2404 Rio Grande St
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2404 Rio Grande St
5,250 SF Office Building Austin, TX 78705 $4,500,000 ($857/SF) 2.55% Cap Rate
Investment Highlights
- Rare West Campus Investment Opportunity
- Redevelopment Potential
- Seller Financing Available for Qualified Purchasers
Executive Summary
Franklin Street is pleased to present The Parker House, a storybook historical home with plenty of room to build a low-rise building behind. Located within the vibrant West Campus submarket of Austin, this property is convenient to the University of Texas, Downtown, Shoal Creek Greenbelt Trail and neighborhood retail, bars and restaurants. The possibilities are endless from a coffee house to a potential bar (zoning pending), or an office space. All of which could be tastefully incorporated, with approval of the historical preservation. A buyer’s future could include student housing, condos, or a potential boutique hotel. Alternatively, from leasing The Parker House, this site is a great buy and hold investment opportunity with abundant parking.
Zoning Notes: The property is zoned General Office (GO), Multifamily (MF-4) and General Commercial Services (CS), meaning that neighborhood commercial or multifamily development is permitted subject to the West Campus Neighborhood Plan Overlay. Each of these zoning designations has its own unique development standards, so further investigation will be necessary to fully determine which zoning designation the city of Austin will apply to any redevelopment.
Zoning Notes: The property is zoned General Office (GO), Multifamily (MF-4) and General Commercial Services (CS), meaning that neighborhood commercial or multifamily development is permitted subject to the West Campus Neighborhood Plan Overlay. Each of these zoning designations has its own unique development standards, so further investigation will be necessary to fully determine which zoning designation the city of Austin will apply to any redevelopment.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$108,000
|
$20.57
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$108,000
|
$20.57
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $108,000 |
| Annual Per SF | $20.57 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $108,000 |
| Annual Per SF | $20.57 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
5,250 SF
Building Class
B
Year Built
1911
Price
$4,500,000
Price Per SF
$857
Cap Rate
2.55%
NOI
$114,577
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
2,310 SF
Building FAR
0.37
Land Acres
0.33 AC
Zoning
GO-H-NP/MF-4-H-NP/CS-NP - General Office, Multifamily and General Commercial Services
Parking
15 Spaces (3.93 Spaces per 1,000 SF Leased)
Amenities
- Partitioned Offices
1 of 1
Walk Score ®
Walker's Paradise (95)
Bike Score ®
Biker's Paradise (98)
PROPERTY TAXES
| Parcel Number | 206605 | Improvements Assessment | $911,230 |
| Land Assessment | $2,120,400 | Total Assessment | $3,031,630 |
PROPERTY TAXES
Parcel Number
206605
Land Assessment
$2,120,400
Improvements Assessment
$911,230
Total Assessment
$3,031,630
-
Marshall Durrett -
Laura Fretwell -
Franklin Street
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2404 Rio Grande St
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