1628 S 1st Street 1628 S 1st St 1,000 SF 100% Leased Retail Building Austin, TX 78704 $2,350,000 ($2,350/SF) 2.98% Cap Rate
INVESTMENT HIGHLIGHTS
- Prime residential development location +/- 1 mile South of Downtown Austin *New City Code lifts many restrictions!
- Major development up and down South 1st
- Heavy traffic flow: 11,000+ daily
EXECUTIVE SUMMARY
Rare opportunity to own a part of South 1st Street!
11,000+ daily average traffic count as of 2020,
a mile from downtown.
Rent or owner occupy renovated 1934 Vintage building.
* New affordable housing, height and density incentives via City of Austin! (see City Code).
* City has lifted parking requirements!!! (this enables greater development potential - see City Code for details)
* Huge Commercial / Residential development potential: CS up to 65' height; Or just put tiny houses/offices in back to triple the income!
* 95% impervious could allow up to approximately 20,000+/- rentable square feet (with City approval).
* Owner Financing available *
11,000+ daily average traffic count as of 2020,
a mile from downtown.
Rent or owner occupy renovated 1934 Vintage building.
* New affordable housing, height and density incentives via City of Austin! (see City Code).
* City has lifted parking requirements!!! (this enables greater development potential - see City Code for details)
* Huge Commercial / Residential development potential: CS up to 65' height; Or just put tiny houses/offices in back to triple the income!
* 95% impervious could allow up to approximately 20,000+/- rentable square feet (with City approval).
* Owner Financing available *
FINANCIAL SUMMARY (ACTUAL - 2022) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
-
|
-
|
PROPERTY FACTS
Sale Type
Investment or Owner User
Sale Condition
Redevelopment Project
Property Type
Retail
Property Subtype
Building Size
1,000 SF
Building Class
B
Year Built/Renovated
1936/2014
Price
$2,350,000
Price Per SF
$2,350
Cap Rate
2.98%
NOI
$70,000
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.15
Lot Size
0.15 AC
Zoning
CS-MU-V-CO-NP - CS = most commercial uses; and/or
MU = Multi-Use. includes high-density residential;
6 stories / 65' height, 95% impervious w City approvals.
Parking
9 Spaces (9 Spaces per 1,000 SF Leased)
Frontage
46’ on South 1st Street
AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Monument Signage
- Air Conditioning
Walk Score®
Walker's Paradise (95)
Bike Score®
Very Bikeable (85)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 302976 | Total Assessment | $350,000 (2023) |
| Land Assessment | $350,000 (2023) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $0 (2023) | Tax Year | 2022 |
CONTACT
-
Jack Armstrong - Armstrong Group LC
