603 E Grayson 603 E Grayson St 5 Unit Apartment Building For Sale San Antonio, TX 78208

5-unit multifamily property positioned on a prominent corner near the Pearl and the emerging Broadway East (BESA) district. Dense, walkable urban infill setting with immediate access to employment, dining, retail, and cultural destinations. Stable in-place income with meaningful mark-to-market upside and multiple value-creation paths: (1) renovate and re-tenant at market; (2) reposition to furnished/medium-term; (3) rezone commercial and redevelop to capitalize on adjacent high-end retail and office momentum.
Unit Mix:
· 603-1: 1 BR / 1 BA | 902 SF | $1,120/mo | Occupied
· 603-2: Efficiency | 350 SF | $875/mo | Occupied
· 605: 2 BR / 1.5 BA | 1,215 SF | $1,750/mo | Occupied
· 607: 2 BR / 1 BA | 1,171 SF | $1,450/mo | Occupied
· 609: 2 BR / 2 BA | 1,088 SF | $1,850/mo (proposed) | Vacant Shell Condition
In-Place Rents (Annualized): $62,340
Pro Forma Rents (Annualized at proposed market): $84,540
Annual Expenses: $30,279.24
Site & Zoning
Site Area: 16,200 SF (±0.37 acres)
Zoning: RM-5
Redevelopment Potential (Buyer to verify):
· Small-scale infill apartments or mixed-use consistent with RM-5 zoning
· Potential assemblage with adjacent parcels for mid-rise or higher-density program
· Ground-floor retail or live-work along Grayson St frontage
· Relocate building to rear of lot to allow for new construction along frontage
Location Overview
Pearl & Museum Reach: Premier regional destination with culinary, retail, hospitality, and office uses anchored by the historic Pearl Brewery, Hotel Emma, and multiple Class-A office buildings. BESA / Broadway East: 15-acre multi-phase mixed-use district just east of the Pearl, set to deliver high-end retail and contemporary-to-luxury fashion with differentiated architecture. Employment Nodes: Jefferson Bank Headquarters at Broadway & Grayson; Alamo Colleges District HQ (2222 N Alamo St); Fort Sam Houston within short drive. Connectivity: Quick access to US-281, IH-35, and Broadway; minutes to downtown and the San Antonio International Airport.
Market Snapshot
· Urban Core Momentum: Ongoing infill projects and adaptive reuse continue to elevate rents and retail sales in Pearl-adjacent neighborhoods.
· Demand Drivers: White-collar employment growth, tourism/culinary destination traffic, and medical/education anchors.
· Rent Positioning: Character/heritage buildings with tasteful renovations command premium yields in this submarket relative to garden-style peers.