Listed by Marcus & Millichap - San Antonio
Unpriced
Park Terrace and Oak Tree
Details
APN 15655-000-0137
Property Type Multifamily
Sub Type Apartment Building
Square Footage 205,876
Units 283
Cap Rate 7.25%
NOI $1,250,000
Occupancy 90%
Pro-Forma NOI $1,500,000
Class C
Year Built 1965
Year Renovated 2023
Stories 1
Acreage 11.700
Zoning MF
Parking Spaces 1.50 per unit
Investment Type Stabilized
Sale Condition N/A
San Antonio Multifamily Two-Property Portfolio - 283 Units - 7.25% cap rate at Whisper Price
Marketing description
Marcus & Millichap is pleased to present the exclusive offering of Park Terrace and Oak Tree, a 283-unit, two property multifamily portfolio in the Lackland/Southwest San Antonio submarket. Positioned directly across JBSA-Lackland AFB and minutes from Port San Antonio.
The seller has completed over $1.6M in interior and exterior capital improvements during their tenure of ownership, leaving minimal deferred maintenance for the next owner The portfolio is 90% occupied and the T12 NOI is ~$1,250,000.
Investment highlights
1. Two-Asset Scale in a Supply-Constrained Submarket
- Portfolio Size: 283 units across two adjacent, garden-style communities (Park Terrace and Oak Tree) totaling 205,876 rentable square feet on 11.17 acres.
- Market Context: The Lackland corridor has seen virtually no new market-rate workforce housing supply, insulating in-place rents from new construction competition.
2. Mission-Critical, Recession-Resistant Demand
- Location: Directly opposite JBSA-Lackland Air Force Base (24,000+ active-duty personnel, 35,000 annual training recruits), providing a stable, federally underwritten renter base.
- Proximity: Minutes from Port San Antonio (19,000 employees, $20B economic impact), and close to major employers and retail centers.
3. Proven In-Place Cash Flow with Embedded Upside
- Current Performance: 90% occupancy, stabilized fee-simple profile, not reliant on speculative repositioning.
- NOI Growth: Year 1 pro forma net operating income (NOI) projected at $1.5M
4. Significant Mark-to-Market Rent Upside
- In-Place Rents: Park Terrace ($830/unit), Oak Tree ($740/unit) vs. comp set weighted average ($886/unit), and well below top comps (Hacienda $959, The Annex $930).
- Rent Growth: Submarket rent trajectory projected to return to positive growth by mid-2027.
5. Recent Capital Improvements Reduce Near-Term Risk
- CapEx: $1.6M invested portfolio-wide in the last 2-3 years, including interior renovations, pool and amenity upgrades, parking, exteriors, and major mechanical/plumbing systems.
Listing Contacts
Listed by Marcus & Millichap - San Antonio
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$1,250,000.00
$104,166.67/mo
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Zoning
MF-33 ResidentialMulti FamilyMultifamily
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View all 53 uses Last updated Apr 2, 2026 For deeper zoning details, reports are available at Zoneomics
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