607 Elmwood Pl
Austin, TX 78705
- – beds
- – baths
- 5,116 sqft
- 6,751 sqft lot
- $586 per sqft
- 2017 build
- – on site
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 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 checked:
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Last updated Nov 7, 2024
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MLS# 1745040 —
The Building
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Year Built:2017
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New Construction:false
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Levels:Three Or More
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Foundation:Slab
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Roof:Metal
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Exterior Features:Balcony
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Window Features:Aluminum Frames
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Patio And Porch Features:None
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Accessibility Features:None
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Direction Faces:West
Interior
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Interior Features:Ceiling Fan(s)
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Room Type:Bedroom
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Flooring:No Carpet
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Fireplace:None
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Laundry Location:Laundry Room
Room Dimensions
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Living Area:5116
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Living Area Source:Public Records
Location
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Directions:AT THE CORNER OF ELMWOOD PL AND HARRIS PARK.
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Latitude:30.290198
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Longitude:-97.733217
The Property
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Property Type:Residential Income
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Subtype:Triplex
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Property Condition:Resale
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Parcel Number:02150509080000
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Lot Features:Alley Access
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Lot Size Acres:0.155
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Lot Size Area:0 Sqft
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Lot Size SqFt:6751.8
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View:None
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Waterfront:false
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Waterfront Features:None
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Horse:false
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Fencing:None
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Other Structures:None
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FEMA Flood Plain:No
Listing Agent
- Contact info:
- Agent phone:
- (512) 762-8669
- Office phone:
- (512) 762-8669
Taxes
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Tax Annual Amount:35046
The Listing
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Special Listing Conditions:Standard
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Listing Terms:Cash
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Occupant Type:Tenant
Heating & Cooling
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Heating:Central
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Cooling:Central Air
Utilities
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Utilities:Electricity Connected
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Sewer:Public Sewer
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Water Source:Public
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Electric On Property:true
Appliances
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Appliances:Dishwasher
Schools
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Elementary School:Lee
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Elementary School District:Austin ISD
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Middle Or Junior School:Kealing
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Middle Or Junior School District:Austin ISD
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High School:McCallum
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High School District:Austin ISD
The Community
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Subdivision Name:College Court
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Community Features:Dog Park
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Pool Features:None
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Pets Allowed:Cats OK
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Association:false
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Special Assessment:No
Parking
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Parking Features:Common
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Garage:true
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Attached Garage:false
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
11/7/24
Nov 7, 2024
|
Price Changed | ABOR | $3,000,000 | 0.2% |
|
5/28/24
May 28, 2024
|
Price Changed | ABOR | $2,995,000 | 1.6% |
|
5/23/24
May 23, 2024
|
Price Changed | ABOR | $2,947,500 | 1.8% |
