1011 W 25th Street, Austin
$2,395,000 - 4,318 Sf
MLS® # 7875495
Ready Real Estate LLC
607 Elmwood Place, Austin
$3,050,000
0 Bed
0 Bath
5,116 Sqft
.16 Acre
0 Garage
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.
Essential Information
MLS® #1745040
Price$3,050,000
Bathrooms0.00
Square Footage5,116
Acres0.16
Year Built2017
TypeResidential Income
Sub-TypeTriplex
StatusActive
Community Information
Address607 Elmwood Place
AreaUT
SubdivisionCollege Court
CityAustin
CountyTravis
StateTX
Zip Code78705
Amenities
FeaturesDog Park
ParkingGarage, Common, Off Street
ViewNone
WaterfrontNone
Utilities
Electricity Connected, Natural Gas Connected, Water Connected, Underground Utilities
Interior
InteriorVinyl
HeatingCentral
FireplacesNone
StoriesThree Or More
Appliances
Dishwasher, Free-Standing Range, Disposal, Gas Water Heater, Microwave, Refrigerator, Stainless Steel Appliance(s), Gas Range, Washer/Dryer Stacked
Exterior
Exterior FeaturesBalcony, No Exterior Steps
RoofMetal
FoundationSlab
Lot Description
Corner Lot, Level, Alley, Moderate Trees
Construction
Frame, Metal Siding, Blown-In Insulation, Vertical Siding, Vinyl Siding
School Information
DistrictAustin ISD
ElementaryLee
MiddleKealing
HighMcCallum
Additional Information
Date ListedJanuary 25th, 2024
Days on Market93
Listing Details
Office Contact(512) 762-8669
Property History
Price Reduced from $3,100,000 to $3,050,000
Price Reduced from $3,150,000 to $3,100,000
Price Reduced from $3,250,000 to $3,150,000
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Property Listed by: Resavvy LLC
The information being 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.
Based on information from the Austin Board of REALTORS® (alternatively, from ACTRIS) from April 27th, 2024 at 6:15pm CDT. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. 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. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.
All information provided is deemed reliable but is not guaranteed and should be independently verified.
