Active

609 Elmwood PL

Austin TX, 78705

$2,895,000


$565.87 per sqft

Active

5,116 sqft

Multi-family

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.

3675218

MLS ID

January 26, 2024

Listed

May 12, 2024

Updated

Map

609 Elmwood PL
Austin TX, 78705

Interior Features

Total Stories

3


Interior Features

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


Appliances

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


Floor Description

No Carpet, Vinyl


Fireplace

Yes


Fireplace Description

None


Cooling

Yes


Cooling Description

Central Air


Heating

Yes


Heating Description

Central

Exterior/Building Features

Lot Size

0.15 Acres


Exterior Features

Balcony, No Exterior Steps


Lot Features

Alley Access, Corner Lot, Level, Trees-Moderate


Roof

Metal


Sewer

Public Sewer

School Information

School District

Austin ISD


High School

McCallum


Elementary School

Lee

Other Property Details

Area Name

UT


Taxes

$35,046


Tax Frequency

Annually


Garage

Yes


Parking

Common, Garage, Off Street


View

No


View Description

None


County

Travis


Water Source

Public


Pool

No


Pool Features

None


Buyer Agency Compensation

3%

Listing History

Date

Event

Price

5/12/2024

Price Change

$2,895,000

-4%

5/11/2024

Price Change

$2,995,000

-1%

5/4/2024

Price Change

$3,000,000

-2%

4/19/2024

Price Change

$3,050,000

-2%

3/30/2024

Price Change

$3,100,000

-2%

3/25/2024

Price Change

$3,150,000

-4%

Courtesy of Resavvy LLC

Listing Contact: (512) 762-8669

Disclaimer: All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) nor Hanan Lowell shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Austin/Central Texas Realty Information Service.

Listings courtesy of ACTRIS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of ©2024 (date and time MLS GRID Data was obtained). All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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Database last updated 12:07 PM UTC, 5/12/2024

 

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