607 Elmwood PL, Austin TX, 78705
(Active)
$2,895,000
|
5,116 sqft
|
MLS# 1745040
Last Updated: 5/18/2024 11:29 PM
Description for
607 Elmwood PL
Austin, TX 78705
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.
Price
$2,895,000
College Court
Travis
5,116 (approx)
1745040
Active
Description
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.
Listing Information
| Property Type: Triplex, Multi-Family, 3+ Story | ||
| 0.16 Acres | 5,116 (approx) | 2017 |
| Frame,Metal,Vinyl siding | ||
College Court
Slab
Public
Public Sewer
Underground Utilities, Electricity Connected, Natural Gas Connected, Water Connected
Neighborhood
School Information
| Lee | Kealing | McCallum |
Room Information
Laundry Room
Interior Features
Dishwasher, Disposal, Gas Range, Microwave, Free-Standing Range, Refrigerator, Stainless Steel Appliance(s), Washer/Dryer Stacked, Water Heater
Vinyl
Central Air, Ceiling Fan(s)
Other,
Central
Aluminum Frames
None
Smoke Detector(s)
Ceiling Fan(s), High Ceilings, Crown Molding, Double Vanity, Kitchen Island, Open Floorplan, Recessed Lighting, Walk-In Closet(s)
Exterior / Lot Features
6 Parking Spaces,
Common, Garage, Off Street
Metal, Vinyl, Frame
None
Metal
None
Balcony,
Corner Lot, Level
Community Features
Smoke Detector(s)
Driving Directions
AT THE CORNER OF ELMWOOD PL AND HARRIS PARK.
Financial Considerations
| 02150509080000 |
| $35,046 |
Cash, Conventional, 1031 Exchange
Listing Price History
Austin Real Estate
Austin is located in Texas. Austin, Texas 78705 has a population of 986,248.
The median household income in Austin, Texas 78705 is $50,776. The median household income for the surrounding county is $83,177 compared to the national median of $66,222. The median age of people living in Austin 78705 is 36 years.
Data provided below are primarily sourced from Public Records data.
Nearby Recent Sales (Sourced from Public Records)
| Street Address | City | Beds | Baths | Sold Price | Sold Date | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| No information is available for recently sold properties within this search. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Price History
| Date | Event | Price | Source |
|---|---|---|---|
| 5/12/2024 | Active | $2,895,000 USD -3.50% |
|
| 5/4/2024 | Active | $3,000,000 USD -1.64% |
|
| 4/19/2024 | Active | $3,050,000 USD -1.61% |
|
| 3/29/2024 | Active | $3,100,000 USD -1.59% |
|
| 3/25/2024 | Active | $3,150,000 USD -3.08% |
|
| 1/25/2024 | Active | $3,250,000 USD |
|
Tax History (Sourced from Public Records)
| year | Property Taxes | Change | Tax Assessment | Change |
|---|---|---|---|---|
| 2022 | $43,247 USD | 21.90% | $1,937,048 USD | -11.54% |
| 2021 | $35,478 USD | 46.37% | $2,189,832 USD | 34.35% |
| 2020 | $24,238 USD | 3.82% | $1,629,900 USD | 49.74% |
| 2019 | $23,347 USD | -18.64% | $1,088,513 USD | - |
| 2018 | $28,696 USD | 298.81% | $1,088,513 USD | -16.68% |