The Chimneys

Unbeatable cash flowing building with seller finance available at unbeatable interest rates.
Seller can offer owner finance at 4.25% interest only payment with 25% down yielding a monthly payment of only $9296. Rate locked in for 3 years then increases 2% a year until it reaches 10 percent on the sixth year
Current total gross rents is $17,600,,, property taxes $2488.... Monthly insurance $1069, net income monthly $4746, tenants pay utilities
All tenants have a one year lease that end in July 2025 and are interested in renewing for 3 years which can be executed prior or after the completion of the sale -------------------------------------------------
More buildings have existing potential to be updated from the current set up of 8 units/10 bedrooms to become 18 single efficiency units which can increase the rents drastically to potentially up to 24000. Blue prints and additional info can be provided--------------------------
The building is located in the University Neighborhood Outlay (UNO) , allowing a tear down and a rebuild at much higher limits and redevelopment to increase the cap rate. building is located at Corner of 25th st and Rio Grande St which is one of two streets that allows for commercial stores door front on ground level. Blue prints and additional info can be provided.
One of the most prime if not the most prime locations in West Campus, Austin, Texas located on 25th St and Rio Grande in the University area of West Campus which is right by the University Of Texas. UT is one of the biggest universities nationwide, which is constantly growing. This area has hardly ever any vacancies due to the constant growth of the university and is perfect for those looking for constant income stream and consistent cashflow. This is located in University Neighborhood Outlay (UNO) which allows for much more significant heights to be developed at this same location thus there is huge opportunity to develop this and increase the cap rate. Parking requirements are also removed and set back requirements are also removed allowing for more maximizing of the land space to building something bigger and higher and newer. Perfect buy for those looking for consistent source of income or someone looking to tear down and redevelop. Ideal location for a fraternity/ sorority house. Commercial zoning on Rio Grande allows for even more possibilities. 145 ft maximum height restriction. The Chimneys was originally built in 1979 by Dr. Robert Snider. It consists of six 1 bed/ 1 bath units and two 2 bedroom/ 2 bath units. All units were recently renovated. Dell Medical School, LBJ Library, St. Davids Hospital, UT fields and football stadium are an easy walk from here. Guadalupe, "The Drag" is just 2 blocks away which has a multitude of restaurants, shopping, hotels, grocery, live music, entertainment, and just about anything else you need.