$2,995,000
 $17,005 est/mo Sourced by Back At You

607 Elmwood Pl , Austin, TX 78705

Austin, TX 78705

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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.

Details

MLS#1745040
Listing TypeFor Sale
StyleTown House
Sub-TypeResale
StatusActive
Year2017
Days On Site235
Listing Provided ByResavvy LLC | Tony Lazarov

Features

SQ Feet5,116
Acreage0.16
Property ViewNone

 Listings courtesy of Austin Board of REALTORS® MLS as distributed by MLS GRID.

Based on information submitted to the MLS GRID as of September 16, 2024 at 10:01:53 AM PDT 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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Learn More About This Property

StateTX
CountyTravis
CityAustin
Zip Code78705
AreaUT
Community NameCollege Court
School DistrictMcCallum
Elementary SchoolLee
Middle SchoolKealing
High SchoolMcCallum
Listing VS Median (in College Court)
Price:
$2,995,000
low | high
Med:
$2,995,000
50% of Average
SqFt:
5,116
low | high
Med:
5,116
50% of Average
$ / SqFt:
$585
low | high
Med:
$585
50% of Average
On Site:
235
low | high
Med:
235.000000
100% of Average
Sourced by Back At You
Listing Updated: September 11, 2024 at 4:29:21 PM PDT
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