Active
607 Elmwood PL
Austin TX, 78705
$2,995,000
$585.42 per sqft
Active
5,116 sqft
Multi-family
Built in 2017
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.
1745040
MLSⓇ ID
January 25, 2024
Listed
October 1, 2024
Updated
Map
607 Elmwood PL
Austin TX, 78705
Interior Features
Total Stories
3
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)
Appliances
Dishwasher, Disposal, Gas Range, Microwave, Free-Standing Range, Refrigerator, Stainless Steel Appliance(s), Washer/Dryer Stacked, Water Heater-Gas
Floor Description
No Carpet, Vinyl
Fireplace
No
Fireplace Description
None
Cooling
Yes
Cooling Description
Central Air
Heating
Yes
Heating Description
Central
Exterior/Building Features
Lot Size
0.15 Acres
Exterior Features
Balcony, No Exterior Steps
Lot Features
Alley Access, Corner Lot, Level, Trees-Moderate
Roof
Metal
Sewer
Public Sewer
School Information
School District
Austin ISD
High School
McCallum
Elementary School
Lee
Other Property Details
Area Name
UT
Taxes
$35,046
Tax Frequency
Annually
Garage
Yes
Parking
Common, Garage, Off Street
View
No
View Description
None
County
Travis
Water Source
Public
Pool
No
Pool Features
None
Courtesy of Resavvy LLC
Listing Contact: (512) 762-8669
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Listings courtesy of ACTRIS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of ©2024 (date and time MLS GRID Data was obtained). 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
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Database last updated 9:59 PM UTC, 10/1/2024