$2,995,000 Price Analysis    ♡   Austin, TX 78705 14 bed 7 bath 5,116 SqFt ($585/SqFt) 6,752SqFt lot. Built 2017 Listed 2024-01-27, Taxes $51,747 | Ⓧ USDA Ineligible due to price & location near Austin |
Cashflow
Turnkey property located within 5-minute walk from the UT Campus. 607 Elmwood next door is exactly th 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 100% occupied with leases that end 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 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 3 0% 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.
Presented by Tony Lazarov at
Resavvy LLC.
Property MLS #3675218 from UnlockMLS
Full Bathrooms: 7
Ceiling-High
Counter-Quartz
Double Vanity
Interior Steps
Kitchen Island
Open Floorplan
Walk-In Closet(s)
Flooring: Vinyl
Window Features: Aluminum Frames
Disposal
Gas Range
Microwave
Free-Standing Range
Refrigerator
Stainless Steel Appliance(s)
Washer/Dryer Stacked
Water Heater-Gas
Laundry Features: Laundry Room
Heating Features: Central
Lot Size Acres: 0.155
Lot Size Square Feet: 6752
Parking Total: 6
Calculated Total Monthly Association Fees: 0
High School: McCallum
Middle School: Kealing
School District: Austin ISD
Map directions Map directions Map directions Map directionsBedrooms in Unit-2: 6
Bedrooms in Unit-3: 4
Full Bathrooms in Unit-1: 2
Full Bathrooms in Unit-2: 3
Full Bathrooms in Unit-3: 2
Unit-1 Furnished Description: Unfurnished
Unit-2 Furnished Description: Unfurnished
Unit-3 Furnished Description: Unfurnished
Unit 1 Total Actual Rent: 5400.00
Unit 2 Total Actual Rent: 8100.00
Unit 3 Total Actual Rent: 5400.00
Source Listing Status: Active
County: Travis
Directions: AT THE CORNER OF ELMWOOD PL AND HARRIS PARK.
Tax Year: 2023
Source Property Type: Residential Income
Area: UT
Source Neighborhood: College Court
Owner Pays: Taxes
Parcel Number: 0215050909
Subdivision: College Court
Flood Plain: No
Property Subtype: Triplex
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2023 | $1,861,156 + $350,000 $2,211,156 | $51,747 |
| 2022 | $1,162,300 + $325,000 $1,487,300 | $48,129 |
| 2021 | $766,652 + $325,000 $1,091,652 | $37,767 |
| 2020 | $766,652 + $325,000 $1,091,652 | $23,414 |
| 2019 | $984,588 + $325,000 $1,309,588 | $28,298 |
| 2018 | $unknown + $325,000 $325,000 | $42,042 |
| 2017 | $203,900 + $325,000 $528,900 | $7,247 |
| 2016 | $244,307 + $250,000 $494,307 | $12,868 |
| 2014 | $184,916 + $250,000 $434,916 | $12,630 |
| 2014 | $211,808 + $250,000 $461,808 | $10,990 |
| 2013 | $106,888 + $250,000 $356,888 | $10,520 |
| 2012 | $unknown + $unknown $292,755 | $8,502 |
| 2011 | $unknown + $unknown $292,755 | $6,782 |
| 2010 | $unknown + $unknown $378,241 | $6,459 |
| 2009 | $unknown + $unknown $378,241 | $8,240 |
| 2008 | $unknown + $unknown $373,660 | $8,143 |
$2,995,000
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Price Changed 2024-05-23
$2,947,500
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Price Changed 2024-05-12
$2,895,000
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Price Changed 2024-05-11
$2,995,000
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Price Changed 2024-05-04
$3,000,000
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Price Changed 2024-04-19
$3,050,000
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Price Changed 2024-03-30
$3,100,000
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Price Changed 2024-03-25
$3,150,000
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Listed 2024-01-27
$3,250,000
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Listing removed 2015-01-07
$1,495
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Price Changed for rent 2015-01-05
$1,495
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Price Changed for rent 2015-01-03
$1,695
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Price Changed for rent 2014-12-22
$1,795
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Price Changed for rent 2014-12-08
$1,895
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Listed for rent 2014-12-04
$2,195
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Listing removed 2012-04-01
$2,495
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Listed for rent 2012-03-19
$2,495
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Listing removed 2010-06-29
$1,895
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Price Changed for rent 2010-06-08
$1,895
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Price Changed for rent 2010-05-16
$1,995
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Price Changed for rent 2010-05-05
$2,095
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Listed for rent 2010-05-04
$2,100
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Listing removed 2010-05-01
$1,495
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Price Changed for rent 2010-04-20
$1,495
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Listed for rent 2009-12-29
$1,995
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Sold 2008-02-06
$0
Public Record
Year Built: 2017
Construction Materials: Frame, Blown-In Insulation, Metal Siding, Vertical Siding, Vinyl Siding
Direction Faces: West
Foundation Details: Slab
Levels: Three Or More
Living Area Source: Public Records
Property Age: 7
Roof: Metal
Year Built Source: Builder
Electricity Connected
Natural Gas Connected
Underground Utilities
Water Connected
Water Source: Public
Security Features: Smoke Detector(s)
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.