609 Elmwood PL
Austin TX, 78705
$635.26 per sqft
Built in 2017
Cashflow, turnkey property located within 5-minute walk from the UT Campus. 607 Elmwood next door is exactly the same selling at the same price and a buyer can purchase one or 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.
January 26, 2024
February 15, 2024
609 Elmwood PL
Austin TX, 78705
Ceiling Fan(s), High Ceilings, Quartz Counters, Crown Molding, Double Vanity, Interior Steps, Kitchen Island, Open Floorplan, Recessed Lighting, Walk-In Closet(s)
Dishwasher, Disposal, Gas Range, Microwave, Free-Standing Range, Refrigerator, Stainless Steel Appliance(s), Washer/Dryer Stacked, Water Heater-Gas
No Carpet, Vinyl
Balcony, No Exterior Steps
Alley Access, Corner Lot, Level, Trees-Moderate
Other Property Details
Common, Garage, Off Street
Buyer Agency Compensation
Courtesy of Resavvy LLC
Listing Contact: (512) 762-8669
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