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 ONLY purchase 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 end 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.
Property Features
Bedrooms
Bathrooms
- Total Bathrooms: 0
- Full Bathrooms: 7
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)
- 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
- 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
Land Info
- Lot Description: Alley, 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
- High School District: Austin ISD
- Middle School: Kealing
- School District: Austin ISD
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: 2
- Full Bathrooms in Unit-2: 3
- Full Bathrooms in Unit-3: 2
- Unit-1 Description: Unfurnished
- Unit-2 Description: Unfurnished
- Unit-3 Description: Unfurnished
- Unit 1 Total Actual Rent: 5400
- Unit 2 Total Actual Rent: 8100
- Unit 3 Total Actual Rent: 5400
Other Property Info
- Annual Tax Amount: 35046
- 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: Taxes
- Parcel Number: 0215050909
- Subdivision: College Court
- Flood Plain: No
- Property Subtype: Triplex
- Source System Name: C2C
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
- Property Condition: Resale
- Roof: Metal
- Total Area Sqft: 5116
- 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)
