select windows were approved for replacement. Climate Control: Industrial ceiling fans and mini-split systems installed for efficient heating and cooling. Insulation: New insulation added to walls and ceilings, enhancing energy efficiency. Porch: A concrete porch constructed at the front, aligned with historical society approvals. Investment Highlights: Occupancy: Three units are currently occupied, with one unit available for immediate tenancy, offering the potential to maximize rental income. Rental Income Potential: Fully occupied, the property can generate a total monthly rental income of $4,700, equating to $56,400 annually. Actual Income: With one unit vacant, the current gross annual income is $42,300 ($3,525/month from three units). Cap Rate Analysis: Pro Forma Cap Rate (Fully Occupied): Based on the full rental potential of $56,400 annually, the cap rate is an impressive 11.28%. Actual Cap Rate (With One Vacancy): Considering the current income of $42,300 annually, the cap rate is 8.46%. Listing Price: Offered at $500,000, this property presents a compelling investment with strong cash flow potential and opportunities to increase returns as occupancy stabilizes. Market Insights: Neighborhood Highlights: Situated in the vibrant Avenida Guadalupe neighborhood, residents enjoy proximity to parks such as Vidaurri Park, Woodlawn Park, Elmendorf Lake Park, and Cassiano Park, offering ample green spaces for outdoor activities. The area is well-served by public transportation and is within walking distance to shopping centers and grocery stores, providing daily conveniences for tenants. This property not only offers a stable investment but also the opportunity to enhance value over time, making it a smart choice for both savvy investors and beginner investors alike. Rejoice in the fact that majority of capital expenditures have already been taken care of and addressed!
Location
State TX
County Bexar
Area 0700
Interior
Heating Window Unit
Cooling Window/Wall
Flooring Laminate
Exterior
Exterior Feature Wood, Siding
Garage Spaces 4.0
Roof Type Wood Shingle/Shake
Building
Sewer City
Water City
Schools
Elementary Schools Call District
Middle Schools Call District
High Schools Call District
School District San Antonio I.S.D.
Others
Acceptable Financing Conventional, FHA, VA, 1st Seller Carry, Wraparound, Cash
Listing Terms Conventional, FHA, VA, 1st Seller Carry, Wraparound, Cash
Listed by Anna Ghalumian • eXp Realty • (210) 998-7733
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