117 W Craig Pl, San Antonio, TX 78212

8 beds7.5 baths5,500 sqft Edit

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Zestimate®: $909,086
Rent Zestimate®: $2,393/mo
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A Rent Zestimate® is Zillow's estimated monthly rental price, computed using a proprietary formula. It is a starting point in determining the monthly rental price for a specific property.

My Notes

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THIS PROPERTY IS PRICED AS A LUXURY TURNKEY BED
Please note that the online real estate pricing programs DO NOT KNOW that there is a fully renovated (2003
 
The Inn enjoys year-round strong occupancy and has grown revenue year over year since 2007, with additional opportunities not yet tapped. 78% of the purchase price is real estate.  San Antonio zip code 78212 (Monte Vista) real estate values, according to Sperling's Best Places, have appreciated 32%, 11% and 6% over the past 10 years, 5 years and 12 months, respectively. The property is zoned commercial and could be used for other business purposes.
 
 
 
We have researched within the industry, using the PAII (Professional Association of International Innkeepers) recommendations, speaking with former innkeepers, as well as consulting Bhttp://bbteam.com/2010/07/27/what-is-an-inn-worth-how-lenders-look-at-value-2/  and   http://www.lodgingresources.com/Innkeepers/WhatIsYourInnWorthArticle/tabid/2701/Default.aspx
 
To highlight the key valuation points of these articles, the Gross Revenue Multiplier (GRM) range for a property of this size is in the 3 to 5 times revenue range and with the Income Capitalization Method, the range is "9%" to "12%."  As the Inn currently operates, the operations meet or exceed these parameters.
 
The current pro-forma EBITDA/OWNERS DISCRETIONARY INCOME Return On Investment/Cap rate is 10.43% and will grow to 12.91% by just making the 6th guest room available. Current revenue mix of 56% from rooms with 39% attributed to weddings and is capable of growing to in excess of 60% of revenue in weddings, all dependent on one's appetite for growth. The infrastructure is already in place to handle the additional revenue opportunities. Investors will be happy to know that pro-forma EBITDA/OWNERS DISCRETIONARY INCOME is inclusive of 3 new hires (Innkeeper, Assistant Innkeeper/ Wedding Coordinator and a chef). However, ones level of involvement reduces the amount of wages to be paid and increases the EBITDA/OWNERS DISCRETIONARY INCOME.  And most importantly, you dont have to renovate and build a B
Check out more photos on www.craigplace.com
Additional property info: http://www.forsalebyowner.com/listing/8-bed-Other-property-for-sale-by-owner-117-W-Craig-Place-78212/23985110?provider_id=28079
 

What I love about the home

Fully renovated, this 1891 home in Monte Vista is situated in the heart of San Antonio, a mile and a half north of the Riverwalk, one mile from the museum reach/Pearl Brewery area of the Riverwalk, within a mile of Trinity University and Incarnate Word University, near Olmos Park and 10 minutes from the airport. The property is in pristine condition and was originally constructed with elements that reflect the Victorian era (as seen in its curved porches) and blended with Arts and Crafts elements as seen in its fabulous woodworking, oak wainscoting and inlaid designs in its hardwood floors. Towering 11 foot ceilings in every room add to the majestic feel. The main house boasts twin curved porches, 4/5 bedrooms with private baths and jacuzzi tubs, a spacious kitchen with gas cooktop with grill, large dining room, an office/breakfast nook, parlor, music room/5th bedroom, butler's pantry,laundry room, front and back stairways,and cozy library that opens onto the balcony. The six original fireplaces have been converted to gas. The newly updated guest house has three bedrooms and two baths with jacuzzi tub and walk-in double shower,bonus room, living/dining room, private balcony and patio. Guest house could also be rented as an apartment. The beautifully landscaped yard has a large side yard, hidden from street view, and ample space for a formal garden or play area. Although this home is currently being operated as a bed and breakfast, it had been a private residence for decades and all owners have lovingly cared for the home in order to maintain its historic integrity. A must-see for those who want to enjoy downtown living with plenty of space! Check out more photos on www.craigplace.com
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Facts

  • Lot: 0.33 acres
  • Single Family
  • Built in 1891
  • Views: 12,042 all time views
  • Cooling: Central
  • Heating: Forced air
  • Last sold: Aug 2007

Features

  • Attic
  • Barbecue
  • Cable Ready
  • Ceiling Fan
  • Deck
  • Fenced Yard
  • Fireplace
  • Flooring: Carpet, Hardwood, Tile, Other
  • Furnished
  • Garden
  • Hot Tub/Spa
  • Jetted Tub
  • Lawn
  • Mother-in-Law Apartment
  • Parking: Carport, Garage - Attached, Off street, 1 space, 504 sqft
  • Patio
  • Porch
  • Security System
  • Sprinkler System
  • Vaulted Ceiling
  • View: City

Appliances Included

  • Dishwasher
  • Dryer
  • Garbage disposal
  • Microwave
  • Range / Oven
  • Refrigerator
  • Trash compactor
  • Washer

Room Types

  • Breakfast nook
  • Dining room
  • Family room
  • Laundry room
  • Library
  • Master bath
  • Office
  • Pantry
  • Sun room
  • Workshop

Construction

  • Roof type: Other
  • Room count: 27
  • Stories: 2
  • Structure type: Other
  • Unit count: 1

Other

  • Floor size: 5,500 sqft
  • Heating: Electric, Gas
  • Last remodel year: 2010
  • Laundry: In Unit
  • Lot depth: 180
  • Lot width: 1800
  • Parcel #: 018600010190
  • Zillow Home ID: 26119144

Zestimate Details

Zestimate
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$909,086
+$14,853 Last 30 days
$818K
$1.17M
Zestimate range
Rent Zestimate A Rent Zestimate is Zillow's estimated monthly rental price, computed using a proprietary formula. It is a starting point in determining the monthly rental price for a specific property. Learn more

The Rent Range is the high and low estimate for which an apartment or home could rent. The more information we have, the smaller the range, and the more accurate the Rent Zestimate. See data coverage and accuracy table
$2,393/mo
+$20 Last 30 days
$1.1K
$3.3K
Zestimate range

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Popularity on Zillow

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12,042 all-time views
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313 forecasted views of this home
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Comparable Homes

Homes like this sold for $850K.

$740K
$960K

Mortgages

Neighborhood: Monte Vista

Zillow predicts San Antonio home values will increase 1.6% next year, compared to a 1.9% rise for San Antonio Metro as a whole. Among San Antonio homes, this home is valued 618.1% more than the midpoint (median) home, and is valued 108.9% more per square foot.

Foreclosures will be a factor impacting home values in the next several years. In San Antonio, the number of foreclosures waiting to be sold is 29.8% higher than in San Antonio Metro, and 53.3% greater than the national average. This higher local number may prevent San Antonio home values from rising as quickly as other regions in San Antonio Metro.

Learn more about forecast calculations or San Antonio home values.
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    Nearby Schools in San Antonio

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