Cashflow, turnkey property located within 5-minute walk from the UT Campus. 609 Elmwood next door is exactly the same selling at the same price and a buyer can purchase one or both 3-plexes. Demand for 4 to 7 Bed. Hoses and Units within walking distance to UT are extremely high as available 4 to 7-bed rental units are extremely limited. Students pre-lease those units years in advance to have a chance to live in one of them. All units in both 3-plexes are not only 100% occupied with leases that ends July 31st, 2024 at $1,250/bedroom rent which is $35K/mo. or $420K/yr. but it is also pre-leased with fully executed leases for the Aug 1st, 2024 – July 31st, 2025 period at $1,350/mo. or $37,800/mo between the two 3-plexes which is $453,600/yr. The projected rent for the Aug 1st, 2025 – July 31st, 2026 period is $1,500/bd or $504,000/yr. The carrying costs for this asset are quite low as property tax relief just passed in Austin has lowered tax rates and property valuations, there are no common elements to maintain, all units have separately metered utilities and tenants pay for all the utilities. All that makes the expense ratio for those units be at about 30% of gross income. That is a 4.8% Cap rate based on Aug 2024 rents and close to a 5.5% Cap rate based on the Aug 2025 pro forma. This Trophy property is in huge rental demand due to its unbeatable location, quality, and rental demand.
Electricity Available, Electricity Connected, Natural Gas Connected, Underground Utilities, Water Connected
Dishwasher, Disposal, Gas Water Heater, Microwave, Stainless Steel Appliance(s), Free-Standing Range, Gas Range, Refrigerator, Washer/Dryer Stacked
Alley, Corner Lot, Level, Moderate Trees
Blown-In Insulation, Frame, Metal Siding, Vertical Siding, Vinyl Siding
Date | Details | Price | Change |
---|---|---|---|
Price Reduced | $3,000,000 | $50,000 (1.64%) | |
Price Reduced | $3,050,000 | $50,000 (1.61%) | |
Price Reduced | $3,100,000 | $50,000 (1.59%) | |
Price Reduced (from $3,250,000) | $3,150,000 | $100,000 (3.08%) |
Property Listed by: Resavvy LLC
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Based on information from the Austin Board of REALTORS® (alternatively, from ACTRIS) from May 5th, 2024 at 10:15pm CDT. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. The Austin Board of REALTORS®, ACTRIS and their affiliates provide the MLS and all content therein "AS IS" and without any warranty, express or implied. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.
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