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- Contact
- (512) 555-1212
Austin, TX 78705
Cashflow, turnkey property located within 5-minute walk from the UT Campus. 607 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.
Listed by Resavvy LLC
| MLS ID | ACT3675218 | |
| Status | Active | |
| Days Active | 816 | |
| Est. Tax | $35,046 | |
| Lot Size | 0.155 | |
| Year Built | 2017 | |
| Total Bedrooms | 0 | |
| 1st Floor Bedrooms | ||
| Full Baths | ||
| Half Baths | ||
| Square Feet | 5,116 | |
| Price Per SqFt | $585.42 | |
| Garage Spaces | 0 | |
| Fireplace(s) | 0 | |
| Fireplace Info | None | |
| Flooring | No Carpet, Vinyl | |
| Stories | Three Or More | |
| Pool | No | |
| Courtesy of | Resavvy LLC (512) 762-8669 | |
| Subdivision | College Court | |
| City | Austin | |
| County | Travis | |
| HOA | ||
| HOA Fee | $ / | |
| Water Front | No | |
| Roof | Metal | |
| Construction | Frame, Blown-In Insulation, Metal Siding, Vertical Siding, Vinyl Siding | |
| Foundation | Slab | |
| Fencing | None | |
| Elementary School | Lee |
| Middle School | Kealing |
| High School | McCallum |
| Appliances | Dishwasher, Disposal, Gas Range, Microwave, Free-Standing Range, Refrigerator, Stainless Steel Appliance(s), Washer/Dryer Stacked, Water Heater | |
| Heating | Central | |
| Cooling | Central Air | |
| Exterior Features | Balcony, No Exterior Steps | |
| Lot Features | Alley, Corner Lot, Level, Trees-Moderate | |
| Community Features | Dog Park, Underground Utilities | |
| Patio Features | None | |
| Structures | None | |
| Interior Features | Ceiling Fan(s), High Ceilings, Quartz Counters, Crown Molding, Double Vanity, Interior Steps, Kitchen Island, Open Floorplan, Recessed Lighting, Walk-In Closet(s) | |
| Courtesy of | Resavvy LLC(512) 762-8669 | |
| Fencing Features | None | |
| Parking Features | Common, Garage, Off Street | |
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