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603 E Grayson 603 E Grayson St 5 Unit Apartment Building For Sale San Antonio, TX 78208
INVESTMENT HIGHLIGHTS
- Irreplaceable Location: Steps to the Pearl, the River Walk Museum Reach, and the BESA/Broadway East retail expansion.
- Favorable Urban Demographics: Rising incomes and continued in-migration in the urban core; strong renter demand for character properties in walkable
- Surrounded by redeveloped properties: Restaurants, Bars, Office, Retail & Large Multi-Family
- Multiple Exit Options: Hold as cash-flowing urban apartments, convert to corporate/furnished rentals, or pursue higher/better use via rezoning.
- Nearby Catalysts: New luxury retail and mixed-use across from the Pearl; Jefferson Bank headquarters at Broadway & Grayson; Alamo Colleges District
- Hold as Multi-Family, Rezone and Redevelop on your own Timeframe
EXECUTIVE SUMMARY
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.
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.
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Washer/Dryer
- Washer/Dryer Hookup
- Kitchen
- Hardwood Floors
- Refrigerator
- Range
- Yard
- Family Room
- Lawn
- Window Coverings
SITE AMENITIES
- 24 Hour Access
- Fenced Lot
- Picnic Area
- Vintage Building
- Bicycle Storage
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | $875.00 | 350 |
| 1+1 | 1 | $1,120 | 902 |
| 2+1.5 | 2 | $1,600 | 1,171 - 1,215 |
| 2+2 | 1 | $1,850 | 1,088 |
1 1
Walk Score®
Very Walkable (85)
Bike Score®
Very Bikeable (74)
PROPERTY TAXES
| Parcel Number | 00046-001-0050 | Total Assessment | $870,000 |
| Land Assessment | $869,000 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,000 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
00046-001-0050
Land Assessment
$869,000
Improvements Assessment
$1,000
Total Assessment
$870,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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603 E Grayson | 603 E Grayson St
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