West End Flats is a fully occupied 16-unit apartment community secured by a single commercial NNN master lease, offering investors the stability of one tenant, one monthly payment, and contractual annual rent increases. Situated on approximately 1.13 acres in San Antonio's established Woodlawn Lake submarket, the property consists of two masonry apartment buildings totaling approximately 14,112 square feet. The entire community is leased to a 501(c)(3) nonprofit organization under a 36-month NNN master lease with scheduled 5% annual rent escalations, creating predictable cash flow while minimizing day-to-day management. Unlike a traditional apartment investment with multiple residential leases, West End Flats operates as a single-tenant net leased investment during the lease term while preserving all of the long-term benefits of multifamily ownership. Investment Highlights: • 16-unit multifamily community • Two masonry buildings • ±14,112 SF on 1.13 acres • MF-33 Multifamily zoning • One commercial NNN master lease • 100% occupied • One tenant / One monthly payment • 5% annual contractual rent escalations • Individually metered units • Year 1 projected cap rate approximately 7.0%–7.5% • Year 2 projected cap rate approximately 8.0% • Minutes from Downtown San Antonio, St. Mary's University, Woodlawn Lake, IH-10 and the Medical Center. At lease expiration, investors maintain multiple exit strategies including renewing the master lease, returning the property to conventional apartment operations, selling as a stabilized multifamily investment, or pursuing redevelopment under existing MF-33 zoning. This offering is ideal for 1031 exchange buyers, family offices, private investors, multifamily investors, and passive net lease investors seeking stable contractual income with long-term appreciation potential.