609 Elmwood, Austin, Texas

$3,000,000
Active
609 Elmwood, Austin, Texas
609 Elmwood, Austin, Texas
609 Elmwood, Austin, Texas
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Property Details

MLS ID: 3675218
Status: Active
Price: $3,000,000
Acres: 0.16±
Type: Triplex, Residential
Address: 609 Elmwood
City, State: Austin, TX
County: Travis County
ZIP Code: 78705
Parcel Number: 0215050909
SqFt: 5,116
Year Built: 2017

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.

Directions: AT THE CORNER OF ELMWOOD PL AND HARRIS PARK.

Colton Harbert

Colton Harbert

Capitol Ranch Real Estate, LLC

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Colton Harbert
Capitol Ranch Real Estate, LLC
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© 2024 Austin Board of REALTORS® Based on information submitted to the MLS GRID as of November 27, 2024 at 12:00:00 AM 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.

Listed By: Tony Lazarov of Resavvy Llc - (512) 762-8669