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2331 Cincinnati Ave 16 Unit Apartment Building For Sale 8% Cap Rate San Antonio, TX 78228
Investment Highlights
- 8% Cap Rate Investment
- 100% Occupied | One Monthly Payment
- 16-Unit Apartment Community
- Single-Tenant NNN Master Lease
- 5% Annual Contractual Rent Escalations
- MF-33 Zoning | Redevelopment Potential
Executive Summary
West End Flats is a fully occupied 16-unit apartment community secured by a single commercial NNN master lease, offering investors the stability of one tenant, one monthly payment, and contractual annual rent increases.
Situated on approximately 1.13 acres in San Antonio's established Woodlawn Lake submarket, the property consists of two masonry apartment buildings totaling approximately 14,112 square feet. The entire community is leased to a 501(c)(3) nonprofit organization under a 36-month NNN master lease with scheduled 5% annual rent escalations, creating predictable cash flow while minimizing day-to-day management.
Unlike a traditional apartment investment with multiple residential leases, West End Flats operates as a single-tenant net leased investment during the lease term while preserving all of the long-term benefits of multifamily ownership.
Investment Highlights:
• 16-unit multifamily community
• Two masonry buildings
• ±14,112 SF on 1.13 acres
• MF-33 Multifamily zoning
• One commercial NNN master lease
• 100% occupied
• One tenant / One monthly payment
• 5% annual contractual rent escalations
• Individually metered units
• Year 1 projected cap rate approximately 7.0%–7.5%
• Year 2 projected cap rate approximately 8.0%
• Minutes from Downtown San Antonio, St. Mary's University, Woodlawn Lake, IH-10 and the Medical Center.
At lease expiration, investors maintain multiple exit strategies including renewing the master lease, returning the property to conventional apartment operations, selling as a stabilized multifamily investment, or pursuing redevelopment under existing MF-33 zoning.
This offering is ideal for 1031 exchange buyers, family offices, private investors, multifamily investors, and passive net lease investors seeking stable contractual income with long-term appreciation potential.
Situated on approximately 1.13 acres in San Antonio's established Woodlawn Lake submarket, the property consists of two masonry apartment buildings totaling approximately 14,112 square feet. The entire community is leased to a 501(c)(3) nonprofit organization under a 36-month NNN master lease with scheduled 5% annual rent escalations, creating predictable cash flow while minimizing day-to-day management.
Unlike a traditional apartment investment with multiple residential leases, West End Flats operates as a single-tenant net leased investment during the lease term while preserving all of the long-term benefits of multifamily ownership.
Investment Highlights:
• 16-unit multifamily community
• Two masonry buildings
• ±14,112 SF on 1.13 acres
• MF-33 Multifamily zoning
• One commercial NNN master lease
• 100% occupied
• One tenant / One monthly payment
• 5% annual contractual rent escalations
• Individually metered units
• Year 1 projected cap rate approximately 7.0%–7.5%
• Year 2 projected cap rate approximately 8.0%
• Minutes from Downtown San Antonio, St. Mary's University, Woodlawn Lake, IH-10 and the Medical Center.
At lease expiration, investors maintain multiple exit strategies including renewing the master lease, returning the property to conventional apartment operations, selling as a stabilized multifamily investment, or pursuing redevelopment under existing MF-33 zoning.
This offering is ideal for 1031 exchange buyers, family offices, private investors, multifamily investors, and passive net lease investors seeking stable contractual income with long-term appreciation potential.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Sale Type | Investment | Lot Size | 1.13 AC |
| Cap Rate | 8% | Building Size | 14,112 SF |
| No. Units | 16 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1945 |
| Apartment Style | Low-Rise | Parking Ratio | 0.71/1,000 SF |
| Building Class | C | ||
| Zoning | MF-33 - Multi Family | ||
| Sale Type | Investment |
| Cap Rate | 8% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.13 AC |
| Building Size | 14,112 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1945 |
| Parking Ratio | 0.71/1,000 SF |
| Zoning | MF-33 - Multi Family |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Heating
- Ceiling Fans
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Tub/Shower
- Walk-In Closets
- Grill
- Family Room
- Lawn
- Window Coverings
Site Amenities
- Courtyard
- Gas Range
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | 710 |
| 2+1 | 12 | - | 785 |
| 3+1 | 1 | - | 950 |
1 1
Moderately walkable
60/100
Moderately drivable
70/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 09606-046-0100 | Improvements Assessment | $2,155,011 CAD |
| Land Assessment | $232,103 CAD | Total Assessment | $2,387,114 CAD |
Property Taxes
Parcel Number
09606-046-0100
Land Assessment
$232,103 CAD
Improvements Assessment
$2,155,011 CAD
Total Assessment
$2,387,114 CAD
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2331 Cincinnati Ave
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