Victorian Oaks Apartments — 8-Unit Fully Furnished Multifamily | All Utilities Included | Bulverde, TX

Victorian Oaks Apartments is a rare, fully furnished 9-unit multifamily property in the heart of Bulverde, Texas — one of the fastest-growing communities in the greater San Antonio metro. Every unit is completely furnished, move-in ready, and includes all utilities: electricity, LP gas, water/sewer, fiber optic internet, centrally softened water, and garbage service. This is not a typical multifamily offering. The property consists of a 3-bedroom/3-bath Main House with a private pool and waterfall, plus seven individual apartment units ranging from one to two bedrooms. The unit mix includes long-term leased units and short-term rental inventory, giving a new owner flexibility to optimize the income strategy. Select units feature EV charging, Jacuzzis, outdoor gas grills, and covered patios. The property has maintained high occupancy over the past three years and generates a current NOI of $117, 547 at a 6.72% cap rate. Four units are currently leased below their listed market rates, representing approximately $16, 200 in annual rent upside available through standard lease renewals — no capital required. Additional land capacity on the property supports up to three more units. 1031 exchange buyers, private investors, and owner-operators are all well-suited for this asset. Serious inquiries only. Tours by appointment.