607-609 Elmwood Pl, Austin, TX 78705
6 Unit Apartment Building | $6,000,000 ($1,000,000/Unit) | 6.19% Cap Rate | Austin, TX 78705
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $6,000,000
- Property Type
-
Multifamily
- Square Feet
- 10,232 SF
Listing Contacts
Tony Lazarov
Verified Profile
Daniel Pettit
Verified Profile
- Property Info
Property Overview
Location: 5-minute walk from the University of Texas campus.
Property Details: Two 3-plexes with a combined total of 28 bedrooms and 15 bathrooms. Unit mix includes 4, 6, and 4-bedroom layouts per 3-plex.
Demand: High demand for large (4-7 bedroom) rental units within walking distance to UT, with limited availability. Properties like these are often pre-leased years in advance.
Current Leasing Status: 100% occupied through July 2024 at $1,250 per bedroom ($420,000/year). Pre-leased for August 2024 - July 2025 at $1,350 per bedroom ($453,600/year).
Market Rent Potential: Current market rent estimated at $1,550 per bedroom. Projected rent for August 2025 - July 2026 is $1,550-$1,600 per bedroom ($537,600/year).
Financials: Low expense ratio (~30% of gross income) due to tax relief, separately metered utilities, and tenant-paid utilities. Cap rate of 5.06% based on August 2024 rents; potential for nearly 6.5% based on August 2025 projections.
Key Selling Points: Unmatched location, strong rental demand, low carrying costs, and potential for further rent growth.
Property Details: Two 3-plexes with a combined total of 28 bedrooms and 15 bathrooms. Unit mix includes 4, 6, and 4-bedroom layouts per 3-plex.
Demand: High demand for large (4-7 bedroom) rental units within walking distance to UT, with limited availability. Properties like these are often pre-leased years in advance.
Current Leasing Status: 100% occupied through July 2024 at $1,250 per bedroom ($420,000/year). Pre-leased for August 2024 - July 2025 at $1,350 per bedroom ($453,600/year).
Market Rent Potential: Current market rent estimated at $1,550 per bedroom. Projected rent for August 2025 - July 2026 is $1,550-$1,600 per bedroom ($537,600/year).
Financials: Low expense ratio (~30% of gross income) due to tax relief, separately metered utilities, and tenant-paid utilities. Cap rate of 5.06% based on August 2024 rents; potential for nearly 6.5% based on August 2025 projections.
Key Selling Points: Unmatched location, strong rental demand, low carrying costs, and potential for further rent growth.
Property Details
- Class
- C
- Year Built
- 2017
- Stories
- 3
- Property Subtype
- Dormitory
- Lot Size (sq. ft)
- 13,939 SF
- Units
- 6
Highlights
- Turnkey Class A cashflow property 100% leased and already pre-leased for a year in advance.
- Oversized rental demand with option to raise rents to $1500 to $1600 per bedroom.
- Amazing location walking distance to the University of Texas, Austin.
- Low carrying costs easy to maintain.
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