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607 Elmwood Pl

Austin, TX 78705
  • $2,995,000
  • STATUS: Active
  • ID#: 1745040
UPDATED: 32 min ago
$2,995,000
  • 0
    BEDS
  • 0.16
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 5,116
    SQFT
  • $585
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
2017
County:
Area:

School Information

Elementary School:
Lee
Middle School:
High School:
School District:
Property listed by Tony Lazarov of Resavvy LLC: (512) 762-8669.

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.

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© 2024 Austin Board of REALTORS® (alternatively, from ACTRIS). All information provided is deemed reliable but is not guaranteed and should be independently verified. The Austin Board of REALTORS®, ACTRIS and their affiliates provide the MLS and all content therein “AS IS” and without any warranty, express or implied.The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated: 2024-10-14T16:59:47.023.

MLS Grid  logoBased on information submitted to the MLS GRID as of 2024-10-14T16:59:47.023 (date and time MLS GRID Data was obtained). 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. Click here for MLS GRID DMCA Notice
www.hoydenhomes.com/homes/146924666
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607 Elmwood Pl Austin, TX 78705

  • Price: $2,995,000
  • Status: Active
  • On Site: Days
  • Updated: 32 min ago
  • ID#: 1745040
0
Beds
0
Baths
0
½ Baths
0.16
Acres
5,116
SQFT
$585
$/SQFT
2017
Built
Neighborhood:
College Court
County:
Travis
Area:
Austin
Elementary School:
Lee
Middle School:
Kealing
High School:
Mccallum
School District:
Austin ISD
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.
Exterior Features

Attached Garage YN No Covered Spaces 0 Direction Faces West Exterior Features BalconyNo Exterior Steps Fencing None Foundation Details Slab Garage YN Yes Levels Three Or More Lot Features Alley AccessCorner LotLevelTrees-Moderate Other Structures None Parking Features CommonGarageOff Street Patio And Porch Features None Roof Metal View None Waterfront Features None Waterfront YN No

Interior Features

Appliances DishwasherDisposalGas RangeMicrowaveFree-Standing RangeRefrigeratorStainless Steel Appliance(s)Washer/Dryer StackedWater Heater-Gas Cooling Central Air Fireplace Features None Fireplaces Total 0 Flooring No CarpetVinyl Heating Central Interior Features Ceiling Fan(s)High CeilingsQuartz CountersCrown MoldingDouble VanityInterior StepsKitchen IslandOpen FloorplanRecessed LightingWalk-In Closet(s) Laundry Location Laundry Room Unit Room Type BedroomBathroomKitchenLaundryLiving Room Window Features Aluminum Frames

Property Features

Accessibility Features None Association YN No Community Features Dog ParkUnderground Utilities Estimated Taxes 35046 Fema Flood Plain No Horse YN No Listing Terms CashConventional1031 Exchange New Construction YN No Pets Allowed Cats OKDogs OKBreed Restrictions Pool Features None Property Condition Resale Property Sub Type Triplex Sewer Public Sewer Special Listing Conditions Standard Tax Annual Amount 35046 Utilities Electricity ConnectedNatural Gas ConnectedUnderground UtilitiesWater Connected Water Source Public



© 2024 Austin Board of REALTORS® (alternatively, from ACTRIS). All information provided is deemed reliable but is not guaranteed and should be independently verified. The Austin Board of REALTORS®, ACTRIS and their affiliates provide the MLS and all content therein “AS IS” and without any warranty, express or implied.The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated: 2024-10-14T16:59:47.023.

MLS Grid  logoBased on information submitted to the MLS GRID as of 2024-10-14T16:59:47.023 (date and time MLS GRID Data was obtained). 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. Click here for MLS GRID DMCA Notice
 
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Hoyden Homes
16514 Lounsbury Pl
Austin TX, 78717
Property listed by Tony Lazarov of Resavvy LLC: (512) 762-8669.