Tony Lazarov
This listing was posted on RealtyWW.
$2,995,000
Elmwood Pl, Austin, Home For Sale
Price:
$2,995,000
BR/BA:
10+ BR, 8 BA
Location:
607 Elmwood Pl, Austin, TX
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 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.For more details: https://realtyww.info/homes_austin-d523187/for-sale_i75729070
Property Type:
Single-Family Houses
Posted:
September 8 on RealtyWW
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More About this Listing: Elmwood Pl, Austin, Home For Sale
Elmwood Pl, Austin, Home For Sale is a 10+ BR Eight Bath Single-Family Homes for Sale at 607 Elmwood Pl in Austin TX. Find other listings like Elmwood Pl, Austin, Home For Sale and listings near 607 Elmwood Pl by searching Oodle Classifieds for 10+ BR Eight Bath Single-Family Homes for Sale in Austin TX.
Elmwood Pl, Austin, Home For Sale is a 10+ BR Eight Bath Single-Family Homes for Sale at 607 Elmwood Pl in Austin TX. Find other listings like Elmwood Pl, Austin, Home For Sale and listings near 607 Elmwood Pl by searching Oodle Classifieds for 10+ BR Eight Bath Single-Family Homes for Sale in Austin TX.