About 607 Elmwood Place
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.
Features of 607 Elmwood Place
| MLS® # | 1745040 |
|---|---|
| Price | $3,050,000 |
| Bathrooms | 0.00 |
| Square Footage | 5,116 |
| Acres | 0.16 |
| Year Built | 2017 |
| Type | Residential Income |
| Sub-Type | Triplex |
| Status | Active |
Community Information
| Address | 607 Elmwood Place |
|---|---|
| Area | UT |
| Subdivision | College Court |
| City | Austin |
| County | Travis |
| State | TX |
| Zip Code | 78705 |
Amenities
| Utilities | Electricity Connected, Natural Gas Connected, Water Connected, Underground Utilities |
|---|---|
| Features | Dog Park |
| Parking | Garage, Common, Off Street |
| View | None |
| Is Waterfront | No |
| Waterfront | None |
| Has Pool | No |
Interior
| Interior | Vinyl |
|---|---|
| Appliances | Dishwasher, Free-Standing Range, Disposal, Gas Water Heater, Microwave, Refrigerator, Stainless Steel Appliance(s), Gas Range, Washer/Dryer Stacked |
| Heating | Central |
| Fireplace | No |
| Fireplaces | None |
| Stories | Three Or More |
Exterior
| Exterior Features | Balcony, No Exterior Steps |
|---|---|
| Lot Description | Corner Lot, Level, Alley, Moderate Trees |
| Roof | Metal |
| Construction | Frame, Metal Siding, Blown-In Insulation, Vertical Siding, Vinyl Siding |
| Foundation | Slab |
School Information
| District | Austin ISD |
|---|---|
| Elementary | Lee |
| Middle | Kealing |
| High | McCallum |
Additional Information
| Date Listed | January 25th, 2024 |
|---|---|
| Days on Market | 93 |
| Foreclosure | No |
| Short Sale | No |
| RE / Bank Owned | No |
| Tax Year | 2023 |
| Estimated Tax | 35,046 |
| Total Actual Tax | 35,046 |
Listing Details
| Office | Resavvy LLC |
|---|---|
| Contact Info | (512) 762-8669 |
| Contact Details | (512) 762-8669 |