609 Elmwood Place, Austin, TX

$2,947,500

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5,116

Square feet

0.16

Acres

About 609 Elmwood Place

Cashflow, turnkey property located within 5-minute walk from the UT Campus. 607 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.

Triplex for sale in Austin, TX at 609 Elmwood Place. This triplex is priced at $576.13/sqft

Features of 609 Elmwood Place

MLS® # 3675218
Price $2,947,500
Bathrooms 0.00
Square Footage 5,116
Acres 0.16
Year Built 2017
Type Residential Income
Sub-Type Triplex
Status Active

Community Information: Austin

Address 609 Elmwood Place
Area UT
Subdivision College Court
City Austin
County Travis
State TX
Zip Code 78705

Amenities

Utilities Electricity Available, Electricity Connected, Natural Gas Connected, Water Connected, Underground Utilities
Features Dog Park
Parking Common, Garage, Off Street
View None
Is Waterfront No
Waterfront None
Has Pool No

Interior

Interior Vinyl
Appliances Washer/Dryer Stacked, Dishwasher, Free-Standing Range, Disposal, Gas Range, Gas Water Heater, Microwave, Refrigerator, Stainless Steel Appliance(s)
Heating Central
Fireplace No
Fireplaces None
Stories Three Or More

Exterior

Exterior Features Balcony, No Exterior Steps
Lot Description Alley, Corner Lot, Level, Moderate Trees
Roof Metal
Construction Blown-In Insulation, Frame, Metal Siding, Vertical Siding, Vinyl Siding
Foundation Slab

School Information

District Austin ISD
Elementary Lee
Middle Kealing
High McCallum

Additional Information

Date Listed January 26th, 2024
Days on Market 122
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

OfficeResavvy LLC
Contact Details(512) 762-8669

Listing Map

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