• 607 Elmwood Place Austin, TX 78705

  • $3,050,000
  • 0
    Bed(s)
  • 0
    Baths
  • 5,116
    Sq Ft
  • 0.155
    Acre

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 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.

Property Type :

Residential Income

Subdivision :

College Court

County :

Travis

Style :

Residential Income

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Property Details

 

Bedroom Information

Total Bedrooms : 0

Bathroom Information

Total Baths: 0

Water/Sewer

Water Source : Public

Sewer : Public Sewer

Room Information

5116

Total Rooms: 0

Accessibility Features

None

Interior Features

Roof : Metal

Exterior Property Features : Balcony,No Exterior Steps

Interior Features: Ceiling Fan(s),Crown Molding,Double Vanity,High Ceilings,Interior Steps,Kitchen Island,Open Floorplan,Quartz Counters,Recessed Lighting,Walk-In Closet(s)

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

No. of Fireplace: 0

Fireplace: None

Cooling Features: Central Air

Heating Features: Central

Building Information

Year Built: 2017

Construction: Blown-In Insulation,Frame,Metal Siding,Vertical Siding,Vinyl Siding

Roof: Metal

Flooring: Vinyl

Fencing: None

Patio And Porch Features: Patio

View: None

Exterior Features

Balcony,No Exterior Steps

Window Features: Blinds

Laundry Features: Washer Hookup,Dryer Hookup,Stacked

Lot Information

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

Lot Size Acres: 0.155

Property Information

SQ ft: 5,116

Subdivision: College Court

Owner Pays: Grounds Care,Taxes

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

Source Property Type: Residential Income

Property SubType: Triplex

Area: UT

Source Neighborhood: College Court

Total Square Feet Living: 5116

Foundation Details: Slab

Pool Features: None

Property Age: 7

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

Listing Price Information

Original List Price: $3,050,000

Tax Information

Parcel Number: 02150509080000

Homeowners Association Information

Association: No

Pets Allowed: Breed Restrictions,Cats OK,Dogs OK

Community Features: Dog Park

School Information

Elementary School: Lee

Middle/Junior High School: Kealing

Senior High School: McCallum

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The information being provided by ACTRIS is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. Any information relating to real estate for sale referenced on this web site comes from the Internet Data Exchange (IDX) program of the ACTRIS. Real estate listings held by brokerage firms other than this site owner are marked with the IDX/MLS logo. Information deemed reliable but is not guaranteed accurate by ACTRIS.

ByOwner last updated this listing 05/02/2024 @ 02:54

MLS: 1745040
LISTED BY: Tony Lazarov, Resavvy LLC
SOURCE: ACTRIS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.

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