607 Elmwood Place
Austin, TX 78705
5116 sqft | 0.16 acres | #1745040
Description
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 ONLY purchase 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.
Interior Details
- InteriorCeiling Fans, Crown Molding, Double Vanity, High Ceilings, Interior Steps, Kitchen Island, Open Floorplan, Quartz Counters, Rece
Property Details
- Lot DescriptionAlley, Corner Lot, Level, Moderate Trees
- Exterior MaterialsBalcony, No Exterior Steps
Measurements
- Acres0.155
- Square Feet5116
Construction Details
- Property TypeMulti-Family
Condition
- Year Built2017
Material information
- FoundationSlab
Utilities / Energy Details
- Utility FeaturesElectricity Available, Electricity Connected, Natural Gas Connected, Water Connected, Underground Utilities
- Sewer InformationPublic Sewer
- Utility SourcePublic
Community and Neighborhood Details
- SubdivisionCollege Court
Location
- School DistrictAustin ISD
- High SchoolMcCallum
- Middle SchoolKealing
- CountyTravis
- Elementary SchoolLee
Financial Details
- Original List Price$3,250,000
- Taxes Annual$35,046
- Days on Market (Cumulative)163
Other
- MLS #1745040
Location
Legal
Based on information submitted to the MLS GRID as of 2024-09-04 19:18:21 UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Based on information from the Austin Board of REALTORS®. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. All data is provided "AS IS" and with all faults. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.
Last Updated: . Source: ACTRIS
Listing Courtesy
Listing Agent: Tony Lazarov (#0459968), Phone: (512) 762-8669
Listing Office: Resavvy LLC (#701116)
Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.
