927 FORMOSA BLVD Active Save Request In-Person Tour Request Virtual Tour
San Antonio,TX 78221-2613
Key Details
Property Type Commercial
Sub Type Commercial Improved Prop
Listing Status Active
Purchase Type For Sale
Square Footage 10,688 sqft
Price per Sqft $116
MLS Listing ID 1842685
Construction Status Wood
Year Built 1995
Annual Tax Amount $24,152
Lot Size 0.882 Acres
Property Sub-Type Commercial Improved Prop
Property Description
927 W Formosa Blvd is a 12-unit, multi-phase community built in 1995, 1998, and 1999. All 12 Units have 2 bedrooms and 2 baths. Each unit has two parking spots. Located in the heart of south-central San Antonio. The property consists of four individual cottages and four duplex buildings, totaling 12 units. With convenient access to Interstate 35 and seamless connectivity to Interstate 410 and 35, the community is just minutes from major department stores, grocery stores, restaurants, and San Antonio's renowned attractions. Additionally, it is only 4.7 miles from Texas A&M San Antonio and 3.1 miles from the upcoming Palo Alto Hospital development, making it an attractive option for students, healthcare professionals, and the local workforce. Each two-bedroom, one-bathroom unit features white appliances, tile flooring, and Formica countertops, providing durable and functional living spaces. The property also offers ample green space for residents to enjoy. A rare feature for a 12-unit complex, each unit is separately metered for both water and electricity, ensuring that all utilities are paid by tenants. This setup minimizes operational expenses for ownership while enhancing the property's value and cash flow potential. With strategic rent adjustments and utility cost recovery, this property presents a strong value-add opportunity for investors. Value-Add Opportunity 927 W Formosa Blvd presents a strong value-add opportunity through multiple revenue-enhancing strategies. Current rents are below market rates, providing immediate potential for rental increases to align with comparable properties in the area. Additionally, adding storage units at the back of the property offers an extra income stream by allowing tenants to rent storage space for a monthly fee. Implementing covered parking for an additional fee further enhances revenue while increasing tenant satisfaction and retention. Combined, these strategic improvements will significantly boost Net Operating Income (NOI) and maximize the property's long-term value.
Location
State TX
County Bexar
Area 2100
Zoning MF-33
Direction W
Interior
Heating Central
Cooling Central
Exterior
Garage Spaces 24.0
Utilities Available Electricity,Water,Sewer
Roof Type Composition
Building
Story 1
Foundation Slab
Level or Stories 1
Construction Status Wood
Schools
School District Harlandale I.S.D
Others
Acceptable Financing Sale Only,Cash,Conventional
Listing Terms Sale Only,Cash,Conventional
Virtual Tour https://youtu.be/dzDSBivifX8?feature=shared