607 Elmwood PL, Austin, TX 78705 (MLS # 1745040)
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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.
| LAST UPDATED | 4/19/2024 | TRACT | College Court |
|---|---|---|---|
| YEAR BUILT | 2017 | COMMUNITY | College Court |
| COUNTY | Travis | STATUS | Active |
| PROPERTY TYPE(S) | Multi Family |
| Elementary School | Lee |
|---|---|
| Jr. High School | Kealing |
| High School | McCallum |
| PRICE HISTORY | |
| Prior to Mar 25, '24 | $3,250,000 |
|---|---|
| Mar 25, '24 - Mar 29, '24 | $3,150,000 |
| Mar 29, '24 - Apr 19, '24 | $3,100,000 |
| Apr 19, '24 - Today | $3,050,000 |
| ADDITIONAL DETAILS | |
| AIR | Ceiling Fan(s), Central Air |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Dishwasher, Disposal, Free-Standing Range, Gas Range, Microwave, Refrigerator, Stainless Steel Appliance(s), Washer/Dryer Stacked, Water Heater |
| AREA | UT |
| BUYER'S BROKERAGE COMPENSATION | 2.000 |
| CONSTRUCTION | Blown-In Insulation, Frame, Metal Siding, Vertical Siding, Vinyl Siding |
| EXTERIOR | Balcony |
| HEAT | Central |
| INTERIOR | Ceiling Fan(s), Crown Molding, Double Vanity, High Ceilings, Kitchen Island, Open Floorplan, Recessed Lighting, Walk-In Closet(s) |
| LOT | 6752 sq ft |
| LOT DESCRIPTION | Corner Lot, Level |
| PARKING | Common, Garage, Off Street |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 3+ |
| SUBDIVISION | College Court |
| TAXES | 35046 |
| UTILITIES | Underground Utilities, Electricity Connected, Natural Gas Connected, Water Connected |
| VIEW DESCRIPTION | None |
| WATER | Public |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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Property listed by Tony Lazarov, Resavvy LLC
Based on information from the Austin Board of REALTORS ® (alternatively, from ACTRIS) for the period through 5/1/24 8:14 PM PDT. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. All data is provided “AS IS” and with all faults. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.
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.
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.
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