607 Elmwood PL Active

Austin,TX 78705

$ 3000000

0 Bed

0 Bath

5116 SqFt


Key Details

Property Type Multi-Family

Sub Type Triplex

Listing Status Active

Purchase Type For Sale

Square Footage 5,116 sqft

Price per Sqft $586

Subdivision College Court

MLS Listing ID 1745040

Originating Board actris

Year Built 2017

Annual Tax Amount $35,046

Tax Year 2023

Lot Size 6,751 Sqft

Property 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.

Location

State TX

County Travis

Interior

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)

Heating Central

Cooling Central Air

Flooring No Carpet,Vinyl

Fireplaces Type None

Fireplace Y

Appliance Dishwasher,Disposal,Gas Range,Microwave,Free-Standing Range,Refrigerator,Stainless Steel Appliance(s),Washer/Dryer Stacked,Water Heater

Exterior

Exterior Feature Balcony,No Exterior Steps

Fence None

Pool None

Community Features Dog Park,Underground Utilities

Utilities Available Electricity Connected,Natural Gas Connected,Underground Utilities,Water Connected

Waterfront No

Waterfront Description None

View None

Roof Type Metal

Accessibility None

Porch None

Parking Type Common,Garage,Off Street

Total Parking Spaces 6

Building

Lot Description Alley,Corner Lot,Level,Trees-Moderate

Faces West

Foundation Slab

Sewer Public Sewer

Water Public

Level or Stories Three Or More

Structure Type Frame,Blown-In Insulation,Metal Siding,Vertical Siding,Vinyl Siding

New Construction No

Schools

Elementary Schools Lee

Middle Schools Kealing

High Schools Mccallum

School District Austin Isd

Others

Pets Allowed Cats OK,Dogs OK,Breed Restrictions

Restrictions None

Acceptable Financing Cash,Conventional,1031 Exchange

Tax Rate 1.8092

Listing Terms Cash,Conventional,1031 Exchange

Special Listing Condition Standard

Pets Description Cats OK,Dogs OK,Breed Restrictions

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