Cashflow

Turnkey property located within 5-minut 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 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 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.

Request Information
on 607 Elmwood Pl
in Austin, TX
Presented by Tony Lazarov at
Resavvy LLC.


Property MLS #1745040 from UnlockMLS

+ Reveal additional info including schools and tax history

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+ Bedrooms

Bedrooms: 14

+ Bathrooms

Total Bathrooms: 0
Full Bathrooms: 8

+ Interior Features

Ceiling Fan(s)
Ceiling-High
Counter-Quartz
Double Vanity
Interior Steps
Kitchen Island
Open Floorplan
Walk-In Closet(s)
Flooring: Vinyl
Window Features: Aluminum Frames

+ Appliances

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

+ Other Rooms

Bedroom, Bathroom, Kitchen, Laundry, Living Room

+ Heating and Cooling

Cooling Features: Central Air
Heating Features: Central

+ Exterior and Lot Features

No Exterior Steps

+ Land Info

Lot Description: Alley Access, Corner Lot, Level, Trees-Moderate
Lot Size Acres: 0.155
Lot Size Square Feet: 6752

+ Garage and Parking

Parking Features: Common, Garage, Off Street
Parking Total: 6

+ Homeowners Association

Association: No
Calculated Total Monthly Association Fees: 0

+ School Information

Elementary School: Lee
High School: McCallum
Middle School: Kealing
School District: Austin ISD
+ Display Complete School Details

Lee Elementary School is a public elementary school located approximately 0.4 miles away.
Map directions

Kealing Middle School is a public middle school located approximately 1.5 miles away.
Map directions

Mccallum High School is a public high school located approximately 2.5 miles away.
Map directions

Kirby Hall School is a private elementary, middle and high school located approximately 0.5 miles away.
Map directions

+ Amenities and Community Features

Community Features: Dog Park, Underground Utilities

+ Multi-Unit Info

Bedrooms in Unit-1: 4
Bedrooms in Unit-2: 6
Bedrooms in Unit-3: 4
Full Bathrooms in Unit-1: 3
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

+ Other Property Info

Annual Tax Amount: 35046.00
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: Grounds Care, Taxes
Parcel Number: 02150509080000
Subdivision: College Court
Flood Plain: No
Property Subtype: Triplex
Source System Name: C2C
+ Reveal Property Sale History

Price Changed 2024-05-12
$2,895,000
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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 2024-01-25
$3,250,000
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+ Building and Construction

Total Square Feet Living: 5116
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

+ Utilities

Sewer: Public Sewer
Electricity Connected
Natural Gas Connected
Underground Utilities
Water Connected
Water Source: Public

+ Home Features

Other Equipment: Dryer Connections, Washer Hookup
Security Features: Smoke Detector(s)