Homes for sale - 927 FORMOSA BLVD, San Antonio, TX 78221-2613

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Phyllis Domingo

realtorphyllisdomingo@gmail.com +1(210) 744-5478

$ 1,250,000

Est. payment | -/mo

16 Beds

8 Baths

10,688 SqFt

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$ 1,250,000

Est. payment | -/mo

Save Virtual Tour

16 Beds

8 Baths

10,688 SqFt

Key Details

Property Type Multi-Family

Sub Type Multi-Family (2-8 Units)

Listing Status Active

Purchase Type For Sale

Square Footage 10,688 sqft

Price per Sqft $116

MLS Listing ID 1886094

Style Two Story

Bedrooms 16

Full Baths 8

Year Built 1995

Annual Tax Amount $20,389

Lot Size 0.882 Acres

Property Sub-Type Multi-Family (2-8 Units)

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 1 bath. 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 One Central

Flooring Other

Exterior

Exterior Feature Wood

Garage Spaces 16.0

Roof Type Composition

Building

Foundation Slab

Schools

Elementary Schools Vestal

Middle Schools Terrell Wells

High Schools Mccollum

School District Harlandale I.S.D

Others

Acceptable Financing Conventional, Cash, Investors OK

Listing Terms Conventional, Cash, Investors OK

Virtual Tour https://youtu.be/dzDSBivifX8?feature=shared

LERA MLS - Local Expertise Regional Access / SABOR

Listed by Sterling Williams • Real Broker, LLC • (210) 569-9008

Find out why customers are choosing LPT Realty to meet their real estate needs!!

+1(210) 744-5478

realtorphyllisdomingo@gmail.com

927 FORMOSA BLVD San Antonio, TX 78221-2613